After owning a few houses, I can tell you that the key thing is to make sure you are going to live in the house for quite some time. There are always lots of expenses you do not anticipate. Moving too frequently, or buying property as an investment, is generally a bad idea at the individual level.
I totally agree, with all the taxes and cost associated when buying and selling a home, short term home ownership is really a bad idea, especially in this (bubble'ish) market.