[nerdawson]

No, if the value doesn’t increase, you have to live there. You no longer have the option.

Find yourself at a peak and you could be stuck for years to come.

Again, this was all about asymmetric upside. Being unable to move even as life circumstances change seems like a pretty sharp downside.

[dionidium]

Yes, you probably shouldn't buy a house if you imagine you'll want or need to move in the next 7-10 years. And, yes, it's also not the case that there is zero risk. It's just lots of leverage with favorable tax treatment. But it's not a magic money machine.