Of course people ask this all the time, the answer depends on whether you own a home that is a scarce commodity, or whether it is a luxury item. I define a scarce commodity in this case as a house that I can sell within two months in a slow market. In Tulsa, I think anything under $500,000 in the Tulsa Schools District sells on average in a month and a half.
The people that often ask me this are successful people at the tennis club, some of these people own homes that are over a million dollars in Tulsa, which is a lot of house. If you have a big luxurious house and you are anticipating needing to sell it soon, you need to sell it during a strong real estate market. People, however generally need to sell their home during a poor economy because their cashflow is stretched and they need to raise liquidity. It often can take over a year to sell such a house. There's no problem with buying a big, expensive home but just be aware that it's not very liquid during slow markets. These homes are in a completely different category from a home in general, which is shelter and therefore a necessity and will tend to hold value during the business cycle.
Marcus Lemonis, who you may have seen on the Profit says to remember to always plan on downturns on the business cycle and be able to manage your business during these times.