Hey Forged or anyone else who cares to comment, which position...

Hey Forged or anyone else who cares to comment, which position would you rather be in after the recession hits, either a newly started first home buyer with a large mortgage who could be facing a job loss but hopefully not because the industry they work in is hopefully recession proof, or instead of being a FHB just someone with a deposit saved and no other debt, but worried they could miss out on a property and just want to get on the ladder. I guess what I'm asking is should the person take the plunge and buy a house now, or wait out the recession?