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Updated about 7 years ago on . Most recent reply

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Miss Liz
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Greetings from San Diego. Buy now or wait until the recession?

Miss Liz
Posted

Hello,

I am a new member and fairly new to BP. I live in San Diego, California and am wondering the following:

Should I try to get a duplex now (live in one unit and rent the other) using an FHA with 3.5% down , or should I wait until home prices go down? People keep telling me to wait until the recession, that it is coming soon and that I will find a multi unit for a cheaper price. However, while there are indicators, what guarantees that home prices will be lower and that there won't be cash investors taking up all these properties?

I am looking for a 2 unit property, with at least a 2/1 and 1/1. I have seen some in my area for about $540,000 to $585,000. I am not a home owner, this would be my first attempt to owning a place and would like to use the FHA loan.

Any advice is greatly appreciated. Also if anyone from San Diego is interested in meeting up to share info, I would be happy to meet.  I am eager to learn. 

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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
ModeratorReplied

Seeing as, on a national level at least, prices have only gone down twice since world war 2 (1991 &the housing collapse), why do you think prices will go down during a recession? Further even if they did, we are in a rising interest rate enviorment.

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