Is building a new construction in 2019 a bad idea?
Hey guys, want to start by saying I'm a complete noob to real estate, I've always had an interest in real estate and now I'm wanting to become an Investor so I spend a lot of time on Bigger pockets podcasts but I'm in a situation where I'm living at home with my mom but just purchased my first house, FHA style $249,000 in West PHX, AZ. I had the idea of just getting out and having my own home and later investing In properties once funds are more available through possibly house hacking this 4 bedroom I'm buying now. The property is new construction and is projected to be done by the end of Summer in 2019.
I’m wondering how I’ll be effected if the market tanks when I’m buying a new home and I’m not even locked into an interest rate yet? What’s the worst case / best case scenario? Would any of you consider losing the $5000 earnest money I put down in order for the home to be built due to signs of the market? Should I wait until the market tanks in order to buy a home?
And like I said I have no real estate experience whatsoever so any other ideas, suggestions, experience you might have would be greatly appreciated. Thanks guys!!!