Hey bigger pockets, So I'm looking to purchase my first home but not sure if I should wait. California as of now you cannot evict people and the homes are still high price. A lot of investors in my area are telling me to wait but I just wanted to see what are your guys opinion on this? Should A person wait to buy and see how things are in 6 months? Or take the gamble and buy now?

Originally posted by @Jonathan Almanza :

Hey bigger pockets, So I'm looking to purchase my first home but not sure if I should wait. California as of now you cannot evict people and the homes are still high price. A lot of investors in my area are telling me to wait but I just wanted to see what are your guys opinion on this? Should A person wait to buy and see how things are in 6 months? Or take the gamble and buy now?

Jonathan, are you looking to buy your first primary residence or your first investment property?

I'm seeing forecasts that expect a dip in home prices next year as federal stimulus, eviction moratoriums, and forbearance programs wind down. At that point, we'll be in a more traditional, hopefully not-too-terrible recession.

However, the residential real estate market is unlikely to tank as it did in 2008 because homeowners have much more equity in their homes now. And the commercial real estate market is unlikely to tank because there's so much capital on the sidelines that investors are getting desperate to deploy.

This all means that owners won't lose their properties en masse like in 2008; instead, those unable to hold onto their properties will sell. More inventory on the market means prices will drop, but not crash.

Anyway, are we talking primary residence or investment property in your case?

Best,

Jon