I too am waiting for prices to drop further. In fact, I’ve been waiting for prices to get better in SD area since early 2000. Prices just won’t plummet in SD like they do in other areas. The area is just too desireable, especially with school districts considered.
I’d start with the foreclosures and short sale townhomes as you can come in with very low offers and just see who is most motivated and wise to sell to you. I have an investor partner throwing out offers on short sales at 50% of value. So far, no takers, but we’re not giving up yet.
No question on whether to own or rent if the monthly is the same – owning is the way to go.
Oh and another thing – get a BUYER’S AGENT to represent you. Best if the agent only represents you and not the seller also. Dual agency never made sense to me – like having the same lawyer for the defendant and the plaintiff. Interview many until you find one that you like and trust.
