I remember RightSide, you did not like my posts Sell Now and the Benefits of Renting. Of course you can ignore my advice, and I do wish you all the best. On the plus side, your property taxes will be reduced by 50% in 5 years, as property values decline. A little something to look forward to… All kidding aside, I hope you find the home you love, and get a great deal. It sounds like you are informed, can handle a possible 50% decline in value, have a secure job that will withstand the recession, and will have a 15 or 30 yr fixed rate mortgage. With all that in place, enjoy your new home. And welcome to San Diego!