Here is what my investors live by: There is never a bad time to invest in Real Estate, only a bad time to sell.
Share your goals with a professional Realtor, and then make your informed decision.
Rather than a 1 BR, consider longer term, overall costs, friendships, and a teaching experience for your son. Does he want to live alone vs. roomates? Socially at a young age, roomates in a new city not only help share costs, but also add to the social challenges of a new city. Consider teaching your son to "run a business" by becoming a landlord, finding roomates, and covering costs of a 2, 3 or 4 bedroom through roomates rent. My wife went to school at Georgia Tech, and this is what one of her now best friends parents did when she set her daughter up in a 4 bedroom, had her bring in 3 roomates and it covered her cost of living. They then sold the property at a profit at the end of the 4 year degree - the profit covered the cost of tuition!
Full Sail is a great school, typically with students of similar social economic background, and fellow students may make great roomates.
With prices and interest rates where they are at present, there has never been a better time to buy. We have a new certified Green community located very close to Full Sail called The Sage At Winter Park. This is the perfect location for students in a roomate scenario. Let me know if you would like further information!
The Sage At Winter Park
(407) 951 8871
Timing is Everything! When IS a good time to buy. When you feel you are ready. This is currently a buyers market. Will it fall more is anyone's guess and anyone you ask has a guess. Do your due dilgence and research with a good Realtor and make the best decision for you and your son. Yoiur son is planning on attending school. Ask this how long with he be in school. 1,2 or more years. The longer the better as you can earn equity the longer you own the property. Hope this helps.
If you need assistance finding the right property matching your criteria please call or email me at 321-251-6761 or Normalina@OrlandoYourHome.com I'll be happy to negotiate the right deal for you, negotiate for closing costs, HOA dues, home warranty plan, etc. to be paid by the Seller. I make it happen all the time!
Make it a great day!
Just a bit of advice.
Here is the most important thing to consider:
What is the difference between you purchasing a property vs renting one or putting him in a dorm?
If you purchase, you can sell and make money 2-4 yrs down the road because many other parents are thinking along the same page as you.
If you aren't sure what will happen, or how long it will take then if under the 2 yr timeframe I would advise renting or going the dorm route, BUT compare the costs.......it is wicked expensive to rent or get dorm rates and that is money that you will throw away.
Hope this helps!
Anyway, Is it a good time to buy.....Yes and no. In your specific situation, only looking at my assumption that you are only buying the condo for your son to live in during the 2-4 years he is going to college? How many years is he most likely going to be there? If only 2 years, I wouldn't reccomend buying right now. If closer to 4+ years (if you had another child going to school in the area) then I'd recommend it. I beleive prices will continue to be pressured downward for the next 12 months at least. And who knows how many more months before we start to see an upswing. If you are only holding for 2 years your chances of seeing a profit are low. If holding for 4+ years your probability goes up significantly.
Again every situation will be different. If you can find a great deal on a condo in todays market (which is VERY possible) you can be paying less in mortgage/tax/insurance than you would in rent.
A word of caution though...make sure you have a good Realtor who will check comparables to make sure you're making a good purchase. There are still many overpriced homes on the market, and you're Realtor will make sure you don't overpay. They'll also be able to negotiate the best possible deal for you, and best of all, you don't pay your agent a dime! If you would like to speak with us in more detail, or you don't have a Realtor, please feel free to call me at 407-538-0127 or email me at email@example.com. I hope to speak with you soon!