There seems to be alot of differing opinions about whether or not you should buy now, knowing that you will be selling in 3 years. Michael I think had the best answer-do the math and see what really makes the most sense for you. And if you do buy, are you willing to become a landlord if the market continues to decline for a while yet? While Florida may rebound quicker than some areas, make no mistake that there will be many, many, many more bank foreclosures before the market stabilizes because we will have to sell off all that inventory over the next year or 2. No one ever predicted that the market would be on a decline since late 2005 or early 2006. How long will it last? My crystal ball is in the shop so I just can't answer that. And, if I did it would be a disservice to you because how many people are left now going into foreclosure, losing their dream homes because someone said jump in over your head and you can refinance in 2 years when the market goes even higher!!
So, all that being said-consider all your options, do the math, look at the pros & cons, and if you buy, make sure you have an exit strategy if things don't go the way you are hoping they will. If everything lines up to your satisfaction, then go out there a find a good deal-buy right so you can sell right later!! Good luck!!