You are purchasing a home in the best selling price range in the area. In Daytona Beach, almost 60% of the homes sold are sold for less than $200,000. Inventory at that price level is much lower than inventory at higher prices.
Prior, to the crazed speculation that hit our area, financial planners were advising not to buy a home unless you planned to stay about seven years. This is right in the range that Bill mentioned below. The reason - with the cost of buying and selling, and under normal appreciation, you will not break even until the fifth or sixth year.
No one can call the bottom of the market. If you are in a good popular neighborhood and stay for awhile, you should be fine.
No......That is, if you can consider yourself in it for the long haul-5-10 years. The problem today is immediacy. If you can maintain the course you will make out fine. However, if you remain in the "flip" mentality, as so many people have, you will opt out before you get a chance to recover.
Stay the course and you will be a winner, waiver and loose.
The "Eckler Team"
Century 21 Almar and Associates
Venice, Fl 34285