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@lardy
Im sure there are a few on LFGSS who were around and propertied in the mid 90's.
Upon a depression (even a dip) there will be less stock available (people will stay put). Interest rates would (probably) be higher. Lender restrictions WILL be tighter. My point. If you can buy now on a long fix and its affordable id say go for it. If its a do it up and flip it, then your braver than me.
Personally. We are buying half a mile from where we currently live, double fronted vs single, lots more room but doing so with no extra borrowing. Its our last chance to move to the home we always wanted and stay in the area (se7) at a level of affordability (not just price) that I don't think we will see for a little while.
Probably wrong. I usually am.