My personal unprofessional opinion is that I see a lot of people get burned from playing this game. I remember a couple of years ago, I had a friend who owned a nice acreage, worth a fair bit of money. He was convinced prices were going to go down, so he sold his acreage and rented. He realized pretty quickly that he'll never own anything like what he once had.
In the end, if you view this as a long term investment, something you're going to do anyways, I'd do it. Waiting for the perfect point in the market almost never works.
If you buy the condo, and prices rise, you obviously get ahead in the game.
If you buy the condo and prices stagnate (which they should for a few more months, but who knows) at least you have someone paying your mortgage for you.
If you buy the condo and prices drop, at least you've bought a place, and all fees and costs involved with the buying process are tax deductible. And you have someone paying off your mortgage. You might have been better off doing nothing. Risk/reward. Figure out the worst that can happen, and the best that can happen, and the likelihood of each possibility. I think it's a no-brainer, myself.
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