House hack advice: buy now and refi or wait it out?

[Shawn Wainsely]

Im in a unique position here, new investor. Have one investment property.

Im moving to a new market that I know decently well, looking to utilize an FHA and house hack with roommates.

My dilemma: The housing market here is slightly inflated right now, Im expecting for prices to drop. Househacking with roommates even at inflated costs will be cheaper than my other option which would be renting an apartment while I wait for houses to drop.

It it smart to buy when prices are high and expect to refinance 5-6 months down the line?