'21 Grad/Active Duty/ Buying Property in Pensacola, Flight Scool

[Kenneth Stelmack]

Hey All,

Background: I'm 26, gonna be moving down to NFO school in Pensacola for the Navy here in June. I'll be in the area for about 2.5 years before I end up (hopefully) moving to Washington state or Jacksonville. I've seen a lot of posts about using the VA loan for a first home in Pensacola to live in and rent out per room to other flight students. I have a very high credit score, little to no debt (career starter loan), free hanging cash, small emergency fund.

Situation: I'm very green when it comes to house living. Spent my entire time since 19 in a barracks or dorm of some sort. The Pensacola market seems to be at an all time high. Not to mention a lot of people by now have gotten wise to purchasing a home, seems like the deal that most older vets will tell you is the move to make. My plan is to get a house and hold for all 30 yrs of a fixed rate mortgage (offered 2.25) and then probably come back for airshows when im old crusty and tired.
According to some websites (www.noradarealestate.com) the median sale prices has gone up by about 30% in a VERY short time frame.


Questions: Anyone in the Pensacola area think now is a bad time to purchase? Did you purchase/not purchase if you went to flight school in the area? To all the vets/active on here, I know my ultimate goal is to get some wings of gold, but I'd be lying if I said I didn't want to make some good investments in the meantime. As a SNFO ill be there for a real hot minute since I won't be PCSing to Milton or TX. If anyone wants to knock me down a peg, shoot hard questions, or drop some knowledge on me Ill take it. 

Thats a lot to read lol. Thanks all.

- Kenneth

[Matt Jones]

@Kenneth Stelmack I think when you are ready, both personally and financially, and find a deal that fits your criteria it is a good time to buy.  The marked has always gone up and down but good investors have started in all market cycles and usually continue to invest in all markets when they find a deal that works for them.  I think the market is unlikely to crash or drop significantly in the near future, there are only about 1/3 - 1/4 of the number of homes for sale that would have been on the market this time of year 4-5 years ago.  Many homes being sold in the area are getting multiple offers and we have more buyer's than sellers.  Until the number of homes for sales goes up significantly the chance for home prices to drop in any kind of significant way is very slim.  The chance for prices to continue to rise at a fast pace is fairly strong.  My advice is to establish a criteria for the property you want to buy, be diligent in running your numbers and then start making offers.  If you can find a property where the numbers work for you today then buying could be a great move.  Good luck & welcome to Pensacola!