Buy or wait out the SoCal Market

[Brynn H.]

Hey all,  the question is, should I purchase in the current SoCal market, or rent in the meantime, save money, and purchase when it becomes less expensive to purchase a property? The trick is, I need to live there in the meantime too.

Background: I am an officer in the Marine Corps, I'm moving back to Camp Pendleton soon and was looking to purchase a property near Camp Pendleton but was disappointed when I saw all the recent prices. I don't have a lot to use as a down payment, but can use the VA Home Loan so that isn't much of an issue. I wanted to buy a place that I could hold onto for the next couple of years, leverage against to spring into further investment properties, and eventually rent out when I move on. My problem is the current market.

I am looking to purchase around Carlsbad, Oceanside, Encinitas, or San Clemente and Dana Point. I can afford a mortgage/property costs around $3k/month. Help please and thank you!