[tommy2]

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I live in Iowa City. I am going to be there for the next two years. I am very interested in buying a house, living in it and rent rooms to friends and hopefully keep the place as a rental after I leave. I am 90% sure of where I will work after school, and that is 2.5 hours away.

All this wait until we see the bottom of the market talk makes me leery of buying now. One of my big motivators, however, is I would like to live in a house instead of an apartment for the next couple years. So if I am going to buy, I need to buy soon.

Should I just scrap the idea?

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I don't see a huge problem with this strategy. Trying to time the bottom is futile and everybody is guessing anyway. If your hold period is longish 7-10 years then you should be fine. I'd wait til July and then jump in.