Find yourself a local Realtor and treat you search like an investor would. You will find a lot of 'under valued" properties right now. See if you can find one that you like that needs more of an update rather than a full renovation. If you can buy the house and do the updates and keep the total under the neighborhood comparables, then allowing for a steady to rising housing market you should still be good in 2-3 years.
Many real estate economists are stating that now is the time to buy due to very low interest rates and low pricing. The National Association of REALTORSÂ® say that some parts of the country have already hit bottom and that median prices for homes are on the rise. In some instances, it is more affordable to own your home rather than lease as rental prices in some areas of the country are going up because of increased demand.
I suggest that you contact a mortgage broker or lender to determine what you can afford and then work with an experienced local real estate agent to see what properties are available within your budget to help you decide if you wish to purchase or continue to rent.
Good luck to you!
Prudential Connecticut Realty