Hi Laurie!

I would have to say it all depends on where the home is you are looking to buy. Is the home currently listed lower than those in the area? Is the seller going into forclosure, etc. There are alot of things to think about and a real estate agent can help you with those. I also agree with Ken that if you are only looking to live there for under 3 years you may want to stay put and see what the market will do because not only could you loose equity but if you may not be staying in that area, you are paying alot of money in closing costs that you probably won't recoup.

Take care!
Angela "Angie" Allchin
Century 21 Rauh & Johns
856-582-0366 x 172

Ken,
Excellent answers to both posts. The only thing I would add to Laurie is, do you itemize your taxes now? If not, you'll only be getting a partial tax break, and with the monthly payment you're looking at, its definitely not going to be a windfall. Run the numbers with and without itemizing.

Zack

If you can afford more than your rent is now, bank it. Market isnt likely to recover for a while and if it continues current trend you could lose 10-20%. Also with ownership comes maintaning a house, painting mowing... home owners insurance, appliance repairs... Closing costs, points... I just advised my own son to hold off buying until he knows where he will be in 3 years. Yes there are advantages to ownership if you are considering keeping it as an investment. Do you want to be a landlord?

see my other answer to your similar question.

Absolutely! Wouldn't you like the tax deductions that come with owning a house -- mortgage interest, property taxes -- that could dramatically change your income tax picture, rather than throwing money away in rent every month? Many experts say this is the best time to buy and you are the ideal buyer as you are presently renting and have nothing to sell. There are still good mortgage rates out there (ask your realtor, or call perhaps Hudson City Savings Bank or Bogota Savings or Wells Fargo) and sellers are very motivated to make a deal now that so many prices have adjusted down to a more reasonable level. If you stay for at least 2 years, you should be OK. Remember, even when you sell in (perhaps) fall of 2009, you will also be able to take advantage of the same marketplace in a less expensive market wherever you move, and many people are doing that now. Let me know if I can help you!