Maka,

My son is doing his residency in Buffalo and has purchased a home. Your rule of thumb.......look for the perfect home, in the ideal location, being offered at a price you can't afford to walk away from. It's tough to beat this combination.

We do recommend finding an agent that can do the leg work for you and provide leads for excellent opportunities.

Good luck.

Maka, It's your financial committment, your decision.. On a daily basis I'm sure you see people making tough decisions and you most likely have given the advice to some to look at all the choices before making a decision.

It's your money so inform yourself about what you are thinking of doing, choose an agent when you are prepared to ask good questions and buy in a market you have some information on to base decisions on.

Simply.. Your money--your decision--your timing--if you end up making a bad deal because of not being informed---your fault!!!

Ask questions (Trulia is good for that) ask for information, market trends, housing prices, job market info, foreclosure rates, interest rates..ect..

Best of luck, Dunes

Hi Maka, that’s what makes our Trulia community so great. You can get informed opinion, often from varying viewpoints that present a clash of ideas… so you can sift through them to find what makes the most sense to you… without having to feel pressured by people looking for a commission. These forums also refine your process so you can identify a realtor you trust when the time is right for you..

Good for you for taking such a mindful approach to your learning curve about this market. It is very tricky right now and buying is not right for everyone, but it does offer some killer opportunities for the right consumer or investor.

In your case, at $47k, if you have 20% to put down (could be less, but…) you will probably, technically get loan approval for something around $250k purchase price, which equates to about $1,750 total monthly payments. But even without the ton of Med student loans you probably have, this is going to be tough to budget. Then again, you will probably be living 20 hours a day at work so you won’t have time to spend money, ha!

Some properties within this market segment present outstanding opportunities, especially as rates are being offered at near historic lows… that said, its not like things are going to turn around very quickly so if it makes sense budget-wise to hold off, then I doubt you’ll miss the boat.

In your case, at first glance, I’d say it boils down to having 20% or more deposit, and little or low interest payments on debt. You’ll be earning a lot more soon, so its not like you won’t be able to get started at some point.

For more info on identifying good buying opportunities, read some of my posts about “Market Bottom Triangulation”. Here are two for easy reference:
http://sethestate.blogspot.com/2008/10/market-bottom-triangu…
http://sethestate.blogspot.com/2008/09/auntie-em-auntie-em-i…

As a buyer’s advocate , I specialize in helping folks just like you find the right property and the financing that meets your goals, so don’t hesitate to drop a line. I cover all of San Diego on the buy side. You can use my website http://www.sethchalnick.com to keep your finger on the pulse of the SD market, searching to your heart’s content for free. Speak soon, sc