Another factor is the market value fluctuation. Many sellers will include a pre-determined price they want a buyer to pay at the end of the contract. It is possible that the market may have dropped below that price. You would not want to be bound to purchase a home worth a dollar less than you anticipated. The appraisal may prevent this from happening, but I would not want to depend on that.
I would strongly suggest you rent a home that is comfortable and safe for you/your family, but is the least expensive you can find. That will allow you to save money for a purchase in a year or two.
Christy Wheeler, Broker/G.R.I.
Prudential Clear Water Realty
The link below may shed some light on the subject, hope it keeps you from losing a lot of money.
Nancy Crain & Darrell Wiard
Coldwell Banker Willis-Smith
401 Hodges Street, P.O. Box 864
Oriental, NC 28571
(252) 249-2663 fax
(252) 229-7534 mobile Nancy
(252) 229-7077 mobile Darrell
(800) 326-3748 toll free
My suggestion to you is simple, rent now and buy when you can. It will be lots cheaper for you I bet.