Hi Tracy. I've been doing some homework on the Oklahoma City market - focused mainly on Edmond; so my response will have that bias. It looks like Oklahoma City's Real Estate market has held up well compared to the rest of the nation. Part of the reason is that new home construction has slowed down tremendously, meaning that the supply of houses has not outpaced demand. From a home buyer perspective, it looks like there will be bargains - just not the steep bargains that can be found in some of the hardest hit cities.
IMO, you should get yourself pre-qualified to buy a home and then begin looking for housing in your price range. After several weeks, you will know a lot about which homes are real bargains and which might be overpriced. By the time your lease is up, you will have a better hands-on feel as to whether you should buy or not. Also remember that you will be in the driver's seat for negotiating since you will be able to make an offer straight-up versus other people whose offers will be contingent on the sale of their house.