I've lived in my town for a few year now and have always rented. Mostly because I am single and have either split the cost with my roommates or whatever. I have a very nice job that seems to be on the up and up and pays well enough for me to afford a decent house in the community. I know the economy is in the toilet and the housing market is upside down, but I hate wasting money on rent that gives me no equity.
Should I look to buy a house now or wait until the market fixes itself. I would be looking for something in the $125k-150 range (based on what mortgage I would be comfortable making). I spend $700 in rent now and I am thinking that could translate to something decent especially with the interest rates. I know I still have to find someone to loan me the mortgage but I have a very good credit score last I checked.
Am I missing some major cons here or should I go ahead and start looking to buy? Anyone have the same experience being a first time home buyer in todays market?