However...the best answer to your question in my opinion is the best time to buy is when it is most comfortable financially for you. Interest rates are very low right now which helps make home buying more affordable. As rates go up it makes buying less affordable. However, none of us have a crystal ball as to when that will happen. The assumption is that rates are going to stay low until 2015.
That being said,?the best course of action is to start by determining what your most comfortable mortgage payment would be. This will help determine your max purchase price. In conjunction with that you'll want to find out how much liquid cash you have available for a down payment. The more money you have to put down the better. Remember, buying a house is also like putting your money into a glorified long term savings account since the home not only holds re-sale value but can appreciate over time.
Get with your Realtor or Loan Officer to help guide you through this process. I like to coach people through the home buying process even if they are 2 years away from making it happen. The key is to build a plan to accomplish your goals and a good Realtor or Loan Officer will help you through it. I highly recommend you go through the full approval process with a lender as early as possible. It will make your home buying process much less stressful and will allow you to take action quickly when you find a home you absolutely love!
Dave Kaushagen
Realtor
San Diego, CA
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Source: http://www.zillow.com/advice-thread/Is-there-a-best-time-to-buy-a-new-house/469982/
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