Should I buy now or wait a year?

[Megan Henson]

Hello, I am a first time home buyer and I am trying to decide wether I should get a home now or wait another year. I am currently renting an apartment in the Dallas, TX area and for about the same price or a little more than I am spending now, I could get a 3 bedroom house.

My credit score is about 730 and I am thinking I would put about 5% down on a home with a target price range of about $230,000. I have been employed at my job for a little less than a year, but that is because I graduated in May 2019 from college. I have heard that I can still qualify for a mortgage since I am working in the field my degree is in, is this true? Also, I currently do not have any student loan or car debt. 

Should I go ahead and try to buy a house now, or should I wait?

[Layne T.]

@Megan Henson
Take a hybrid approach - wait till end of the year?
- More deals to be had in Winter
- The economic shock to real estate post-covid, as little as it may be (5-10% even) is expected to work itself out by end of the year
- Get your ducks in a row before then, narrow down on neighborhood, save down payment money, furniture money, any immediate repairs/customization money