Should I buy a home now?I currently rent in Belmont, CA and have been thinking about buying a home since mortgage rates are low and rent is increasing like crazy. Based on several affordability calculators, it looks like my max price is around $350k.I have a credit score of 780 and make around $70k/year. I have been at my current job for one year, but I've been in the same industry for 5 years if you include college jobs.I don't have much saved for a downpayment (~20k) and the only debt I have is an auto loan ($220/month). I can pay off the entire loan now, but haven't yet since I didn't want my credit score to drop.I've heard from several people that it's taken them a long time to find a home in this area, ranging from 6-24 months, due to bidding wars. I've been told to expect up to 10% more than the asking price. Given my price limit, I'm thinking it'll take me quite a while to find a place since there aren't many within my budget.So my question is: should I consider starting the home buying process now? Or should I wait until I have more money saved up (but then miss out on the lower rate)? If it really takes that long to find a home in this area, I will have more money saved up for the downpayment, but probably not 20%.March 15 2013 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.