I have bought a lot of houses over the years and built about twice that...
I am not sure how the market there is, BUT I can promise you your landlord isn't going to sell while you are paying rent, that would be a terrible business move on their part. But if you told them you were looking and were shooting for a move out date in say August they would be more likely to show their true colors, either wanting to sell or wanting to re-rent after you vacate...
Now as far as buying goes, it doesn't hurt to look and get ideas, I like the idea of looking before you are ready since first time home buyers worse enemy is haste... They see a house, think they won't see another one and rush into it... big mistake...
Here is the 6 month plan I always tell people to start with,
first get pre approved, start with your bank or AAA if you are a member... This is going to show you what you will need for a down payment {I tell people don't even think about home purchase until you have 20% down, then look to buy a house 10% under its worth, you will start with 30% equity and bypass pmi, high rates, ect, ect}, they will give you a rate {normally lock in for 30 days at a time}, a preapproval letter {most realtors wont show you a home with out one}, and it will show you how it works, less surprises when the actual loan is needed...
Next start talking to realtors, the best way to do this is to first find a few properties you would consider buying {your area and price range} then call the people showing them houses, you will talk to a bunch of people in the business and before you know it you will find one you like... They will most likely make you sign a contract for them to represent you, only sign for 30 days at a time {in some states you need to sign for them to show you properties}.... Don't sign a 1 year or 6 mo contract, because you don't know what the future holds, you may run into someone that says "I have a house for sale" and that commision can end up in your pocket, vs if you are under contract you need to legally make sure your realtor gets paid... or your landlord may come around and say "yah I want to sell", but if you are under contract that commision has to come from somewhere... Some realtors will do a single day contract or a contract on a single property, that is best bet in most cases...
Now after looking at houses and knowing what your price range and financial responsibilities will be before and after purchase, you will build a relationship with a realtor, you will know what stuff sells for {you will look at houses for say $450K {or what ever your budget will be} and see how long it takes them to sell and you will get an idea of what stuff is worth and how long it lasts....
But anyway, I wouldn't wait, I would jump rite in, looking don't cost you anything and if your smart you will learn at the same time and get the best house for you and your family...
I went and looked at a house this morning, foreclosure and needs 2 banks to approve the sale price, its listed for $188K I offered $98K with a 15 day close and sure they are not going to sell it for that, BUT the first loan is for $98K so they are going to approve the sale the second bank is going to say no, but for those of you that know how the business works they are going to most likely settle in around $120K... I see this often the first bank is all that really matters they get paid first and can sell it for exactly what they are owed, they hold the deed, the second bank can buy the first mortgage and then own the entire property, but they don't like to do this... This house is different in the way that the first is less than the second but that is most likely because the company held the title to something else of the previous owners with equity, like more property, a boat, ect....
Now is a great time to buy and interest rates are going up, I think they will be 1-2% higher by the end 2014, doesn't sound like much but it can equal $400 a month and 10's of thousands added to your mortgage total....
