We didn’t buy when we moved to Virginia in 2002 and that was a huge mistake. I’m trying to mitigate my foolishness…
You were not foolish, just unlucky. However, buying in SD now would really be foolish. We’re only 5% to 10% down from the market peak, so I can tell you it would not be smart at all to buy at this (overpriced) stage of the cycle.
Renting for a couple of years would allow you to know the region, and watch (as we Piggingtonians do) as house prices drop. By 2010, if you decide to grow roots here, you’ll have prices that, at most, will be as high as today (more likely lower), you’ll have an even bigger down payment, and you’ll know what neighborhood is best for you.
