I recently read an article on why you should buy now. Here's an excerpt:

"They say that Joe Kennedy knew it was time to sell all his stocks when he started hearing tips from the shoe-shine boy. Thus a fortune was spared from the ravages of the Great Depression and the groundwork laid for a modern political dynasty. The point is what whatever "everyone" is doing, you want to do the reverse. Today, with homeownership rates steadily declining (PDF) and magazines like Forbes and the Atlantic claiming that young people aren't into homeownership anymore the time is right to do the reverse. If you have the means, run to the nearest for-sale property and buy, buy, buy."

To continue reading go to http://www.slate.com/articles/business/moneybox/2012/04/buy_a_house_it_s_much_cheaper_than_renting.html

There are many arguments from both sides of the fence, but the only way to know for sure if it is in your wallets best interest is to speak to a qualified mortgage lender and see how you fare with potential payments. You may be pleasantly surprised at the savings purchasing can have versus renting.