According to Forbes the year 2017 has a few changes in store.
- Prices will rise but slower than in 2016
- Affordability will worsen
- Mortgage rates will be moving up and down more than in the past
- Availability of credit might improve
So what this means is no one really knows what might happen. What we do know from past experience is if you buy a home with a mortgage too large and are pressed to make the payment every month small things like increased in gas prices ( could cost $150.00 more to fill car every month) or heating oil along with a reduction in hours worked could send many into foreclosure because they can no longer make the payment.
You need to buy a home that does not take all of your extras income. buy something that is 25 to 30% of your income. This way you have enough left over for changes in the economy and in income. In San Antonio mortgage loans can be 80% or even 95% of the value. Make sure you have taken the time to save enough for a down payment which will allow you to get the home sold if you need to move fast. Equity will help but not before 3-5 years have passed. Your down payment is your safety net for the first few years.