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To the OP, I think it depends on a couple factors.
1) How stable is your local market and the neighborhoods you are looking to buy? Are the prices still falling or in a freefall?
2) Do you have a downpayment?
I think buyers today should put a 10-20% downpayment or have that amount in cash reserves in case they need to sell. Especially in your case because there's even a higher chance you have to move/sell in less than 5 years.
The chance that the market will shoot up again is low and it's more likely that prices will continue to fall. You don't want to do 100% financing and then be underwater on your mortgage if god forbid you need to sell in 2 years. Then you'll have to do a short sale or go into foreclosure because you can't afford commissions and closing costs. Even if your home doesn't decline in value, remember it costs 6% to sell your home + closing costs.
If you got the money, then consider buying as an option.
That is the same story I heard for years and years. "Stay on base, don't risk it, It is safer on base". Being a Security Policeman (Law Enforcement) for 24 years, I know that living on-base does not make you immune from societies ills. I listened to that advice and was scared to buy a house until I had been in 18 years. Now I wish I had "risked it". I'd be reaping he rewards.
The OP has lived on baset and now wants to explore the possibility of buying. That is his choice and that choice can make sense in many parts of the country with record low interest rates and the $8,000 tax credit.
There are many many places country it would NOT make sense to buy now. Their markets are still in turmoil and will be for a few more years.
After reading your old posts you don't seem very enthusiastic about homeownership today.
Yes, the OP has choices and I'm just providing him information with no agenda whatsoever - if you want to refute anything I post, have at it but just ensure you back it up with facts like I do.
I can't believe you've been in the military this long and are asking that question. How many times have you moved already? Do you imagine that the military is going to leave you in one spot for the rest of your career? When you get to the last year or two from retirement start considering buying. Renting is the only practical way for a nomadic military family. IMHO (traveling for 45 years and still on the move...). BTW, I owned a house and was an absentee landlord for 23 years. I don't wish that experience on anybody.
Doesn't get any simplier than that....
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