My 2¢...
If your only real reason to purchase a new house is to get a bargain, then I'd hold off.
I agree without further information, it's really difficult to say it's a good idea.
Is there a problem with the condo? Too crowded, bad location, etc... that makes you want to move? If it's working fine for you, then I don't see jumping into another mortgage solely based off of home sales/mortgage rates. Even doing lots of the fixing up on a fixer-upper, you'll be paying two mortgages, two insurance policies/taxes, materials and time to make repairs.... for something like a year by your estimation.
Something else to throw in the mix: You're not married, so purchasing a property together could be a mess if something happens down the road. Definitely you'd not want it in his name only, if you both would be putting money into the mortgage, then you both should be on the title. If you're not contributing equal portions, then a contract should be drawn up to make sure you both are protected for the share you would each contribute, and plans for selling or who buys who out in the event of a break up.