Anyone buy their parent's home?

My parent's have offered me a good deal on their home(the one I grew up in) and I am not sure if I should take it or keep looking.

If I move back will I feel like I never left? Will I always feel like it is their house? I have been in the city for the last 11 years.

It is small (3 bed/1 bath ranch). The neighborhood is not what I would have chosen but it is not bad either.....the house does have some good features too like a fireplace, harwood floors, finished basement and nice size kitchen.

Buying it will allow me to save a lot more and then I could move in a couple of years. Do you think it is better to buy something reasonable now and trade up in a couple of years or spend more now and get what you want.

Anyone else in a similar situation?