Some friends of mine are first time home-buyers and they have asked me to take them out to tour some condos and houses that they like. But they're not that serious about finding a new place...yet. As soon as interest rates rise another .25 to .50%, they might get more serious. Have you considered the costs of waiting a year to buy that house you're casually thinking about? The experts are saying that prices are on an upward trend for the next several years, and they are also predicting that interest rates are bound to rise this year. Check out the attached screenshot of some calculations that I ran for my friends. The cost of waiting a year (or two) is probably higher than you think!
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