Now is the time to buy! Interest rates are on the rise and so are the prices. When I was in real estate market in the l980's, rates continued to climb from 9% to 18%. This put many buyers completely out of the buying market.Banks were using  creative financing. in order to provide loans to their clients and some of it was bad news !There was negative amortization, wrap around mortgages, adjustable rates mortgages ,buy downs with seller paying lots of points. I had a seller that paid 9 points  to buy down the interest rate in order for a VA buyer to afford the mortgage on his house.The negative amortization program really hurt sellers when they went to sell their homes years later.The homeowners couldn't afford to sell because they were upside down. This  meant they homeowner would have to bring money to settlement since the balance of their mortgage was more than the value of the house.

The prices have gone up on most properties depending on the location of the property. At this time, Interest rates have edged up around 4.5% and are likely to increase more. Therefore, if one waits to buy, his or her payment will be substantially higher. Home ownership is still one of the best ways for a tax deduction and to built equity for the future!