The Time to Buy is Now
Housing prices are healthy and growing. In fact, in 2015, prices increased 5.7 percent on average in the United States according to the S&P Case-Shiller U.S. National Home Price Index, and they're expected to continue on that trajectory. At this rate, a $200,000 home could cost you $211,400 next year and $223,450 in just two years.
Interest rates are still low. According to Freddie Mac, the average rate on a 30-year mortgage in 2015 was just 3.85 percent. If you had a $200,000 mortgage at this rate, your payment would be $938 a month. However, the Federal Reserve may raise rates in the near future. At 8.90 percent, which is the historical average interest rate, your payment would be $1,595. That's a potential increase of $657 a month!