Interest rates are still at historical lows, HOWEVER, interest rates are forecasted to go up. Prices of homes are also forecasted to continue to rise through 2022 by as much as 16%.
A home that costs $450,000 today at an interest rate of 3.375% is expected to cost you $495,000 a year from now with only a 10% increase in price. If interest rates rise to 3.75%, that same home will cost you $287.84 more per month just by waiting one year.
In addition, the average cost to rent in Bozeman as of December 2021, was $1800. By waiting a year, you will pay $21,600 towards your landlord's mortgage, none of which builds your equity or is tax-deductible.
