Take a step back and really know that you want to be a homeowner. If those reasons outweigh your worries about the market, then you are on the right track. When we bought our home 36 years ago, interest rates were 12- 1/4% but we bought to build a family environment that helped ease the stress of a blended family with our kids. Our home is part of the family and has provided a safe refuge to rest, energize and get back out in the world for our kids (we have four) — even though they are now on their own.
If you have a five-year plan to stay, try to buy something that you can keep, pay off and possibly rent out for future retirement income — my biggest regret is that we did not keep the first home we sold when we bought this one.
If you decide it is time to buy your home, it is likely that you will walk into a house, look around and say “This is Home” . . . . Your journey has begun.
12%?? WTF!!