Everyone has to live somewhere. You either rent, or you buy. The focus should be the next 5-10 years, not the next 5-10 months.
Once the Fed signals an end to rate increases, the pent-up demand of buyers will flood the market. If you wait until next spring there will almost certainly be more buyers to compete against. Buying now ensures you have little competition and can negotiate a good price.
As the saying goes..."You date the rate but marry the price". You don’t need to get a permanent mortgage now. You might consider a temporary mortgage in the form of an Adjustable Rate Mortgage.
Where competition is lower, sellers may be more willing to negotiate. There is always a story of should've would've could've. Don't let that be your story.
Sellers who are listing their properties in the next several months are serious and want/need to sell. Buyers who want to purchase but are concerned about rates have an opportunity to negotiate.
The time to buy is when no one else is. Historically speaking, People who bought in economic downturns like 2009-2010; 2001; 1994-1996 purchased at lower prices and had higher appreciation than those 3 years after that period.
Interest rates ARE rising but renting is 100% interest… As a buyer, you’re stepping into the driver’s seat in the housing market for the first time in a long time. While rents and mortgage rates are up now during this inflation surge, rents continue rising regardless, usually around 2-3% a year.
It is time IN the market not TIMING the market, that is the key.
Remember, sellers still have reasons why they need to sell - divorce, relocation, job change etc. So if you were going to buy, don't give up! Talk to a lender about financing options, continue to explore properties and neighborhoods and when you find something you like, work with your agent to see if you can present a "reasonable" offer. You'll never know unless you try!