You may be well served to wait, because I don’t think interest rates will go so high that it makes a huge difference; however I wouldn’t recommend becoming inactive in the market. Someone else posted a good observation on another place here, and that is there are a ton of eyes on this market and an inactive buyer is even more at a disadvantage than one actively persuing. Even with all of the inventory out there, and the so-called experts calling for more to come, good deals don’t stay for long. Find a particualr neighborhood you’re interested in and watch it closely. If something comes up you like, put in an offer. See how things play out. Stay emotionally detached from the transaction and it’ll happen how it’s supposed to.
From my perspective, and as long as you’re in it for at least ten years, and mortgage interest and property taxes are tax deductible, it’s almost always better to buy a SFR than rent one. Unless rents are crazy cheap, which they’re not.
Remember that the old saying still holds true. No one is making more land.
