Is it a good time in your life to buy a house?

Mortgage rates and the state of your local market are important, but I want to quickly go over a few other things to consider.

How long can you see yourself living in this location?

Ideally, you'd want to remain in the home long enough for rising property values and your equity to exceed the costs of buying and selling, including real estate commissions and mortgage closing costs. That will typically take several years - so if you think you’ll be moving in a year or two, it could be best to wait.

You could also be subject to capital gains taxes if you sell it after less than two years. See a tax accountant about that

How's your job security?

A mortgage is a big commitment, so if you’re not confident about your employment situation, or you only plan on being in a job for a short time before moving on, it may be best to wait until your employment is stable.

Savings

You'll need money not only for a down payment, but also mortgage closing costs as well as moving and other expenses after you buy the home.

And you don’t want to exhaust all your savings on a home. It would be a good idea to have additional savings in reserve.

If you don’t feel comfortable about any of these, it may be best to wait until you do.