Many debated whether or not 2014 was the right year to buy a home, and ultimately decided it was best to wait.

Now that annual revisions are coming in, lets take a look and see whether or not it made sense to wait to buy.

On January 2nd, 2014, the 30-year fixed rate was reported at 4.53% by Freddie Mac. Your monthly mortgage payment for a $250,000 home would have been $1,271.17.

Now, our interest rates have dropped below 4%, and ended 2014 at 3.87%. However, home prices appreciated by 4.8% over the same time, according to the Home Price Expectation Survey.

That same $250,000 home you would have purchased has now appreciated by $12,000 and costs $262,000. Your monthly payment for this home, at a 3.73% rate (as recently reported by Freddie Mac), will be $1,210.39

If you waited a year to buy the same home, your payment would be $60.78 less than the previous year.

On paper, it's easy to say, "See? I've saved $60 a month on a payment, waiting a year made total sense."

True, over the course of the year, $729.36 was saved. But what they haven't realized is that the price of the home they purchased went up by $12,000. Even if a down payment of just 5% was placed on the home, these homeowners now have to come up with an additional $600 at the very start of the process.

So, in reality, these hypothetical homeowners really only saved $129.36 in a year - $11 a month.

Is a savings of $11 a month really worth holding off on pursuing a home that you've been dreaming about? Is it worth holding off on building equity? Having a save comfortable environment that fits your family's needs? Having full control over your space?

The bottom line?

Experts are expecting home prices to appreciate about 4%, and interest rates are anticipated to increase by a full percentage point by the end of 2015. If you are able to buy a home now, it is in your best interest to buy now.

Questions? Wondering what these numbers mean for you? Don't hesitate to send us an email or give us a call! We would love to help.