Prices in the DC Metro area experienced a double digit increase in 2013.  Interest rates are predicted to continue their slow and steady rise.  The chart below shows what will happen to a monthly mortgage payment on a home purchased now, vs being purchased in next year.  I am using an 8% increase in home prices over the course of 2014, (which is lower than 2013).

If someone in on the fence in thinking about buying, it is important to strongly consider the ramifications of not acting now.