Given high home prices and high mortgage interest rates, does it make sense to wait to buy a home?

As usual, maybe yes and maybe no.

Let's start with maybe no, you shouldn't wait to buy a home...

[1]  If you are waiting to buy a home because you want to wait until home prices come down, that might be a long wait.  I can't guarantee that home prices will be stable or will increase forever, but there aren't any current signs that we should expect to see home prices declining in the next year or two so that it would make sense to wait until that time to buy.

[2]  If you are waiting to buy a home because you want to wait until mortgage interest rates get back down to 4% or 5%, that might be a long wait.  With current mortgage interest rates at 7%, I understand the sentiment of wanting to wait until they drop back down somewhat -- but I wouldn't recommend waiting for them to get all the way down to 4% or 5% -- or even 6% for that matter.  Mortgage interest rates may very well stay at or above 6.5% for the next year.

But... maybe you should wait to buy a home...

[1]  If you are waiting to buy a home because you aren't comfortable with the mortgage payment on the home you'd like to buy -- that makes a LOT of sense.  You need to be comfortable with the long-term financial commitment of buying a home.  While home prices and mortgage interest rates might not decline over the next few years -- your income and savings might go up -- getting you to a place where you are more comfortable with a home purchase.

So... should you wait to buy a home?  Maybe.  It depends on your overall financial picture and your plans and goals for the next few years.  If you'd like to talk any or all of that through as you contemplate a possible home purchase, just let me know.