Buyers who have opted to delay their purchase are now finding themselves on the short end of the housing stick. Rising interest rates along with surging prices, have already had an impact on housing affordability. Ignoring the obvious signs of a dramatic recovery could put housing buyers in an even the more difficult and frustrating position of paying more for a lot less, with little to choose from.

Are you in denial about the boom in home sales?

Existing Home Sales in August surpassed a 6 1/2 year high in August, as more buyers continue to enter the market. Demand is expected to continue to rise as young adults finally start moving out of their parents homes and baby-boomers retire.

Are you in denial about rapidly increasing housing prices?

Home prices across the U.S. have risen an average of about 12% in the past year according to the S&P/Case-Shiller index. They continued to climb at an aggressive rate in July, increasing 0.6% from the prior month. Housing inventory, or the supply of homes for sale, dipped to 5.1 months, creating a seller’s market. A 6-month supply is considered to be a balanced market.

Are you in denial about falling inventory levels and the drastic drop in homes to choose from?

Homes are also selling much faster, with the national average dropping recently from 46 days to 41 days, according to Lawrence Yun, chief economist of the National Association of Realtors. Nationwide, 45% of all homes sold, are on the market for less than a month, according to Yun.

Are you in denial about improving conditions in the job market?

Unemployment has continued to drop and is nearing the magic 7% rate the Fed has been seeking prior to raising rates.

Are you in denial about rising interest rates and their impact on the home you’ll be able to afford?

Buyers were given a reprieve in the rapid rise of mortgage interest rates as the Federal Reserve chose to maintain its policy of quantitative easing, which has kept interest rates extremely low for home buyers.

Will you stay in denial while the best opportunities to buy property eventually disappear, passing you by forever?

It’s not too late for buyers to take advantage of cheap housing prices. Housing prices are now at early 2004 levels, still 23% below their peak in mid-2006, according to David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. This means buyers who purchase housing now can take advantage of appreciating prices and build  equity from this short-term rapid appreciation. But, the window of opportunity is closing fast.

The choice is yours. Govern yourself accordingly.