Even though interest rates are finally on the rise, with more to come this year, some potential homebuyers are still putting it off.

I talked with a couple recently who wanted to keep renting until they can save enough to get out of their small apartment and buy a home. They don’t qualify for much, but with appreciation rising at about 5 to 6 percent annually and savings interest in the 1 percent range, I tried to explain that they can’t save fast enough to keep up. They would be better off buying a small condo, using the appreciation to their advantage and then selling it in a few years to get the appreciation for the down payment on the home they want. They didn’t seem concerned … yet.

According to Zillow Group Mortgages, homebuyers across the nation are concerned about interest rates and their ability to buy a home but are not letting it spoil their plans. In a recent survey 83 percent plan on buying a home in the next three years, even though their payment may go up $100 because of the rising rates. More than half that number plan on moving ahead even if it means paying $200 more than if they bought right now.

Buying the exact home you want, in these circumstances where waiting is necessary, isn’t always the best move. Sometimes it’s best to step up to the home you really want. Buy a cheaper home now and fix it up. That way you’re in the market and in the best position to reap the rewards for your next house most savings plans can’t offer.

Some potential buyers — at lest 25 percent, according to the survey — are getting it and settling, for now at least, for a less expensive, perhaps smaller home in a more affordable community, rather than wait.

“For years, falling interest rates have been a boon to the U.S. housing market, keeping monthly mortgage payments low for first-time and move-up buyers alike, even as home values rose,” Erin Lantz, vice president of Mortgages for Zillow Group, said. “As rates rise this year, first-time buyers and those looking to buy in expensive markets where affordability is already an issue will feel the pinch of higher rates on their budget.”

Here’s what your purchasing power could look like if you wait for interest rates to rise, according to Susan Gifford-Langley, mortgage consultant with Axiom Financial in Orem. Using $1,100 a month payment as an example, and a 20 percent down payment, you could buy a $230,500 home at 4 percent interest. If you waited until rates went to 5 percent, your loan amount would be $25,000 less, at $205,000. If you waited further and rates rose to 6 percent, your loan amount would be $183,500. If you continued to wait until rates rose to 7 percent, if they do, then your loan amount would be just $165,300.

So the best strategy is to get in the market now and buy a home, even if it isn’t your ultimate dream home. With rising rates and if appreciation continues you will end up with less home by waiting. As I reminded the couple in the beginning, you just can’t save fast enough under normal circumstances.