There is always one constant when it comes to housing. Everybody needs a place to live. There are no exceptions. Even though the economy is not as strong as it was 10-15 years ago the need for housing is still the same; 100%! So the real question is not whether or not it is time to get a home but rather is it time to buy or is renting a better option?
Without doubt our current economy is facing challenges and that includes the real estate industry but pushing all problems aside there are still some rather obvious reasons it is a good time to own a home:
1) There are still great options for low down payment loans like USDA, FHA and VA mortgages so even if you have little up front cash, buying may still require no more than a rental deposit.
2) Interest rates are low and cannot stay low forever so if you want to take advantage of low cost mortgage money, now is a great time.
3) Home prices are the lowest in years in most areas of the country so you can get more house for your money right now.
4) There are still great advantages to deducting mortgage interest on your taxes. It could save you thousands!
5) You have to live somewhere so why not own your own home rather than paying for someone else’s?