1. You can get a good deal. Prices are down 30 percent on average.
They're at a level that makes sense for people's income.
2. Mortgages are cheap. At 4.3 percent on average for a 30-year
fixed-rate mortgage, your costs to own are down by a fifth from two
years ago.
3. You can save on taxes. When you add up the deductions for mortgage
interest and others, the cost of owning can drop below renting for a
comparable place.
4. It'll be yours. The one benefit to owning that never changes is that
you can paint your walls orange if you want (generally speaking; there
might be some community restrictions). How many landlords will let you
do that?
5. You can get a better home. In some markets, it's simply the case that
the nicest places are for-sale homes and condos.
6. It offers some inflation protection. Historically, appreciation over
time outpaces inflation.
7. It's risk capital. If the economy picks up, you stand to benefit from
that, even if you're goal is just to have a nice place to live.
8. It's forced savings. A part of your payment each month goes to
equity.
9. There is a lot to choose from. There are some 4 million homes
available today, about a year's supply. Now's the time to find something
you like and get it.
10. Sooner or later the market will clear. The U.S. is expected to grow
by another 100 million people in 40 years. They have to live somewhere.
Demand will eventually outpace supply.
Source: Wall Street Journal, Brett Arends (9/16/10)"
