1. You can get a good deal – you will never catch or time the bottom and it really doesn’t matter in the long haul anyway (remember you are buying a home not a house)
2. Mortgages are cheap – lowest on record that you will not see again in your lifetime (What is the mortgage rate this week???? Around 4.2%!!!!!!!!!!!!!!)
3. You will save on taxes – this often is the key analysis of the total cost in in the rent vs owning, and these tax breaks can be huge
4. It will be yours – you can change the kitchen, the paint, etc. You cannot do that when you rent!
5. You’ll get a better home – in many parts of the country, it’s hard to find a a good rental. Buying often gets you the best. (and in areas with the best schools)
6. It offers Some Inflation Protection – it’s not perfect, but over the long-term housing has tended to beat inflation by a couple % points a year
7. It’s Risk Capital – over the long-run your home’s equity is linked to the growth of the economy
8. It’s Forced Savings – most people don’t save their money, but part of the mortgage payment goes to principal repayment, not a cost – equity
9. There Is A Lot To Choose From – great choices and great prices as there are more homes on the market than ever
10. Sooner Or Later the Market Will Clear – Supply and demand will meet again for equilibrium
You should send this post to all. If an expert non-biased reporting from the Wall Street Journal doesn't convince someone to purchase a home this year, nothing will. They will be sitting on the sidelines saying "I should have ........."
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