March 19th, 2008 5:16 PM by L. Michael Trenkle
5 REASONS TO BUY
1. Prices in the neighborhood you are interested in are relatively stable. Either they are holding their own or increasing, or the pace of decline is slowing significantly. If you have to move and don't like apartments, the small penalty you pay for missing the bottom may not mean much, although many experts agree that we are near if not at the bottom of the housing crisis in many parts of the country. We are especially lucky in Colorado, as for most of the state values have held steady or even shown small gains.
2. You plan to stay in the home for more than five years. If you can stick it out that long before selling, economists say you’ll probably ride out any downturn and come out ahead on price, especially considering that economic experts forsee the housing issues turning around by the end of 2008.
3. Your rent rivals a mortgage payment. If you can afford to buy, it can give you one bonus that renting can't: the mortgage-interest deduction on your taxes.
4. You've found the right house in the right area for you. The schools are great. You love the area and know it would be hard to find another house like the one you have your eye on. In a better market, you would most likely have much more competition for that home. As you have probably heard before, this is a buyers market. As such you can negotiate much better terms for your new hom than you could have just a couple of years ago!
5. You've built equity in your house and are moving to a place where homes are cheaper. In your new market, your money will go a lot further.