I want to buy the house but I'm just not seeing any reason to buy now

[LynneSin]

I mean, I have a decent down payment but I'm just not feeling it for buying the house. I know that buying a house is suppose to be a good investment but with the cost of living what it is right now I see no justification as to why I should move out of my apartment. I'm paying a great monthly rent, I have a Washer/Dryer and my heat & water are included. The only thing I pay for is electricity, which usually ran around $30/month (yeah - I know it's going up).

With the cost of energy towering through the roof along with other basic cost of living, someone please tell me why I should buy my house now.

I'm thinking if I wait another year or so perhaps things will level off or the market will explode with a gluttony of real estate from people try to get out from underneath their massive debt

[Iniquitous Bunny]

1. I think the market will go down.

I'm going to be looking to buy in another 1&1/2- 2 years and I keep a continual eye on these things. Things are selling more slowly and prices coming down. If I were to buy now, I'd be worried that I'd soon be owing far more than than what the actual value on my home will be in the next few years.

[progmom]

2. go with your instincts

Only thing I would be worried about, though, is that interest rates could go way up.

Maybe just keep an eye on the market....and if you see a house you really really want, well maybe that will help make the decision for you. :)

[Midlodemocrat]

3. I don't think the market is going to go down, frankly.

[Wcross]

4. Interest rates are going to climb.

You may not be able to afford what you can now. I think the housing market will most likely stay flat or trend down maybe 10-15% in values.
If you are buying for a place to live it doesn't really matter about housing values. You will come out ahead in the long run.

[Gormy Cuss]

5. Buying a house isn't always the right investment.

If you have low costs in your current situation and the local market isn't so strong that you'll risk being locked out, wait a year. Beats being house poor when the local real estate market undergoes a correction.

There are lots of rent vs. own discussions out there on the net. The ones put out by mortgage and real estate interests are hopelessly biased, but there are others that are a bit more balanced.

[goclark]

6. IMO, you should not buy because you are not in LOVE with

the house.

It has been my experience that when you see the one you LOVE,you are willing to find a way.

I never buy a house I am not in LOVE with...

[tigereye]

7. well, the main thing

is that although buying a house gives you wonderful control over your environment ( yard, flowers, structural changes), for the most part, it also means that whatever breaks usually has to be paid for, by you. That's the big issue with renting over ownership. I think.

If it doesn't make sense for you to do it now, I would wait. Interests rates are still pretty competitive and in SOME areas housing prices seem to have peaked.

[no name no slogan]

8. Hold on for a few more months

that's what I'm doing. The market is cooling off VERY quickly. It used to be that houses here wouldn't be on the market more than a week before they sold-- now they're sitting there for months. Housing costs in most cities have been soaring the last 5-10 years, but incomes are not keeping up. Something has to give.

Interest rates may go up a little, but they are still historically low. I'm holding off until this fall or next spring, at a minimum, based on what I've seen in the neighborhoods I want to live in.

It's a buyers market now, and it will be for at least another year, IMHO.

[GalleryGod]

9. Equity.

Try it. You'll like it.