The first factor that makes now a good time to purchase a home is that there’s a large inventory available. Because there are more homes to choose from, sellers are more willing to negotiate, breaking down the adversarial nature of the process. Sellers used to be offended when a potential buyer offered them a number below the asking price; that’s simply not the case anymore.
It’s also more affordable to buy a home today. Interest rates are at historically low levels, leading to lower monthly payments and the ability to buy more home for the dollar. In many cases, a house payment may actually be lower than what you’d pay in rent! Over time, the value of your home is likely to increase, making it a sound investment. Add in the benefits of the deductibility of interest on your annual income taxes and owning a home makes financial sense for a lot of people.
Finally, owning a home provides many people with a great sense of pride. You’re cutting your grass, painting your walls, and preparing dinner in your kitchen. It’s a feeling unlike any other.