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Owning your own home is part of the American Dream. It is a status symbol as well as a security. It is an investment into your future as well as a comfort. There are several reasons that you should consider for making your home purchase now.

1. Interest rates are low. They are hovering around lows not seen for decades. Buying a home at this time could be the perfect storm - low interest rates and low prices. Your monthly mortgage payments could be lower than the rent you are paying. You also can still get FHA financing which requires a very low down payment. If rates rise you might get priced out of the market for many years.

2. Home Prices. While it is awful that so many people have lost their homes, it has created an abundance of home inventories. Homes are being sold for a third of their past values. All around the country you can find terrific deals on homes you may have not been able to afford in the past. With prices so low, you will be able to purchase more home for your money. This includes new homes or recently built homes. Many developers have found that their plans were stopped when the economy halted. Large homes in new subdivisions have incredibly low price tags attached to them. It is a buyers market.

3. Down Payment Assistance. In an effort to boost home sales in an area many states, counties and even cities are offering down payment assistance programs. These are grant programs that provide people additional money to put down on a home that will not have to be repaid. The only conditions to these programs are that you buy in a specific area and that you remain in the home for certain number of years. In some states you can combine these programs from each level of government giving you the ability to place a very large down payment on a home and it won't cost you anything.

4. Create wealth. Despite what has happened in the real estate market the last 5 years people will start making money again in real estate. We will eventually see appreciation again. Markets move in cycles and we may be at the end of this one. When you buy a home you are paying off your mortgage. If your home appreciates it is a double whammy. Suppose you have a 15 year mortgage and your home appreciates modestly for the next 15 years. At the end of your mortgage you will have a home free and clean and worth a pretty penny. If you buy rental properties and hang on to them for awhile it could make for a nice retirement plan.

5. Improve your credit. When you get a mortgage and pay on time your credit score will improve. Homeowners are considered to be a lower risk and are typically given a higher credit score. A better score means that you can borrow money more easily and at lower rates.

People have become apprehensive to own real estate since the bubble burst. That is very understandable. However, like everything, the hard times will pass and prosperity will come. Position yourself to make money when that prosperity shows up.

Marc Rasmussen sells fabulous Longboat Key Neighborhoods

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