As a former long-time city dweller I resisted purchasing a home for many years, instead renting in various parts of Manhattan and Brooklyn despite many entreaties by friends and family such as "Why wouldn't you buy instead of throwing your money away on rent?"  I told myself and them that I didn't want to be "tied down" to any one place, I wanted mobility... and then remained in NYC for 15 years.

Of course, had I purchased a home during that time, even a small co-op apartment, I likely would have had substantial equity to help me make my eventual move out of New York less challenging financially. But one of the main reasons I never bought was the memory of watching friends and colleagues in the late '80's who had great difficulty selling their apartments when job, love or life in general called them elsewhere. Many of these people struggled with trying to "unload" their first home and it sometimes interfered with their career plans and relocation.

During subsequent years I ignored the real estate market and preferred to fixate on my memory of the "bad investment choices" made by my friends. Although the market changed my opinion of it did not.

When I finally decided it was time for me to leave the Big Apple it was 1999 and I was certain of only two things: I wanted to live near the water, preferably the ocean, and have a space to garden.  I was now in my 30's and not feeling the need to be so mobile anymore.  I wanted a lifestyle and some creature comforts that apartment living was unable to provide.  It was a challenge to leave my familiar surroundings and I was entirely unfamiliar with the process, requirements and frustrations of buying a home but I did it.

I have looked back many times over the past ten years, very grateful for having bought a home in Highlands, NJ, with my partner when we did.  I am quite sure that had I waited, perhaps only a year or two, I probably would not have moved because of the drastic shift in house prices.  I'd probably still be in a rental apartment in Prospect Heights instead of living in our much beloved 1917 Craftsman ("Home Sweet Money Pit") that's just down the hill from the Twin Lights lighthouse and a short walk to the Atlantic Ocean. Although I sometimes miss the energy and convenience of city life, I know I would not trade it for the enjoyment of hosting dinner parties on our front porch on a summer night, or dancing with friends at the summer beach concerts at Sandy Hook. It's a different life, to be sure, but a wonderful one.

So, what's my point?  If the above description at all sounds familiar to your situation, I strongly recommend looking for your first home starting now.  Why?  Let me count the ways....

1. Affordability: Recently I saw a report that said affordability on a national level was at 66% which means that 66% of the people can afford a house at the median-price for their area.  They give that stat an A+ rating! As the affordability rate rises, so will demand which means fewer homes to choose from and prices on the rise.
2. Tax Incentives: First home buyer tax credit for a home purchased in 2009 is worth $8000 and does not have to be paid back (unlike the $7500 rebate for homes purchase in 2008).
3. Low Mortgage Interest Rates: rates are great... below 5.5% and sometimes even below 5% with the right loan program.
4. Low Downpayment: FHA loans are requiring as little as 3.5% down! 
5. Inventory: Lots to choose from here in the resale inventory as well as short sales and foreclosures.
6. Negotiability: Many homesellers are fatigued. They want to be done with the process of selling and move on with their lives. They also want to take advantage of the good deals out there but cannot because they have to sell first.  While many are not looking to fire-sale it, they are willing to listen to a reasonable offer and probably have already reduced their price or priced it according to the market.

It's time!  Let me know if you would like to start your search... I'd be glad to help!