1) In today's market there are a record number of new and existing homes for sale. The supply out weighs the demand. Certainly, you can make an offer that is a little below the asking price. It is a great time to get more for your dollar.
2) You'll pay less tax. You can deduct the interest you pay on your mortgage from your total income. The value of this tax break depends on several factors like your persoanl tax bracket, the size of your mortgage, the rate of interest you pay on it and how long you've held the mortgage. As a rule the newer the mortgage, the greater the amount of interest you pay monthly and the bigger the tax break.
3) You'll be buying a piece of real property rather than putting money in your landlord's pocket. Even if the house you purcahse did not appreciate in price, you would be able to sell it and recoup some of the money you put into it.
4) Interest rates are still very low historically. This makes it inexpensive to have a mortgage. The lower the interest rate, the less you actually pay for your home.
5) In time, you'll be able to use the equity in your home for low cost loans for other purposes. Because they are secured, home equity loans and lines generally carry a lower interest rate than other types of consumer loans, such as auto loans. The interest is tax deductable, as well.
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