It's ALWAYS better to own versus renting unless you are renting for a very short term, let's say 2-4 years. If you intend on staying in an area longer than 5 years, it's much better to buy and buy now. Prices are low and may have reached bottom or close to it. Interest rates are extremely low. It is highly unlikely we will continue to see the kinds of drops in prices we have seen since the market's peak in '06. You're not factoring in the income tax savings on your purchase. You should speak to your accountant to ascertain what your tax savings will be. If you're first time buyers, there's also the $8000 tax credit available to you. Focusing again on your scenario about ten years - if you would have purchased a home in 1989 (10 years ago), your house would have at least doubled in value. Although prices have dropped since 2006, this is still true. If they would have stayed the same as 2006, your value would have almost tripled. Buy now!!!!!!

I am a certified buyer representative. If I can answer any of your questions, please feel free to contact me.

Ralph Windschuh
Certified Buyer Representative
Associate Broker
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com

It depends on many variables. You may wait and the price of homes increase. Though if you buy and they decrease you will be upset that you decided to buy. Though renting won't provide you with any tax breaks at the end of the year. I believe that the best time to buy is now while interest rates are low. Rates could go up higher in future years. Thouh it is all uncertain where the market is really headed. We all must wait and see.