Per CNNMoney.com, "Buying a home now is a no-brainer"

The market is slow, prices have slowly declined for the past few years, and likely will for the next year --- could this still be a good time to buy?  Ali Velshi from CNNMoney.com says yes.  (Thanks for the tip, Sue!)

Velshi's logic is that even if prices fall a bit more, that today's super low interest rates make it a terrific time to buy:


I tend to agree with his logic.  You see, if you're going to be in a house for the next five years, and are considering the purchase of a $250k home, you're better off to buy it today at 4.25% than to buy it a year from now at $240k with a 4.75% interest rate.

Assuming a 20% down payment....

• Your principal and interest on a $250k purchase ($200k loan) with a 4.25% fixed rate would be $984 per month.
• Your principal and interest on a $240k purchase ($192k loan) with a 4.75% fixed rate would be $1,002 per month.

If you have a down payment, and have good credit, and will be staying in this area for the next five years, buying a home may really be a no-brainer!