Home prices are the lowest they have been in years, interest rates keep going down, the inventory of new construction is bulging and there are a slew of desperate sellers out there.  These seem like all of the right reasons to buy a home now, but are they really all the wrong reasons?

Is it time to buy a home or should you keep on renting until the market stabilizes? There are two schools of thought; I am taking the second road- being of the conservative ilk! It seems like we keep getting conflicting reasons to buy a home now as pundits chat about the bottom of the market- but wait- we now hear about a second dip in home prices. Oh wait, next week might be better!  What to do what to do?

Know anybody that was walking down the aisle headed for the altar, and took a run for it right before the big “I do”? They were not confused, just did not want to get married and could not chicken out until the last second. If you think this might be you (driving to your closing), then don’t do it. How do you know?

1. You did the math and realized if you bought a house you would have no money to furnish it or feed yourself after the closing. Don’t be house poor.

2. You saw an ad on Craig’s List for you exact job description and are pretty sure that it describes your company and your job to a tee! If you think you are going to lose your job or want to quit anytime soon, then don’t buy a house.

3. You love the apartment where you lived for the past five years.  If you really love where you live and feel comfortable there, why would you want to move?  So what if you are throwing money away on rent! You love your neighborhood, the corner deli, your view and the electric bill (which is not too high).  Are you ready to give that up right now?

4. The only houses you can afford are totally across town and you will have to commute over an hour to work and have no friends nearby. If you are willing to put yourself in an undesirable location and start over from scratch, then move. There is something to consider about loving where you live now. Location, location, location.

5. Have another reason? Don’t do it.

There is nothing wrong with renting your home. It gives you a sense of freedom, a feeling of relief, a chuckle when everybody else who thought they were so smart- turned out to be pretty dumb. If it doesn’t feel good, it’s not- don’t do it- wait……