Top List of Pros and Cons:

Pros:

• Today's prices are low:  As most of us are aware, prices have come down significantly across the country over the past couple of years.  In our area we have seen prices decline between 20-30% per year for the past two years.  Obviously, THIS IS GOOD NEWS FOR YOU AS A BUYER!    Given todays prices, you may well be able to purchase a home for $150,000 that would have sold for $200,000 or more just 1-2 years ago.
• Interest Rates are at Historic Lows:  With rates ranging from just under 5% to around 5.75%, we are seeing rates not seen for decades.  Lower interest rates translate into more purchasing power for you.  Wtih rates at these levels, you as a buyer are able to keep your payment low while still purchasing more house.
• $8000 Tax Credit:  If you have not owned a home in the last 3 years, you may qualify for the first-time home buyers tax credit.  This credit is a "refundable" tax credit which means you will receive a check for the amount of the refund you qualify for less any tax you owe or plus any refund you are due!  Please visit the tax credit section of our web-site for more information.
• Pride of Ownership:  Owning your own home can be a real source of pride.  You've worked hard to attain such a goal and you should feel proud of your acheivement.  Owning your own home brings you closer to your community and can leave you feeling more connected to this wonderful area.
• Tax Benefits:  Under current tax code, as a homeowner, you are allowed to deduct the interest portion of your monthly payment from your taxable income.  This can represent a significant tax savings on an annual basis.  Check with your tax professional to see how you might save.
• Control of Your Property:  As a homeowner you will certainly have more control over your property than you would as a renter. 

Cons:

• Additional Costs:  Although your monthly mortgage payment may be the same or less than your rent payment would have been, you will have other costs associated with owning your own home.  If you have a lawn at your new home, you will need a lawn mower, a sprinkler and other tools.
• You Break-It You Bought-It:  If the refrigerator breaks while you are renting, you call the landlord.  If the refrigerator breaks in your own home, you either fix it yourself or call the repair man.
• Home Maintenance:  You may find yourself mowing the lawn on the weekend instead of at the beach.  Properly maintaining a home can be time consuming and will require plenty of energy.
• Harder to Move Quickly:  If you are renting, you may be able to move with very little notice.  If you own your home, it can be a much longer process to make a move.

Carefully consider these and other factors when making the decision to pursue homeownership.  The timing may not be right for you and you will be better in the long run to make a wise choice.