Home Ownership is still the best deal! Owning a home isn’t for everyone. But if you want to  have long term stability, to give your kids a place to grow and prosper, become part of a community  and build financial wealth, owning your home instead of renting it from someone else should be one of your top priorities in 2008!
Experts say homeownership still offers the greatest benefit to the most people. If you have a down payment in hand-BUY! Even if you do not have a down payment , home-ownership still could be within your reach. In the last year mortgage programs have changed drastically and most no down options have disappeared for now, however there are still low down payment options as  well as adjustable rates, interest only, etc. As long as you have a steady salary, good credit, and few long-term debts, purchasing a home is probably within your reach especially with the new FHA loan programs and the new Higher loan amounts. And by taking things one step at a time, you'll find that buying a home can be a very manageable process. 
Homeownership brings countless benefits. When you make a mortgage payment, you're building equity, which is an investment in your family's future. Owning a home can qualify you for tax breaks that actually lower your monthly out-of-pocket costs. The mortgage interest tax deduction and the equity-building boost. Buyers can deduct the interest component of their monthly mortgage payment, subject to an annual limit. Tax deductions may be as much as  80 % of the payments during the first few years, when most money goes toward interest. Equity is worth something. Building equity, in turn lets people accrue money for a larger house  down the road, as well as gain access to funds through home equity loans and lines of credit.  Even with a modest annual increase in the property's value.  Homeownership provides the kind of freedom, stability, and security that is attainable in few other ways. Wealth accumulation through homeownership is the key to financial independence and self-sufficiency.
A home is worth more than money- there's also the heart. 
Most people would still rather own thier own home!

Buyers Market-Buy now or wait?

Is now a good time to buy a home? Prices are falling and mortgage rates are still low! However, inventory is also decreasing. Many sellers are waiting out this market if they can affort do. Bank owned and short sales are still plentiful in some markets but only around 25% of short sales are actually making it to escrow before foreclosure. Also, banks are increasing thier efforts to avoid foreclosures and this is creating an environment for loan modification agrements with homeowners who want to keep thier homes.

One answer to this question could be : It's a bad time to buy real estate. Prices and mortgage rates might be lower in a few months. With so many short sales and foreclosures on the market sellers are bound to get desperate so why not wait them out?

Another answer is: If you find the right house and the right price-BUY IT!

If you are serious about purchasing a home this is the first and final goal. You can't be distracted by market forces outside your control. You will need to decide if you will absolutely shop and negotiate a fair deal or if you will browse listings hoping to stumble on a deal. If purchasing a home is your goal you are more likely to succeed with this approach instead of waiting (possibly in vain) for prices to fall further. You can't predict when houses will hit bottom. You will also run the risk of someone else buying your favorite home while you are waiting.. The experts advise these tips

Remember a house is a home first and this is where you will build your memories. Over the years real estate does experience price fluctuations- increases alongwith decreases. It is just part of home ownership. Real Estate is still a very sound long term financial investment. The only time people know where the bottom of the market is?-Is when they see it pass them by. As long as we are in a decreasing market it is a good time to negotiate your new home. Historically, when the market corrects it does so very quickly.

Purchase a home that can grow with you and start enjoying the American dream