I talk to allot of Buyers who are currently renters trying to make a decision about the right time to buy.  We've talked about this before.  How do we know we're at the bottom.  I had a client the other day who was preparing to purchase a duplex that was so far below the appraisal that was received less than a year ago, it was crazy.  But the investor said, I'm going to hold on because i'm sure it will go down further.  Other than free how can it go down further!  You can actually buy this place and return a profit monthly from the first day after it closes.  I haven't heard that in a long time.  Buyers have the opportunity to purchase a home that just 2 to 3 years ago would have cost 25% to 40% more. The craziest thing is when was the last time you heard of a 30 year fixed rate mortgage for 5% or LESS??  When I was a Mortgage Broker the only time I heard rates less than 5% was when the 15 year rate went to 4 5/8's. Some of the great foreclosure and REO properties today could actually cost less than rent for someone to purchase.  And to make it worse we're starting to hear about rents rising.  That means it will soon be cheaper to own than rent - and don't forget the tax write-offs.  Today, renters that have good credit should definitely be out there looking to become a home owner.  So if you have some money, good credit, a job and an income that can be verified by a bank - go for it.  Call me and I'll help you figure out what you can afford to own.  Do it, before you turn around and rent is up and sales prices are up and mortgage rates are up and you are feeling down because you didn't do it.  Remember most lenders today will allow family gifts of money - so if you can tap Mom or Dad or your Grandparents there has never been a time when that was more valuable.