The Wall Street Journal, tired of the doom & gloom, wrote an article on the ten reasons you SHOULD buy a home in this economy.

Their ten reasons are good ones and have a lot of detail as to why they are true. Here are Brett Arends’ WSJ headlines, and my takes on each.

1) You can get a good deal. Right now, prices are low and inventory is high. What a great time for a buyer! Have a house but want a bigger one? Good for you as well! What hit you may take on the first house should help you save on the next one.

2) Mortgages are cheap. When, in the history of the Baltimore real estate market, have we ever seen BOTH prices low AND interest rates this low? (The correct answer is never. These are the lowest interest rates on record.)

3) You’ll save on taxes. How? Mortgage interest and real estate taxes are usually tax deductible. There may be other tax breaks too, so check with your EWM accountant.

4) It’ll be yours. No more eggshell white walls (unless you want them). You can have the kitchen the way you want. You can change appliances. It’s YOURS to do with what you want.

5) You’ll get a better home. I ran rentals for the 21093, 21204, 21030, 21152, 21209, 21212 zip codes in a specific geographic area. There were a total of 44 houses for rent. Only 2 were appealing to my client. Meanwhile, there were that many appealing for SALE in the same area, even more than that for sale that did not fit their needs. So many houses have already been rented!

6) It offers some inflation protection. Statistics show that long term housing beats inflation by a few points each year. (This is the weakest reason!)

7) It’s risk capital. If the economy recovers, housing will recover as well. Equity in your home is a good part of your investment portfolio.

8 ) It’s forced savings. Let’s say your rent is $2,500/month, and your mortgage payment would be $3,000. Though that is an extra $500/month you would have — would you save it? Most likely no. As the WSJ says, that extra $500 is paying towards more equity in your house.

9) There is  a lot to choose from. There are many Baltimore homes for sale right now. You can be more picky & get what you really want!

10) Sooner or later, the market will clear. Supply & demand will meet at some point.

So, the moral of the story is, call me, because now is the time to buy a home in Baltimore!