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If we could tell the future we would not be in real estate. Let's face it, everyone that says home prices are going to go up or down really doesn't KNOW. Sure they might be looking at data trends and information to make their best educated guesses but the reality of it is nobody REALLY knows for sure. That said, it's not true that homes double in value every year but it IS true that if you take any 10 year span during the last century, home vaules have ALWAYS gone up, even during the great depression. History tends to repeat itself and lets face it, the earth is not creating more land so it only makes sense that over the long term, values should go up.Someone already pointed out that the expectation your house will be with more next year is just a guess but the low interest rates, affordable prices, and tax incentive programs are REAL. That would be enough to get me to say you should at least look. But base your dicision to buy not on a tax credit or low rate, rather look at all the facts and determine if it is best for you. If it's a toss up, I always recommend owning rather than renting because your money is building equity rather than just throwing it away in rent. In your later years you could use that equity to get a nicer house, or live rent/loan free, borrow against if you had to, or retire on via a reverse mortgage. I'm not saying those are all good options, just that they are options you would not have if you just rent for the rest of your life.So should you buy NOW? Well, if you want to own, I can't argue that its not a good time to buy. But then again you have to look at your situation. I suppose if your job reloated you, it would be a lot easier being a renter, for instance. The decision is up to you. Think long term goals and best of luck to you.
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