Because of the downturn in the housing market, many people are sitting on the sidelines waiting to see if values will go even lower before they buy a house. The problem with this is that as you wait, you may see the home of your dreams pass you by.  In other words, if you are planning on buying a house that you plan to live in for the foreseeable future, there is no time like the present. It is a buyer's market and interest rates are still at historic lows. Having the tax advantages and stability of regular payments compared to renting far outweigh the perceived savings you may get from waiting. The price in waiting may be tighter lending requirements and higher interest rates. If your looking to buy, now would be a very good time.