Should I Rent or Should I Purchase

It is hard to decide just what to do these days regarding real estate. We know home values have dropped signficantly in most areas and interests for a 30 year fixed mortgage are at an all time low. So what is a person to do? First the decision to purchase a home is a purely personal one and one that should not be taken into lightly. We have seen and are living the effects of buyers entering into home purchasing without fully understanding what they were doing and the pit falls of easy money. So, here is what I recommend when deciding to purchase or rent, take out piece of note book paper and write down the pros and cons of both. Let me help get you started:
Pro's:
Tax benefits, mortgage interest and property taxes are among the biggest financial benefits of home ownership.
Long term financial benefit, otherwise know as equity, traditionally homes have been viewed first as a place to live and second as a financial investment which is why it is a long term investment.
Home owners are more likely to invest money into their home over renters thus adding to the economic growth of their community as well as pride of home ownership.
Con's
Home ownership is a long term investment and you have to want to live in the home for several years to come. If you think you would want to move within the next 3 years owning may not be the right thing for you, right now.
It may be cheaper to rent, if something breaks or is in need of repair as a tenant you simple call the landlord and he or she takes care of it.
Property values are still dropping and I want to wait.
There are just as many reasons to purchase a property as to not. As a potential home owner you have to decide if the time is right for you or not. As a real estate agent I see both sides and if you are thinking of purchasing have all your facts in front of you before going forward. Study the market and know what kind of loan you will be getting and if you will be staying put for several years to come, now is a good time to purchase.