The housing market is currently involved in a significant correction, but that doesn’t mean it isn’t a good time to buy. The state of the current market may be abysmal, but the advantage of property is that it is and will always be a stable long term investment. Just because the situation has lead to a decrease in prices does not mean that purchasing a house now is going to lose you money. Onto the list:

1. Interest rates are low. Interest rates have been lowered substantially over the last year, making it easier for you to finance your purchase at a lower price, assuming you have a good credit score.

2. The surplus in houses is short-lived. Population grows, its just unavoidable, so the short term surplus of houses can be seen as a temporary sale that will end as soon as demand returns to its earlier levels.

3. Foreclosures will bring down prices in neighborhoods. While this problem may hurt those whose neighbors’ homes are foreclosed, it means that you will get a much better deal for your purchases. You can even purchase foreclosures if you want a little more risk and the potential for a lot more reward.

4. You can rent it out. A home is an asset that will keep giving back, so even if you purchase it as an investment the rent should help cover the long term costs. Rent has continued to go up even as the housing market has become depressed, this means money in your pocket!

5. You may get tax relief. The Congress is currently debating bills that would attempt to stimulate the housing economy, meaning you might get a tax break when purchasing a new home, making it an even better deal.

6. Property is always a reliable investment. Property will always earn back its value, making it a great way to safely invest.

7. You can start building equity. Equity means you will get lower interest rates on future loans and are generally considered a safe investment compared to others.

8. Home improvement is cheap. Or cheaper than it used to be, the turnaround on the housing market has shrunk the market of jobs for contractors, meaning you will likely be able to get them for cheaper and get more done.

9. You will have a greater voice in community affairs. Because home owners are more trusted to be sticking around and thus are listened to more. This is a great way to get involved.

10. You can decorate the house however you want. Having the freedom to decorate your house with a garden or a new paint job will allow you to live in exactly the space you want, instead of what someone finds acceptable to rent out every year.