A recent New York Times article makes that case for this being a good time for 1st-time home buyers to get in the game. I couldn’t have written it better myself – and actually have written it before.

The writer points out the upside of the downturn, namely:

• prices are low
• prices won’t always remain low
• 1st time buyers don’t have a house to sell in order to buy
• there are programs to benefit 1st time buyers

All good stuff. And true. And I’ll add again that we all have to pay to live somewhere (unless you’re claiming squatter’s rights in your parents’ basement) and you might as well be paying your mortgage rather than the mortgage held by your landlord.

But then there are the comments made by readers of the article.

Wow. It seems to me that many of them missed the point. And some thought the article was irresponsible.

True that no one knows what the immediate future brings. We never have. We do know that just as there are always cyclical peaks for any economic metric, there are valleys. We also know that what is true for some parts of the country are not true for all. The reality for California and Florida is not the reality for North Carolina.

As for the notion that it would be foolish to buy a home unless you are certain the value will increase immediately – even if that increase is modest – is short sighted.

Year after year, generation after generation has willingly and happily purchased cars that are guaranteed to IMMEDIATELY begin to lose value. Before the first payment has been made, the thing is worth less than when you were handed the keys.

Yet 1st time home buyers should not take advantage of low interest rates, plentiful inventory and lowered prices until those prices begin to go UP? This makes sense?

It does not.

I don’t advocate for everyone owning a home. Not all people are cut out to be married. Some should never be parents. Many shouldn’t have a pet. And some folks are simply not cut out for the responsibility of owning and maintaining a home.

But many are and want to. If you are one of these people and you have the means and the inclination, don’t let others scare you out of it. (There are those who thought Xeroxing would never catch on because we had all that carbon paper that worked just fine.)

Talk to your peers, friends who have bought, a good lender. Be sensible.

Just remember that sensible does not = scared.

So, is this a good time to buy a house? Yes.

Is this a good time to wait? Yes.

Ask questions, find out your options. Follow your instincts and your heart.