The gloom in the housing sector in US is expected to stay for the coming several months. Industry experts are of the view that the housing prices, all over the US, are going to drop by almost 17% to reach the fair value in regards to the househole incomes. The impact of the burst of the housing bubble has exceeded everyones's expectations.

But, contrary to the popular belief, this might be the best time to buy your own house. The following are the 5 best reasons, given by the industry experts, on why to buy a home now. 5 Reasons to own your house now

Get the best deal possible:

The present market situation is perfect for buyers to get the best deal possible. The housing prices are already down by 30% and there are few buyers in the market today. But, hardline negotiation skill will be required to get a good deal.

Get your dream house:

According to the National Association of Realtors, there are almost 4 million homes waiting to be occupied at this point of time. With so many vacant houses all over the country, you might be able to find the best house for your self. But, it is advisable to do some extensive research before zeroing-in on your dream house as you might miss the bets offer available.

Cheap mortgages:

Mortgage rates have hit rock-bottom this year. You might be able to get a 30-year loan for about 4.3% down from 6.3% in 2008. Even if inflation picks up, you won't see the mortgage rates rise again in your lifetime. And if deflation occurs, you will be able to get a refinance. It's a win-win situation for you.

Save more:

Buying your house now will also help you to save a lot. You can save on real estate taxes as well as your income taxes. And you'll also get a tax break on capital gains when you sell.

Buy before the market improves:

The market is bound to improve and it will come back on the tracks. With the increase in the population, more houses will be occupied. This means, many of the empty homes will be bought. And when the demand will increase, the prices are bound to increase as well. So, buying now will save a lot for you.

But before you jump to take this oppurtunity and buy your dream house, you must remember that home ownership isn’t primarily an investment, but a long term strategy for paying less for something you will need anyway. So, think and plan properly before you buy that perfect home for yourself.