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Many people have been waiting for the perfect time to buy a new home. It is impossible to "time" the market and no one will know when prices have hit the absolute bottom until after we've already started to recover. Many economists already believe we have officially reached the bottom of the real estate market, while others still are not so sure.

What we do know, is that mortgage rates are at historic lows and this is unlikely to get any better so buy now. If you are thinking about it, here are seven great reasons to help you justify the decision:

First-Time Home Buyers - There are many benefits to home ownership - various tax deductions, the ability to build equity and often times other government incentives. If you are currently renting, stop paying someone else's mortgage and get your own to start building equity in your name.

Changing Home Size Requirements- Many people need to move for either more or less space than what they currently live with. If there is an opportunity to downsize, this is especially a great reason to move. Reduce your utilities, mortgage payment and other living expenses with a smaller home. The savings can be put in a retirement account or some other interest-bearing fund.

Take advantage of government credits or tax advantages - Both the Bush and the Obama Administrations have had longstanding home buyer tax credits available. Anytime these incentives are made available by the U.S. government, consider taking advantage of them since it is basically "free" money.