Why wait? Buy a home now!

Seriously, this is one of those times. You'll be kicking yourself down the road if you don't.

First of all, interest rates, currently at an all-time low in decades, are very likely to start creeping up later this year. The reason for this is that the Federal Reserve has been able to keep rates low by buying debt and mortgage-backed securities from Fannie Mae and Freddie Mac - but that won't go on forever. Most likely is will stop after March, and then we'll see rates go up.

Secondly, the $8,000 Homebuyer's Tax Credit has been extended until April 30 (you'll need to have a signed contract by that date.)

And, while most homebuyers are largely aware of this Tax Credit, it seems less people are aware about the repeat-buyer credit. This additional incentive was added when the original $8,000 tax credit for qualified first-time buyers was extended this past November.

Under this additional credit, houses purchased for $800,000 or less are eligible for repeat buyers. Single buyers with incomes up to $125,000 and married couples up to $225,000 may receive the maximum tax credit for both repeat and first-time purchases.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly.

(The amount of the tax credit decreases as a buyer's income approaches the maximum limit. Buyers earning more than the maximum are not eligible for the credit.)

Thirdly, on top of this incentive, Fannie Mae just expanded the Home Path program to give an additional 3.5% to buyers who purchase before May 1, 2010 to pay closing costs or buy new appliances. This is on top of an already 100% loan! (This incentive is on selected homes that are owned by FNMA.)

Fourth, the amount of foreclosures on the market is HUGE right now, which means that you can get a great price on a home. In many markets we are starting to see the size of the inventory shrink however which means as this inventory shrinks the prices of homes may start to rise.

A few months - or even a few weeks - could make a big difference in terms of interest rates, home availability and home prices.

Waiting may be the worst thing to do.