Here are three Reasons why you should get off the fence and buy a home now.

Do not wait before taking the plunge into homeownership.

1. The 30-Year Mortgage May Disappear

There has been much debate regarding government's role in providing support for homeownership. There are several experts who believe if Fannie Mae and Freddie Mac's roles are eliminated, or even limited, it may be the end to the 30-year mortgage. This concern is addressed in MSN Real Estate's, Is it curtains for the 30-year mortgage?

2. QRM Requirements Could Be Much More Stringent

Here are proposed changes to the requirements for a 'qualified residential mortgage':
• Certain mortgage types would be eliminated
• You would need to put a minimum of 20% down
• You would need a minimum 690 FICO score
• The ratios of income to both the mortgage payment and overall debt would become much more conservative (28% and 36%)
There would be loans available to purchasers who don't qualify under the new rules. However, they will probably be more expensive to the buyer (both in rate and costs).

3. Rents are Expected to Increase

The supply of available rentals is decreasing and the demand is increasing. That will lead to an increase in rental costs throughout the year. The Wall Street Journal recently quoted a report by Reis, Inc in which it states, "Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace."

Home prices in Salt Lake and across the nation are still falling, but the good news is that Salt Lake's median home price is now about three times the state's median household income of $59,000.

Historically, lenders used the three-times income rule as a rough guide in determining how much a home buyer could afford, according to Kay Ashton of SWBC Mortgage Corp.

Salt Lake's median home price (all housing types) in the first quarter was roughly $187,000. Based on the three-times income rule, if a household earned the state's median income of $59,000 they could qualify for a home around $180,000. With today's low mortgage rates, that amount would likely be higher.

Of course, the three-times income guideline is only a general rule of thumb. It doesn't take into account other debt or down payments. But it does show that home prices are finally within reach of more households.

A report by Zillow.com today said home values across the U.S. fell 8 percent in the first quarter compared to a year ago and are down 3 percent compared to the fourth quarter.

Zillow's Home Value Index does not include Salt Lake City. However, according to Utahrealestate.com, Salt Lake's home prices are following a similar trend. Home prices (all housing types) in Salt Lake fell 9 percent in the first quarter compared to last year and were down 7 percent compared to the fourth quarter.

Salt Lake's median home price (all housing types) was at $186,900 in the first quarter, slightly higher than Zillow's national median price of $169,600.

All of this negative news on housing prices have some analysts going against the grain. According to Brett Arends of MarketWatch, there are too many bearish reports that make it hard not to be a "contrarian bull."

"I have absolutely no idea when real estate is going to hit rock bottom," Arends said. "It may take several years. I suspect it will do so in different markets at different times. But there are good homes out there going really cheap. If you hunt down the bargains, you're disciplined about price, you get the right financing, and you hold on for five years or more, you'll probably do pretty well from here."