With a struggling economy and constant news of foreclosures, it may be surprising for some to hear that now is a good time to buy homes.

Jeremy Groves, NIU assistant economics professor, said now is a good time to buy, but there are other obstacles potential homeowners are facing.

“The difficulty comes in the form of being able to obtain the funds needed to purchase a home,” Groves said. “Unlike the previous several years, most banks are requiring down payments, have stricter guidelines and are generally charging higher interest rates.”

In September, DeKalb showed a higher sell rate than last year around the same time, said Todd Burghardt, immediate former president of the DeKalb Area Association of Realtors.

This is the first sales volume increase by month DeKalb County has seen this year, Burghardt said,

“In September of this year, we saw a 12.9 percent increase in sales volume compared to September in 2007,” Burghardt said.

Burghardt said he also believes now is a good time to buy. One reason being interest rates are near an all-time low.

Right now in the northern Illinois area, a 30-year fixed mortgage interest rate is approximately 6.5 percent, Burghardt said.

Another reason to buy now is it’s a good way to build wealth, Burghardt said.

“The Federal Reserve did a study that the average homeowner’s net worth is 46 times the average a renter’s net worth,” Burghardt said.

NIU students are also looking to save money when it comes to living arrangements.

Scott Zondag, office manager of Star Properties, said the larger apartments sell faster than the smaller ones because it turns out to be cheaper per person.

Zondag said right now a four bedroom, two bath apartment, is currently costing renters $1,200 a month, while a one bedroom is $500 a month.