Regardless of any bad news that you may hear, now may be a great time to buy a home. Every potential home buyer is unique. You need to assess your position.

For instance, if you are buying your first home, your initial step should be to consult with your lender/banker/mortgage consultant. You need some advice on how much home you can afford and be approved for. Do this before you start to list your wants and needs of what your home should have.

It is wise to know what you are getting into, before you get your hopes set on a particular home. The best way to be sure you are shopping in the right price range is to get pre-approved with a lender. By getting pre-approved for a certain price range, you will be sure your REALTOR is showing you homes that will satisfy your goals and work within your budget. A good lender will help you analyze your over all financial situation so that you can live in your home, and avoid undermining your long term financial goals.