Buying a home before the housing market rebounds could save you a ton of money with low home prices and mortgage rates.

Searching for homes online is a good place to get initial information, but don't count on all the houses you look at to be available. Talk to friends or colleagues in the area about neighborhoods and other considerations only a local might know.

Avoid settling for a house that has only a few of the things you want just because you feel under the gun to buy something, take your time. Homes constantly come on (and off) the real estate market and renting temporarily to give yourself time to find the right home can sometimes make a lot of sense. Many motels today have modern rooms with kitchen suites for reasonable monthly rates.

More than likely you will not find the perfect house that has everything you want, and none of the things you don't. Make a list of what's important to you — size, condition, location, style and price, then zero in on a home that comes closest to suiting your wants and needs. Don't settle for any old house just because you feel presured to buy and move into a house quickly.

Figure out how much house you can afford!