1) Do your homework. Knowledge is power. There is tremendous information available on the internet to make sure you're as prepared as possible. Visit open houses to get to know what's available and what you like. Ask for comparable sales before making a purchase, and talk to the neighbors about the neighborhood.

2) Save the shrewd investments for the investors. Make your purchase based on what fits your family needs, not on what will happen to the market. It's okay to do your homework and make sure you aren't overpaying for a home, but trying too hard to be shrewd can keep you out of the market.

3) Choose the best location. Even within a neighborhood, location matters. Does it back to a busy street, or is it too close to the entrance of the tract? Is your street the main access to a school? Is there a shopping center out the back window? Choose an inner tract location. For condos, end units are best for re-sale.

4) Scrutinize the interior floor plan. It may have gorgeous curb appeal. But no matter how attractive the exterior is (or the neighborhood), you need a livable home. Cosmetic fixups are easy to deal with - just make sure the floorplan itself is workable.

5) Make a needs & wants list for your family. How do you really live? Do you really need a formal dining room and living room? Would you be happier with an eat-in kitchen and a great room and a den to use as a home office? The house only needs to fit one family -- yours.

6) Have a property inspection. This is not the time for surprises. Get an inspection from a qualified, respected professional. Not only will you find out what's wrong with the home, but you'll know the potential problems down the road.

7) Check out the builder's reputation on a new home. Talk to three or four people who live in the builder homes and see what they have to say about how problems were resolved. (It's also a great way to see what your neighbors would be like.)

8) Be patient enough to get what you want. This is a big decision. You need time. Impatient decisions can lead to mistakes. Do your research on the internet, visit open houses, and keep asking questions until you feel comfortable moving ahead with a purchase. Because once you find the right house, then you may have to move fast if there are multiple offers.

9) Shop for competitive loan packages. If you just wait for the market or interest rates to go down, you could be missing out on the perfect home. Warren Buffett says the rear view mirror is always clearer than the windshield. So take the driver's seat, and start interviewing loan officers to see who can put together the best overall package for your loan. This will also give you the greatest negotiating position when you find the right home!

10) The biggest mistake: Not buying at all. If you can afford a home and you don't make the purchase, you'll lose the benefits of tax deductions, building home equity, and the appreciation in value.

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