Even though it is a buyers’ market this time, people are still not buying. They are still waiting for the time that the prices have reached rock bottom and it on its way up again. Predicting the exact time when the prices are on their way up again is nearly impossible.

But when buyers begin buying again and you decide to pursuit your real estate purchase or investing, it is well to consider the following…

Comparables and familiarity with the market

Have you seen the houses in the neighborhood you are planning to settle in. Do you know how much would be the cost to buy the house I that neighborhood?

Initial cash out

As a buyer, you will be shouldering the down payment and the closing costs. The down payment is a percentage of the total value of the property. The percentage will be determined by the type of mortgage you will select. Down payment could be as low as three percent of the property’s value. Also, you may be required to have a Private Mortgage Insurance (PMI or MI) if the down payment is below 20 percent.

Closing costs include points, taxes, title insurance, financing costs and items that must be prepaid or escrowed and other settlement costs. You can expect to pay between from 2 to 7 percent of the property value. Generally, as you borrow money, you will receive an estimate of these costs from the lender after applying for a mortgage.

You monthly payments

Know how much you can afford. Freddie Mac says that as a general guide, your monthly mortgage payment should be less than or equal to a percentage of your income, usually about a quarter of your gross monthly income. Also, your income, debt and credit history go into determining how much you can borrow. As a general rule, your debt -credit card bills, car loans, housing expenses, alimony and child support -- should not be more than about 30 to 40 percent of your gross income.

The maintenance costs

Know what additional expenses will come with owning a home. This includes homeowner’s insurance, utility bills, and maintenance costs -- roofing, plumbing, heating and cooling.

Good credit score

Have your credit in good shape and make sure your credit report is accurate. Potential lenders will view your credit history -- how much debt you've accrued, how many accounts you have open, whether your payments are made on time, etc. -- to determine whether they'll give you a loan or know how much interest they will charge you on your loan.

You should a report from each of the three credit bureaus: Equifax, Experian, and Trans Union They can use all or just a combination of two reports from the bureaus.

Also make sure that you haven't made any recent major purchases, particularly a vehicle. If you do, you may have a harder time getting a loan -- or it could potentially lower the amount you'll be approved for.

Hiring a real estate professional

The next steps involve hiring a real estate professional and getting preapproved for a mortgage loan. This way you'll know if you can get approved and how much you can spend on a house. It also puts you in a stronger position when you ultimately make an offer on a house. They are your partners so you can get the best value for your home.