As a licensed Realtor for almost a decade I have worked with a large number of Buyer and Seller, I have closed more that 135 properties and Brokered or $60,000,000 worth of real estate for my clients and myself.  Here are few things that I have seen over the past years that I think are important when buying a property. 

• Live in your house for two to three years at least before moving.  If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner – even in a rising market. When prices are falling, it’s an even worse proposition.
• Good credit is paramount to buying the property you want and getting great mortgage deals.  Most people use a mortgage to buy a house, you probably are no different. If so, make sure you know your credit worthiness by finding your score in advance.  Make sure all entries are correct and there are no wrong or improper entries.  IF you find a mistake correct the problem immediately so you can have the credit score you deserve.
• Don’t pay more for a house than you can afford.  One of the biggest mistakes I see home buyers make is buying a house that is more than they can afford. I understand the desire to have a nice house you can show to your friends; however, there is lot to be said for no foreclosures in your history as well. A good rule of thumb is 2.5 times your gross annual income would be the best you could qualify when buying a house.
• Good schools, low crime rates and great amenities sell a home.  In most areas, this advice applies even if you don’t have school-age children. Reason: When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values. Low crime rates and great amenities are often objects that are sought after by astute Buyers.
• Use a licensed Realtor.  Using a Realtor will give you more access, quicker response time and better deals than not using one. In this day and age of information I understand that most people erroneously believe they can get information about the property online therefore they don’t need the use of a Realtor.  This is untrue and a very costly mistake, Realtors are better informed about the property, have better access to the seller or their agent and access to all the other needs to close the deal, like title work, inspections, etc. 
• Determine your buying power prior to looking for a home.  Getting pre-approved will you save yourself the grief of looking at houses you can’t afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.
• Know your limits and stay within them when buying a new house.  Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. As stated earlier, using a Realtor will allow you to see a trend in the market and thus give you some data with which to make a decision.
• Get an expert’s opinion before buying.  Sure, your lender will require a home appraisal anyway. But that’s just the bank’s way of determining whether the house is worth the price you’ve agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.