When thinking about purchasing a home you definitely need to consider many different things.
One of the most important things to me is lifestyle.
Are you living a somewhat stable lifestyle in which you see your self wanting to be in the area you are buying in.
 After all this to me is the main difference between buying and renting.
 When I was renting a home I could just up and go if I wanted when my lease was up.
Now that I own a home obviously the same thing is not as easy.
So if you have determined that buying is the right thing to you and are ready to make the commitment then there still are a few other things to consider.
Always compare what you can get a month for rent in the same area you are buying.
If you can on a 30 year note have a lower or equal payment to what it would cost to rent then many times buying is a no brainer.
Especially if you will be sticking around a while.
A problem of the Real Estate market of the past 10 years or so is that everyone has looked at their homes as an investment and not a home.
When you purchase your home of course look for a good deal and by using a Realtor make sure you get a good price.
However in my opinion definitely think about how the home works for you and the way you live and if you can see it being something you can take pride in and enjoy fixing, maintaining, and upgrading.
Of course tax rebates have expired and that direct $8000 in the pockets of Home Buyers have left many weary of entering the market without such a blatant incentive.
  Interest rates however have fallen even more and rates as low as 4.
25% and lower are common on 30 year and 15 year mortgages.
During the tax credits most loans were going in the 5 to 5.
5% range.
Over 1 year the difference in monthly payment will save you over $1700 a year in monthly payments and over the life of the loan will save you over $33,000.
Compare this to the 7% rates that were common only 5 years ago and the yearly savings goes to over $3100 a year and just shy of $75,000 over the life of the loan.
Compared to rates that were common in the 80's of over 10% these numbers just keep getting larger.
So in essence if your lifestyle is ready for the commitment of being a home owner than their really is still no better time than now.
 Foreclosures are still widely available and are keeping prices competitive in both preexisting and new construction.
Always talk to a Realtor when buying a home.
An educated professional Realtor can save you tons of time and money.
Don't worry all Realtor fees are paid for and negotiated already in the list price by all home sellers who have their homes listed on the market.