There are two primary reasons why now is a good time to purchase. House prices are the lowest they have been in years. In fact, many houses are selling for less than you could build them. Additionally, interest rates are near a 30 year low making it an excellent time to obtain a loan.
As you begin to search for a home, the first thing to do is obtain a pre-approval from your bank of choice. Homeowners will want to see this because it infers that you are serious about the offer and have the means to purchase the house. A pre-approval is also helpful because it gives you a better understanding of your price range.
As you begin searching for a home, it is helpful to look online to get an idea of what you want, what features are important to you, and what is out there. While Realtor.com and Trulia.com are helpful, they do not always have the latest information. The best place to look is the Multiple Listing Service (MLS). While only realtors have access to this website, they are allowed to put up MLS feeds on their websites which allows people to search the MLS without being a realtor. You can access one such place here.
The next step in the process of finding a house is finding a realtor who is familiar with the area. 
We recommend that you do not sign a Buyer’s Agent Agreement. This agreement states you will only buy a house through that specific realtor. By not signing the agreement you retain the right to find a new realtor if you are unhappy with your service. A realtor should keep their clients because of their hard work, not because of a contractual obligation.
As you work with your realtor to look at houses, you need to determine whether you want a house to fix up, or one that is ready for occupancy. There are three main types of houses sold. The most common homes require only a few repairs, but are generally more limited in price negotiations. Short sales often require more repairs, and take more time to purchase. However, they are usually less expensive and can offer more home equity once the house is repaired. If you are not in a hurry and can do some repairs, short sales can be a great option. The last main type of house is an REO (Real Estate Owned) which usually means it is owned by a bank. REOs typically need repairs. Expect to purchase the house “as is,” and be willing to wait longer to close. REO houses can take a while to buy, but if you have the time, they can be great deals. A note of caution is to carefully determine the cost of needed repairs so you can accurately compare them to move-in ready houses. Do not allow the initially low price of an REO or Short Sale to blind you into thinking it is a good deal without considering the costs to cure.
Once you find a house you like, you will need to make an offer. 
Your realtor will have all the paperwork required to do this. Be careful not to get too emotional during the process. If your offer is low, expect a counter-offer. Buying houses is often very much a matter of bartering. Be patient and know what your highest offer will be so you do not spend too much.
Once your offer has been accepted, your Realtor should work with the title company to close the house. Make sure you provide the bank with all the information they need. Follow up with your realtor and bank regularly to ensure your closing is on-time. An excellent precaution is to set your closing date for at least a week before your contract expires so that if something unexpected happens, you have time to take care of the issue and still close in time.
Once the closing has taken place there are a few things you should do. First, switch over all the utilities into your name. You will also want to confirm that the homestead exemption has been filed on the property. This is really important because it gives you a significant tax cut.
While the process of buying a house can seem arduous, a realtor can make the process much smoother. Even with a poor housing market, taking the right precautions put you in the best possible position to buy a home that remains an asset instead of a liability.