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In today's real estate market, prices have tumbled and the inventory of unsold houses is vast. It's hard to know what a good deal is with such fluctuating values. While this unsettled climate may scare some people off from buying their own home, it may actually be a great time to purchase a bargain. Here are 5 tips to help you land a great home.

1) Find a location that you want to live in. The old real estate advice of “location, location, location” is still as true as it ever was. A gorgeous, amenity filled house which is located in an undesirable neighborhood is never a good idea.

You can change almost everything about a home's appearance and functionality, but you cannot alter the location. Good schools, safe community, well kept neighborhood and nice views are just a few of the items to look for. Once you have settled upon an area, refine your search to include the actual abodes.

2) Look for “good bones” in a house. If you like the basic layout of the house, the cosmetics are relatively easy and inexpensive to upgrade. Does the floor plan flow well? Are the rooms in desirable sizes?

You should have a list of items that you really want in your home, such as number of bedrooms, bathrooms, formal dining, a yard, etc., and use it to screen out places that just won't work for you. Don't be drawn in by gorgeous stainless steel appliances, oak flooring to die for and tulips blooming in the front yard. Make sure the bones are right, and add the appliances, flooring and flowers after you move in.

3) Decide on your budget and stick to it. If a realtor says that there's nothing in your price range, do not give up. Check the local realtor.com listings, drive through the neighborhood to spot new “for sale” signs and find a realtor who isn't scared off by a tiny budget. Where there's a will, there's a way. Look every single day, till “your house” comes up on the market.

4) Don't be scared away by an ugly house. If a house is structurally sound, you can easily transform an ugly duckling into a beautiful swan with paint, flooring, landscaping, and a bit of creativity. In fact, the uglier, the better, because few will want to enter into a bidding war over an eyesore.

5) Don't buy just for the sake of investment, but for a place to live your life. When you purchase a home to live in, don't drive yourself crazy agonizing over whether the price is going up or down every day. If you follow the basic guidelines spelled out in the last four rules, you really can't lose. Find your bargain house and then get on with the business of living and enjoying your life.

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When it comes to figuring our whether you have enough money to buy a home, the down payment is normally the biggest stumbling block. Some buyers mistakenly think they have to have 20% down and this is true, if you want to avoid the Private Mortgage insurance or PMI fee on your monthly payment, since most conventional loan lenders require it. You can still purchase a home for less than 20% down and many homes are purchased with as little as 3% to 5% down under FHA and VA loan programs.

The realtor finds the perfect house at the right price in the perfect area for someone and yet they procrastinate on writing an offer. As a Realtor in Houston, Texas, I learned a long time ago you never quite know what stops a buyer from writing an offer after you have found the perfect home. Is it a money problem, or even a loan qualifying issue and they are too embarrassed to say? Sometimes it's relationship problems between couples, a baby on the way or just shattered nerves about buying a home. Many times, the Realtor never knows what stops people from buying that perfect home you found them. You know the saying, "Be careful what you are looking for because your Re/Max Houston professional might find what you're looking for."