5. If you're waiting for prices to go lower, think again
Real estate is a bit like the stock market, Hillman says, in that it's unpredictable. Though some people might be waiting on the sidelines for housing prices to dip lower, she says, "looking at the numbers, I can't see them continuing to go down."
What's more, many market watchers are expecting interest rates to inch up since the Federal Reserve ended its program of buying mortgage-backed securities — which kept interest rates low — at the end of March. (That said, rates are hovering just above 5 percent, still near record lows.)