8 home-buying tips for 2012

  • CBS/AP

    The housing depression has produced roughly 5 million foreclosures and short sales on underwater properties, and wiped out more than $7 trillion in homeowners' equity. But real estate agents say 2012 is the turn-around year. Activity is increasing as motivated sellers are sensing that the time to purchase homes is now, meanwhile eager buyers want to cash in on homes with low mortgages before rates head higher. And with experts predicting the housing market will bottom out this year, the buyers are coming out of hibernation.

    If you're ready to jump into the housing market, these tips can help you find a home that's right for you, your family and your wallet.

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    View all articles by Jill Schlesinger on CBS MoneyWatch »
    Jill Schlesinger, CFP®, is the Emmy-nominated, Business Analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and Chief Investment Officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.