Considering buying your first home? You wouldn’t be the only one.

Before you get too engrossed by those listings over at Realtor.com, go ahead and look at this Business Week piece on figuring how much house you can afford. Remember, those methods will only give you a rough calculation. To really get an exact figure, contact a mortgage broker and let him/her prepare a pre-qualification for you (I can put you in touch with some reliable people on request).

You will also want to look at this item on owning vs renting and the NYT article referenced in the first paragraph. When you own a home, you are in charge of all the things your landlord takes care of now. Don’t forget to figure that into your calculations.

Don’t forget that just because it’s cheap doesn’t mean you can afford it! This Business Week item talks about super-cheap homes, and showcases homes priced at $8000 and below, pointing out that the tax credit pays for the whole house. (Follow up: CNN also noticed super-cheap houses in Detroit aren’t necessarily bargains). That’s good, because you won’t be able to mortgage it. They do at least mention that “Such properties will likely need work.” No, they will absolutely need work. Just looking at the one in the picture, I can tell you it needs all new windows, trim paint, probably spray for carpenter ants, probably needs lead paint and/or asbestos remediation, may need roof and/or foundation work, and almost certainly needs all new floor coverings. And we haven’t even discussed location, or the fact that it’s in a city which requires all repairs be done before you can get a certificate of occupancy.

Also, remember that everyone else is rushing to get in on the tax credit too. That’s resulting in a frenzy, with multiple offers being the norm and cash offers taking precedence over all others — because there’s fewer things to go wrong. If you don’t need the tax credit, it might be worth your while to wait. And frankly, if you need the tax credit, maybe you should reconsider whether you can afford to buy right now.

I will leave you with one last unrelated item, America’s strangest listings. See everyone at Friday Figures!