But recent price declines and a growing level of inventory have made homes more affordable than they've been in several years.

"If you have a really good credit rating, yes, you can find a bargain out there," says Orawin Velz, senior director at the Mortgage Bankers Association.

"Credit is tightening so dramatically," says Bob Walters, chief economist at Quicken Loans.

People with shaky FICO scores, meager savings and other financial challenges may have a tough time getting a loan for the foreseeable future.

Buyers who purchase a home now risk seeing their equity slump if prices continue to fall in upcoming months. However, those price declines should eventually turn into profits for homeowners who stay put for at least five years, Walters says.

In the meantime, new homeowners can enjoy a nice place to live while they wait for a market turnaround.

"The absolute first and foremost value of a home is (its role as) your dwelling," Walters says. "It's your place to live, it's your place to raise a family. Shelter is by far the most important component.

"If it can provide ways for you to grow wealth because of home appreciation, because of the tax deductibility and things like that, great."