Home prices are low, interest rates are low - real estate is basically having a summer clearance sale! But unlike buying a clearance-priced car or computer, making the wrong move in this real estate sale can have disastrous effects, from losing your dream home due to a bad bid to ending up with a money pit of a property. Here are a few money-saving, pitfall-avoiding tips and tricks for buyers who want to do some smart home shopping this summer.

If there's work to do in the home, get an estimate of what it's going to cost you from a professional in the field instead of estimating yourself. This will give you a clear idea of whether the property is worth it or not once you have an estimate of how much it's going to cost you.

Know the market and the area where you are buying so you don't over-bid on a property that is a foreclosure or short sale. There may be more than one offers on those homes.

Check with reputable lenders on rates and programs that will help with the lowest monthly payment.

It's a great time to buy, the rates are low and there are some great deals out there. Take advantage of the owning your first home or moving up into another home.