Housing Crisis Upside: Bargains for Everyone

In certain places, Kelman said, prices will continue to fall.

"There are some markets where I think people should still wait" to buy, Kelman said, and that includes the San Francisco Bay area, Seattle and Miami.

The Prices of Neighboring Homes: "In some cases, a 50 percent discount isn't enough," Sharga said. "It's a great discount, but it may not be a good price because the surrounding properties may be valued at 45 percent."

How Much Has the Home's Value Depreciated: Kelman recommends learning how much the seller paid for the property and how much it was appraised at a year or two ago.

Some of these things are harder than others to find out, but he said consumers can start at their local or county tax assessor's offices. A good real estate agent should also be able to help and some online sites, like Redfin, include some of that data.

What You'll Pay Beyond Selling Price: The price of repairs -- if it's up to you to make them -- and what you'll pay in real estate taxes may amount to more than you expect. Lauroesch said it's also important to learn whether it will be up to you take care of any back taxes and liens on the property or whether the seller will handle those through a deed transfer.

The Price Per Square Foot: "Too many people don't really evaluate the value of the land," Kelman said. "The house is important, but not as important as the land. That's what holds value more than the house and more than the furnishings in the property."

This five-bedroom house in Kentfield, Calif., was originally listed for more than $12 million and has been reduced to $6.95 million. Decker Bullock Sotheby's International Realty is listing the 4,895-square-foot mansion built in 1931.