According to CNN Money, there’s no guarantee that home prices have hit rock bottom, but that doesn’t mean you can’t get a great deal on a home now. Though there’s no way to know how long the housing crisis will last, CNN Money offers these five rules for prospective home buyers shopping in a rocky market.

1. You Can’t Time the Bottom

The house you buy today will most likely be worth less next year, that’s unavoidable. This could get you thinking about trying to time the bottom, which is harder to do than you think. Right now is the best that buyers have had it in two decades be cause inventories are up and mortgage rates are low. So pace yourself, find the perfect place and bargain. It is to your advantage to bid 10% below what comparable homes are selling for – despite the seller’s asking price. If the seller shies away, move on. Remember that if you’re upgrading to a more expensive home, your current home could sit, so sell before you buy.

2. One Reason to Buy Now – Mortgage Rates

Homes are plentiful and will remain so for a while, but financing will get more expensive. Though the Fed has drastically cut interest rates, fixed mortgages don’t directly follow the Fed. Instead, they reflect the bond market’s expectations about inflation, which remains a concern. The 30-year, now at 6.1%, will likely reach mid-6% by December and 7% in early 2009, says Celia Chen of Moody’s Economy.com. This means there could be a penalty for waiting to buy, eve if prices continue to fall. Today, a $250,000 loan would carry a $1,500 monthly payment. At 7%, a $1,500 payment gets only a $225,000 mortgage. As for variable-rate loans, the spread between conforming ARMs and fixed loans is too narrow to benefit you very much.

3. Another Reason to Buy – Rates on Big Mortgages

Mortgages greater than $417,000 – the limit for buying by federally sponsored mortgage agencies – usually run a fifth of a percentage point above conventional products. Now, however, investors are shunning jumbos, which currently average 7.2% and are unlikely to drop much more this year, according to HSH Associates. Certain jumbo borrowers could get relief. A new law allows Fannie Mae and Freddie Mac to buy loans as large as $729,750 in 71 high-priced areas. This program has gotten off to a slow start, so you’ll need to shop around. This bargain is for a limited time only; unless Congress says otherwise, it will disappear at year-end.

4. Don’t Buy Cheap; Buy Good Schools

At this point, you’ve probably heard several stories about people who have gotten great deals on foreclosed properties. But when you buy a home, you’re also buying the accompanying neighborhood, and foreclosures tend to be bunched in areas where residents and speculators took out unusual mortgages to get into homes they later found they couldn’t afford. Prices and quality of life could both decline further as a result of this. Also, avoid developments that have grown rapidly in the past few years. They too likely have owners with risky loans and little equity, says Mark Larson of Weiss Research. Instead, go for areas with highly rated schools. They generally fare better during downturns, and a study done by real estate Trulia.com revealed that this trend is holding today.

5. Make Sure Your Agent has Your Interest at Heart

The “real estate game” has a built-in conflict of interest since both the listing agent and you get paid by the seller. These days, more sellers are offering extra cash to buyers’ agents. Make sure you’re not being steered into a house that’s better for your agent’s pocketbook than for you. Agree up front on his commission and that any extra payments will go to you, says Jon Boyd, past president of a buyer’s agent trade group.