If "BUY A HOUSE!" tops your list of New Year's resolutions, then you are probably aware of the fierce competition facing buyers today. Are you prepared to do what it takes to stick to that resolution? Here are 7 Dos and Don'ts to help you reach your goal.

• DO know your buying power. This starts by having an in-depth conversation with a lender to obtain your pre-approval. They should be aware of not only your current financial status, but also your history. The more they know, the better they can help you, so choosing the right person to work with is extremely important.

• DON'T buy anything major until after the keys are in your hand. The underwriters will watch for changes to your account balance right up until closing, so hold off on buying goodies for your new home until it actually is your home. And if you'll be receiving financial gifts from family to help with the down payment, make sure to clear that with your lender first.

• DO be prepared to act quickly. Once you find the right home, timing is everything. Hesitate even a couple of days and you could find yourself in a bidding war. You will have the opportunity to back out if you are not satisfied with the inspections – the important thing is to get your offer accepted in the first place.                                                               

• DON'T assume the seller will accept your offer as written if you come in less than asking price, especially when it is new on the market. Even if the home is a bit overpriced, the owners probably feel it is worth what they are asking. If you do offer less, be prepared for a counter offer. At this point, keeping the big picture in mind is important. At a 3% interest rate on a 30-year loan, $10,000 amounts to an extra $42 on your monthly payment.                                                                                                          
• DO be willing to sweeten your offer in other ways besides price. A flexible closing date, allowing the seller extra time to move out after closing, or not asking them to include extra items like furniture or the lawn mower are all ways to make your offer more attractive.                                                                                                        
• DON'T be afraid to enter a bidding war. If you refuse to compete, you've automatically lost. Many buyers fear the price will spiral out of control and they will be on the hook for an overpriced house they can't afford. But this is not the case; you are in control of how much you offer. If the price goes past your limit, you can walk away. At least you will know you tried. I've helped a number of buyer clients have the satisfaction of beating the competition to purchase the home they loved, but only on terms of their choosing.       

• DO enlist an experienced real estate agent to help you navigate the buying process, negotiate on your behalf, to be your guide and your advocate. Do this early on and stick with them. If you've chosen the right person they will be committed to your best interests and there will be no need to find another agent.  It can make all the difference in the end.

New Year's resolutions are notoriously tough to keep; most people give up within a month. Follow these guidelines and you will have the means, and support, to actually achieve your goal. And of all the resolutions you could make, having a new home to call your own is one worthy of the effort.