Are you looking to buy a new house in the near future? If so, one of the choices you will face is constructing your own brand-new home or buying an existing home.

Whether you are just about to graduate college or you have been out for a few years, there's a good chance you're carrying some amount of student loan debt.

Ask any experienced homeowner and you'll learn that buying in a 'hot' real estate market can be challenging. A high supply of buyers competing for a low stock of available homes is a combination that can lead to bidding wars, price inflation and other headaches.