Whether you're buying a house to live in yourself, flip, or retain as an income property, it's a big decision to make. And this year may be particularly challenging on the homebuying front. Here's what you need to know.

First, let's talk about mortgage rates. Despite a recent uptick, rates for all fixed-loan products continue to sit near historic lows. As of this writing, the average 30-year loan can be had at 2.839%, while rates are averaging 2.613% for the 20-year loan and 2.296% for the 15-year.