The housing market is a lot like a deck of cards. That's okay, if you know how to play.

If you're about to enter the real estate market, it only feels like you're gambling with your present and future. The gambling actually happened in the last decade when the banking industry bet big on subprime home loans -- and lost big-time.

But even if the housing industry is settling into a more predictable market (we hope), buying or selling a house these days can still feel a little like you're holding an unpredictable deck of cards. But you don't have to bet the farm to buy a farmhouse. You do, however, need to understand what you're about to undertake. As that great American philosopher Kenny Rogers once sang in the 1978 classic song, The Gambler, "You got to know when to hold 'em, know when to fold 'em, know when to walk away and when to run."

So if you're confused as to whether you should sell right now, buy a new house or stay put, here's a quick primer on how to read the hand of cards you've been dealt and determine if a full house can lead to an actual house.

WHEN TO SELL

At the risk of stating the obvious, this isn't a seller's market. If making money is your objective, it's a reality you're going to have to consider in your decision making. If you want to -- or have to -- sell your home, here are the best cards to be holding:

The King of Hearts: Hearts equal love and you're smitten with another better house. (Note: This card is worthless without the next card.)

The King of Diamonds: Diamonds equal money, of course. Meaning that you can afford to leave. You have some equity in your house and your own credit history is intact.

"It's a good time to sell if you're looking to upgrade your house," says Timothy J. Cabrera, president of Atlanta Interest Mortgage & Financial Group, "because there are so many opportunities to buy a larger home, and the financing rates are so favorable, and so we don't know how long they're going to stay at this level."

So if you're selling and then buying again, the fact that it's not a seller's market may not be so bad. (But if you can't handle a double mortgage, make sure you sell your home before you even think of buying a new one.)

WHEN TO BUY

Now, right now, because as was just implied, it's definitely a buyer's market. That said, you still need to be holding the right cards (these aren't technically real cards, but you get the picture).

The Good Credit Score Card. 700 is the bottom of what you should have, but that doesn't mean that there aren't good options out there for people who have credit in the 600s (particularly 620 and above). Ask your mortgage broker. It's just that the sweet spot is in the 700s.

The Gainfully Employed Card: If you've been working for two years at the same place and don't foresee a pink slip in your future, that's the sweet spot.

The 20-Percent Down Card: That's what lenders want to see these days, but Cabrera says a down payment of 3.5 percent will at least get you in the door, via an FHA-backed loan if you qualify.

Even if you have the 20 percent, Cabrera might counsel against putting it all into your house. "Right now, cash is king, and so it might make more sense to have the money in the bank," offers Cabrera. "We're definitely guiding our clients so that they're preparing for that rainy day."

WHEN TO HOLD

You can figure this out on your own, but in case you want some validation, the following hand means you ought to just stay put:

The King of Clubs: As in, join the club. If like many people throughout the country, you have unsteady credit, your house is worth less than what you owe, your employment history only just now got back on track, and wanderlust is the only reason for moving, the best scenario is to stay put, work on your credit and improve your house for the day that you do want to put it on the market. (In other words, if the status quo is acceptable, stay.)

If you do decide to invest money in your house, do it for yourself. Don't spend a fortune only for the future homeowner, since spending $30,000 on improving your kitchen and assuming that will add $30,000 to the purchase price is, of course, a gamble. Because as the guy who should know once sang, when it comes to real estate, "the secret to surviving' is knowing' what to throw away and knowing what to keep."