Jim Gillespie
CEO of Coldwell Banker

*There's still competition. Buyers can afford to be choosy and look over the inventory, but they must realize that if they see the house that fits their needs, they can't dillydally. Buyers need to understand this is the third-best year in history for (home) resales. There are a lot of buyers out there. Right now, they have the advantage of a lot of inventory, and until it burns off, there won't be much appreciation.

In those areas where homes are depreciating, don't try to time the market, because most of the time when you time the market, you lose.

*Understand your mortgage. Watch the mortgage rates and go to a lender that has a good reputation. Don't be tempted by these subprime loans (for those with impaired credit) unless you can stand the worst-case scenario, and be careful of adjustable rates for the same reason.

Ask: "How often is the rate going to go up? What's the interest rate cap? Is there a prepayment penalty?"

Ron Peltier
CEO of HomeServices of America

*Know your market. If you're a first-time home buyer, you really need to be educated on what the real market facts are. There is a perspective out there that houses' values are off significantly, and in places like San Antonio, they are not. The market is solid, and homes are selling at 98% to 102% of sale price.

*Think resale. Look at properties that are in attractive resale neighborhoods. Oftentimes, people think they're going to be there a long time, but the reality is things change. Have a firm offer contingent on a home inspection. People buy on emotion. But what's really important is making sure mechanical and structural components are compliant and sound.

*Know your mortgage. Get prequalified for a loan, and make sure you understand different types of mortgage products. Unfortunately, people have been influenced into taking a mortgage that was an interest-only or negative amortization loan and bought to their maximum level. If that ARM resets and goes up 2 percentage points, it can dramatically change their monthly payment.

*Look at new homes, too. Look at inventory of builders, because many builders have oversupply. It's very likely they are making some concessions that an individual seller, who is selling their pride and joy, would not be very likely to consider.

*Tide could turn. For buyers and sellers, what we've seen across the country is a rolling boom, where it didn't hit every market at the same time or same duration, and the slowdown has hit different markets at different times. San Antonio, for example, looks pretty good, but that does not presume that it, too, won't have a bit of a slowdown sometime in the next three to six months.