THREE THINGS YOU NEED TO KNOW ABOUT THE MARKET

Inventory: Even though there seem to be many properties on the market right now (and there are), that doesn't mean that the "good" ones last very long. Strong properties priced well continue to move quickly so watch inventory closely and work with your broker so you don't miss the good ones.

Mortgage Meltdown? There certainly is a media feeding frenzy on this topic. You are going to see a return to basics here, with more emphasis on fixed-rate mortgages and on programs like FHA instead of some of the "loan products" that have gotten some people in trouble. Don't buy into the panic; work with a solid, reputable and local mortgage professional and buy with confidence while rates are low.

New Construction: With more "built" inventory available and with the cost of construction having increased steadily over the past year, it's no surprise that this market segment continues its retreat. If you're shopping for something brand new you may be able to negotiate quite well on your purchase. On the other hand, rare or unique-value properties like custom green homes will certainly hold their own.

The Bottom Line: Buyers who need a home should not dawdle when a good, well priced property hits the market. Investors can make some excellent moves, especially with multi-family properties, starting right now. Interest rates continue to be very good for qualified buyers. Sellers who want their properties to move in the next 60 days really need to take a hard look at the competition in the marketplace, and price their homes accordingly. Inventories will likely continue to swell this winter so sellers who can be aggressive now, should be.