Although I do not own a crystal ball, I am a Realtor who has been reading and living with the fall out of the unfolding shift in the real estate markets. Starting with the sub-prime market debacle and the "resetting" of interest rates on those great "Own your dream house now" loans, homeowners across the country began to realize they were now longer living the dream but drowning in a housing nightmare.

Some of the responsibility lies in the fact that we are not a generation who "lives within our means". Instead we live on credit, without grasping the realization that tomorrow does eventually come. So if you realize you may be headed towards losing your home for whatever reason, don't wait-- start talking - contact your lending institution and/or creditors immediately. Work on a plan you can try to live with. In addition, the federal government and several nonprofit agencies offer help to home buyers in trouble. Hope Now has saved over 1 million homeowners from foreclosure since July 2007. You can reach them at 1-888-995-HOPE (4673). The Department of Housing and Urban Development is another site that provides information and help for distressed homeowners. Not taking action is not a plan.

If you do find yourself having to sell your home, contact an attorney who specializes in foreclosures and short sales. This area is not one all attorneys are knowledgeable in so it is important that you find one who is. Your local Realtor can probably assist you in this search as they work closely with attorneys in these matters. A Realtor who is knowledgeable in short sales and foreclosures can help you sort through the steps necessary to successfully selling your home in this difficult time. This is a stressful process and forming a strong team to work for you is your best solution.

If you are a seller and need to sell your home due to a job or personal change, contact a local Realtor. Now more than ever, pricing your home correctly is critical. As you know "the seller may set the listing price; but the buyer determines the sale price." And there are a lot of homes for buyers to pick from and pick over. There is a lot of competition out there for homes and if buyers can't find yours or if it isn't marketed by a professional who knows what buyers want then you can be waiting for a while -all the time chasing the market and readjusting your price. Properly priced homes are selling -so talk to a Realtor who can show you what is happening in your local market. Using their years of skill and experience can save you time and money.

If you are a seller and you don't need to sell - then hold on. Inventories are already at such as level that it will take 6 months or longer to absorb them. So putting your home on the market now means competing against a large inventory of homes whose values are softening. Hold on to current home and wait for the inventories to diminish. Real estate is cyclical and just as we saw it skyrocket over the last 5-6 years; we are now seeing it readjust. In some areas, we already beginning to see home prices stabilize and grow.

Make sure you really know your long term goals and what resources you actually have to realize them. Then you can decide if it's time to "play your hand , hold up or fold up"