For your sellers, the following points are key:

• Home values will stay stagnant or potentially decrease.
• Qualified borrowers are looking for deals.
• Fewer borrowers are qualifying for home loans.
• Rising foreclosures tend to negatively affect home values.
• Increased "days on the market" (DOMs) increases the likelihood that buyers will aggressively negotiate prices down.
• Continued stress in the financial markets will affect consumer confidence.
• Loans may take longer to close.
• Appraisals are becoming more difficult to obtain.
• Properties should be funded before contract contingencies are removed.

It's critical to encourage sellers to price homes to sell -- and sell quickly -- decreasing the need for price reductions.

Sherman notes that buyers also need to be armed with specific tips on how to navigate most effectively in the current market:

• Make decisions to buy sooner than later -  loan guidelines are changing so quickly that an approval today may not be an approval in the future.
• Diligently protect your credit.
• Make sure that lenders are placing loans with financial institutions that can close on them.
• If someone is saying that something that is too good to be true, it probably is!
• A down payment on a property not only strengthens the case - it may be a necessity in the very near future.
• Fly-by-night lenders will say anything to get the deal.  Verify anything being offered through a reputable lender.
• Rate locks and product locks can be subject to change when a market is shifting.
• Loans take much longer to close in the current market.
• Pre-approval is critical.

This uncertain market provides a huge and unique opportunity for skilled agents to educate clients, gain their confidence and loyalty and build lasting relationships.