While potential buyers are now getting very low mortgage rates, they are also facing much tighter credit standards and demands for significantly larger down-payments. No one can really say quite when this downward spiral will cease. If former Fed Chairman Alan Greenspan and current Chairman Ben Bernanke were surprised by the depth of this housing crisis, who among us can accurately make the call?
There are growing sentiments out there that this darkness directly precedes a new dawn. But what about now? Well, this new economy has added some new wrinkles to home-buying and home-selling strategies, while re-introducing some of those old-school favorites like sound fundamental fiscal practices. So here are nine tips for home buyers and nine for sellers to help them survive, and hopefully thrive, in the transition year of 2009.