A record number of houses are currently on the market, according to real estate analysts. Greg Geiber, a housing analyst from AG Edwards, says more homes are vacant and for sale right now than at any time since at least 1956.
Overall, Geiber predicts that the market's downturn will be a "soft landing" — but those who were using real estate as investments, rather than their primary residence, may suffer.
And some markets are more at risk than others. Recent high-flying areas like Southern Florida, Phoenix, Sacramento and San Diego are showing worrying signs of a hard landing, Geiber says.
Those who bought a home recently should not count on 10-15 percent appreciation on their investment, Geiber says. And for those thinking about selling, Geiber recommends doing it sooner rather than later — and that sellers "have price flexibility."