Advice from Barbara Corocoran:
1. Pick the right town. Look for plenty of older homes, a charming downtown, good public schools and no more than one "For Sale" sign every three blocks.
2. Buy a recession-proof house. Look for a house with character, plenty of sun, in the most popular construction material, style/paint color for the region - and with an average price for that block.
3. Choose smart financing. Don't wait for mortgage rates to go lower, shop online to find the best rate, put 20% down, get your mortgage commitment updated, pay a little extra each month to shrink your principal, and buy mortgage insurance to protect against falling values.
4. Recession-proof your current home. Intentionally underprice it to create a buying frenzy, clear our your clutter, let the sun shine in, scrub it clean and eliminate odors. Then, rent a good camera on a sunny day and take plenty of pictures for the online listing, know that the first offer you get is usually the best, promote your property online and hire a killer broker.