Hobson offered some additional tips for people who are in the housing market.
To improve the chances of selling your home, de-clutter it. This will make the house look bigger and cleaner. Spruce up your house with minor improvements: repair door handles and improve the landscaping to make your house more attractive.
Buyers currently have the bargaining position in this market. See if the buyer is willing throw-in extras, such as built-in appliances or paying some of your first year's property taxes or association dues. Your requests should be within reason.
If you are looking to buy a foreclosed home, make sure you see the house first before buying it. Get a private inspection done so you know exactly what you are getting.
ABC News' Daniel Arnall contributed to this report.