Don't try to grab the proverbial falling knife until it has actually hit the floor.

And don't fall victim to the theory that appreciation in hot markets is infinite, it's certainly been a good run but there will be barriers and push back in the coming years.

One thing is clear, volume of closed sales, new listings and inventory will fall off a cliff.

This could be an benefit of this current "slow down" in the market - help to level out prices a little bit - however I think summer/fall is likely to still be very hot and we won't see a correction until the next real estate market cycle. 

-      If their answer is that they have lived in the property for an extended time then you respond to them that "If you list this house with me you won't have to pay tax on the first $500K of gain because it will fall under the rules of the sec 121 primary residence clause..   

So do not fall into that trap.

You want to have it rented long term before the fall if possible.

My personal view is that equities haven’t completed their fall, and just like 2008, it will take about 12 months or so to reach the “bottom” of the Corona virus market.

Wait 60 days : )  prices will be falling.  

Everyone will be afraid of when the bottom falls out.