NEW YORK (CNNMoney.com) - It was announced Tuesday that existing home sales fell for the fifth time in a row.

In today's top 5 Tips we're going to tell you what that means for buyers and sellers in the spring market.

The good news here is that buyers have more leverage -- for the first time you may find that you don't have to wait in line at the open house. But the devil is in the details...you need to understand exactly where your market is right now.

For that you should take a close look at two statistics: Pros look at time on market. That's how long the average home has been on the market. Any real estate agent can help you understand what the number is currently -- and what it typically has been in the past. If that number is doubling -- buyers have the clear advantage.

Also look at price per square foot rather than average prices for your area. Again a real estate agent can help you understand the numbers and the trends.

There is also opportunity in the spec market. These are hot housing areas that builders may have built on before they even had buyers lined up. They are sometimes the first to see price reductions.

If you're thinking about selling your house, get the research to make sure that you'll get the return you want. Take a look around your neighborhood and see how many homes you'll be competing with. You may even want to pose as interested homebuyers yourself to get a first hand look at what you're up against.

Compare the goods, like swimming pools and decks. If your house is the only one without a finished basement or there are other gaps between the amenities of your house and your neighbor's, your expectations may be way off.

If you're trying to sell your home, you'll want to make sure you clean up your home's curb appeal. Make sure the outside of your home looks clean and neat to attract potential buyers.

It's a good time to trim the hedges and plant some bushes to cover up your home's blemishes. And as you know, curb appeal goes beyond the curb. You may want to tone down brightly colored interior walls and remove any brown shag carpeting.

The point is to make the buyers see your home as their own blank canvas -- which also means don't forget to remove those family photos. New owners will want to picture their family in the house, not yours.

You'll want to go after the top producer in your community, says real estate expert Brad Inman. "You want someone who has a large number of listings and who is actively matching buyers and sellers," he says.

Of course market insight is just as important too. You'll also want to find a real estate agent who has a reliable and appealing Web site. But make sure the Web is not the only marketing plan they've concocted. You want a variety of ways that your home will be marketed, including local newspaper ads and community postings.

Let your broker know that you want to know about all the offers that come in for your home. While brokers are legally required tell you about every offer that comes in, in reality, some brokers don't.

And be sure to get a sense of their success. Ask to see the details of the homes they've sold recently in your area. You can also check to see if your agent is licensed and has any complaints against them by checking out the Association of Real Estate License Law Officials at www.arello.com. This is a collection of state regulators and agencies that issue licenses to brokers.

While the housing market may have softened, there's no reason to hit the panic button. If you're going to be staying put for a while, these cycles shouldn't matter too much to you.

Unless you live in an area that's supported by only one industry, you should just sit tight. Remember, even after the last housing bust, the markets lagged, but most eventually recovered.

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Gerri Willis is a personal finance editor for CNN Business News and the host for Open House. E-mail comments to 5tips@cnn.com.