Smart Real Estate Strategies: Here's what to expect right now.

For Buyers:

1. Expect Higher Loan Costs: Mortgage rates have risen significantly, so be prepared for higher monthly payments and budget accordingly.

2. Be Quick to Act: With fewer homes on the market, competition can be fierce. If you find a home you love, you might need to make a decision quickly.

3. Explore Various Financing Options: Shop around for mortgage options. Some lenders might offer better rates or different types of loans that could be more affordable.

4. Consider the Long-Term: Even if rates are high now, think about the potential value of your investment in the long term, especially if you plan to stay in your home for many years.

5. Stay Informed: Keep an eye on market trends and stay in touch with a real estate agent for the latest information.

For Sellers:

1. Understand Market Timing: With current high rates, your pool of buyers may be smaller. Timing the market correctly is key.

2. Price Competitively: Although inventory is low, pricing your home correctly is still crucial to attract buyers.

3. Highlight Your Home’s Value: Make sure you showcase any updates, features, or amenities that could justify a higher price or attract more interest.

4. Prepare for Negotiations: Buyers may be more aggressive with their offers due to the higher cost of borrowing. Be ready to negotiate terms.

5. Evaluate Your Next Steps: If you plan to buy another home after selling, remember you’ll also be facing higher mortgage rates. Plan your finances accordingly.