CAPITAL REGION, N.Y. (NEWS10) — Buying or selling a home right now is no easy task. High mortgage rates have slowed down the market. Buyers face stiff borrowing costs, and sellers feel stuck.

Giovanni Lisi from Serenity Real Estate explained how this impacts the decision-making process for prospective sellers.

“Some people have decided–when I go on a listing appointment, and meet with them, and they’re thinking about selling their house–‘maybe I should just hold onto my home and add onto it.’ That’s a common thing going on with the way interest rates are today,” Lisi said.

Another strategy he said should be considered, especially for first time buyers, is buying a property where you can rent out the upstairs or extra bedrooms to friends to help offset the cost of the loan.

This, as mortgage rates have surged. Last week, the 30-year fixed rate hit 8 percent, which hasn’t happened since the year 2000, according to Mortgage News Daily. But when those let up, it won’t necessarily mean instant relief.

“Once the rates go down, a lot of the people who maybe have been waiting are going to want to start buying again, and it’s going to increase the competition even more than where it is right now,” Lisi said.

Kajal Lahiri, Distinguished Professor of Economics at UAlbany, explained additional factors squeezing the market.

“Typically, in the housing market, you should have a six-month supply of homes. Right now, there’s a one-to-two-month supply,” Lahiri said, “so you can imagine how much of a bind they’re in.”

“Don’t forget about the housing market collapse in the 2007-2009 recession. We are not yet out of that shock, and we are still reeling from it,” Lahiri said. “Hopefully, we won’t get into a recession next year, and in a year or so, things will get better.”