ROCHESTER, N.Y. (WROC) — We know there is an extremely low inventory of houses on the market today. It’s just one of several factors contributing to the rising cost of owning a home.

As the spring months start to arrive, it’s typically selling season, and if we’re already in such a hot seller’s market, how does one navigate?

Industry experts sat down with News 8 to break down some tips for both buyers and sellers.

“I’ve been doing this for 20 years and I’ve watched the prices continue to rise, usually 2 to 3% year over year. The last three years we’ve gone up roughly 20% in some markets,” said Angie Flack Brown, who runs her own team at Keller Williams.

Brown explains that there are several contributing factors to the current housing market upward trends, such as historically low-interest rates. Those are causing more people to gravitate towards buying rather than renting.

“10 years ago if you wanted to buy a home in the North Winton village you could do it for under $100,000. Right now, it’s like $175k, $200k, $225k, $250 and so it’s becoming more and more difficult for people to buy their first home,” Brown said.

The same goes for building materials too.

People like Ben Antonucci who buy and rehab houses, and then put them back on the market, are having to spend more to even get a property back up and running.

“Materials are through the roof right now! I mean 2×4’s alone are $6 apiece… they used to be $2 to $3, I mean you’re talking massive increases in prices. OSB board is outrageously expensive. At one point it was almost $100 a sheet and if you’re doing a roof, depending on the size of the house, you need 30 to 40 sheets,” said Antonucci, Owner of Rochester Elite Housing.

Those who may feel stuck renting but are looking to purchase can take action now to help get set up for success in the future.

“What I would recommend is meeting with a mortgage broker first and foremost to find out how much a certain house might cost you and is the budget you really can afford,” Brown said.. “And then they’ll talk you through any issues you have with credit, they’ll give you guidance on how much money you might need for a down payment.”

And for those looking to sell, it will help the market to get more inventory in circulation.

“We’re currently in an inventory shortage so every house that goes on the market is going to have multiple people interested in looking at it,” Brown said.

Recently low-interest rates, people moving closer to the family due to the pandemic, and other factors are making 2022 a hot seller’s market.

“The house that we’re in right now is a beautiful house in Brighton right near 12 corners and it’s listed at $500,000. It’s a very, very fair price for this house. I am going to guess it’s probably going to have 5 to 10 or more offers, and likely it will sell for significantly higher than that,” Brown said.

So is it worth it to actually have your house ‘show ready’ and spruce it up, even if it means investing a little more into the home?

“We are still saying you want to do every single thing your realtor suggests because the less that a buyer has to do when they move in, the more they’re going to pay so the sellers actually benefit from putting a little time and money into their house prior listing it,” Brown said

But for those bigger ticket items…

“In most cases, we’re not recommending major renovations,” Brown adds. “You know paint goes a long way, maybe a new floor, light fixtures really make a big difference, window treatments — things like that that people can do that might just kind of get people excited about the house.”

Another tip for sellers includes getting creative with the buyer to close the deal. Some real-life examples include free pizza for a year in one instance and a week at a seller’s Airbnb in Hawaii!

As News 8 reported in February, Rochester is listed as the number one location in the country with the fewest homes currently on the market.