Now might not be the best time to buy a house. Interest rates are kicking up near the 7% level, and prices are rising -- maybe not as quickly as they had been, but rising nonetheless.

But there comes a time when the buy-or-wait choice is not really a choice at all. Maybe that first baby -- or the fourth -- is on the way; perhaps marriage is in the offing; or maybe you’re taking a new job in a new city.

Whatever the reason, some people must buy, no matter the circumstances. That’s why 4 to 5 million houses change hands every year, even when prices and rates are sky-high. Sometimes “more powerful factors” are at work, says Ali Wolf, chief economist at the Zonda new home marketing firm.

If you are a member of the must-buy group, fear not. Not everything is against you. For one thing, the inventory of houses for sale hasn’t been this large since 2019, so you should have plenty of houses to choose from, especially if you are willing to expand your market area a little.

Overall, the housing supply is at a 5-year high, with nearly half of those unsold listings considered stale at 60 days or more on the market.

Another factor in your favor: There’s less competition for those houses. Two years ago, buyers were falling all over themselves to land new listings just as they came on to the market. But oh, how times have changed. Now, there are 490,000 more sellers in the market than buyers, Redfin reports.

At no other time since the realty brokerage began keeping tabs have sellers outnumbered buyers by such a large margin. That means to compete, sellers have to figure out ways to catch a buyer’s eye. Whereas sellers could hold fast on their asking prices a few years ago, many are now willing to bargain.

Another Redfin report shows that just 28% of all houses sold above their listing price in May, the lowest level for this time of year since 2020, when the pandemic ground the market to a halt. The other 72% sold at or below their listing prices. How much of a discount did they sell for? The median sale price was $397,000 -- a 7% reduction from the median list price of $425,950, according to Redfin figures. That’s a difference of $28,950!

In the new-home market, meanwhile, 504,000 houses either completed or under construction were still waiting for buyers, the National Association of Home Builders reports. That’s an 8.6% bump from a year ago.

That means some builders are getting antsy, too. One Florida builder caught my eye the other day with the offer to knock off more than $137,000 for any buyer looking for an early move-in on one particular model.

As a result, the price gap between new and existing houses has shrunk considerably. The 10-year average spread between the two was once about $50,000, the builder’s trade group says. Now it’s less than $10,000.

A third of all builders cut their list prices in May -- the most since December 2023, per NAHB member surveys. But price cuts aren’t the only concession they are offering. Almost two-thirds of all builders were using some kind of sales incentive to move product, the NAHB says. The reason: “lackluster demand.”

Chief among the incentives are mortgage rate buydowns, in which the seller pays the lender a fee to lower the loan rate by a percentage point or two for the first few years of the loan. That makes it more affordable, at least initially, to carry the mortgage.

Other incentives include help with closing costs, free furniture, appliance upgrades, and allowances for decorating and customization, among other things. Ask for it and most builders will try to accommodate you. One guy is even taking unsold Florida condominiums as down payments for his custom houses.

“Builder incentives have become a crucial component of today’s housing market, shaping affordability and consumer demand,” writes trade magazine BUILDER. “With persistent affordability challenges and elevated mortgage rates reshaping buyer behavior, incentives are no longer a reactive tool -- instead, they have become central to sales strategies.”

Speaking of bargaining, you also might be able to negotiate a better deal with your mortgage provider. Lenders haven’t been too busy of late, so some may be willing to cut their fees to get you in the door. While they can't do much about interest rates, they might have some flexibility with origination fees, application fees, underwriting fees and the like. They add up, so just ask.

There are other ways to lower your transaction costs, too. There are more than 2,500 programs nationwide that offer down payment assistance, for example. And some realty brokers offer their services at substantial discount.

Also, seek lower-rate loans. Some government-backed mortgages come with rates as low as 3%. And working through independent mortgage brokers nationwide, United Wholesale Mortgage now offers 1% down loans that cover up to $7,000 of the borrower’s down payment.

Selling your house doesn’t need to cost as much as most agents charge. How does 1% of the selling price grab you? Or a flat fee of around $500?

That’s what low-fee brokerages charge. And of late, they’ve become attractive alternatives to traditional agents, whose firms want 5%, 6% or even 7% for essentially the same services.

For years, low- and flat-fee brokers have tried to break through the noise made by their full-fee competitors, who claim that they offer little service in return for those low costs. To protect their commissions, some traditional agents even refuse to work with their low-fee counterparts.

Sellers, too, have long feared that low-priced brokers would provide inadequate service. An April survey found that 82% of respondents were concerned that a low-fee broker would not provide the services needed to successfully complete a deal.

But the options have expanded in recent years. And with the recent upheavals that have shaken the real estate business to its core, the opportunity to save money -- often big money -- is closer than ever.

According to a new report from the Consumer Policy Center, there are at least 2,000 agents nationwide who exclusively offer low-commission or flat-fee brokerage services. And “many thousands” of conventional agents sometimes offer lower-cost services, though they “rarely advertise” these offerings, says the CPC.

CPC Senior Fellow Stephen Brobeck, who authored the report with CPC Fellow Wendy Gilch, says there’s “every indication” that many low-commission agents provide “the same quality of services offered by traditional agents for significantly reduced fees.”

What kind of money are we talking about? On a $500,000 property, an agent charging 6% would walk away with a nice little payday of $30,000. Of course, they might have to split that with the buyer’s agent, but even then, they’d pocket $15,000.

Contrast that with a reduced-fee broker who charged, say, 1.5%: Their commission on the same property would be $7,500. And if you had hired a flat-fee broker who charged you $500, well, you’d have saved $29,500.

Better yet, CPC’s study found no evidence that traditional agents sell houses for more money than alternative agents do. Other studies suggest otherwise, but Brobeck and Gilch cite research that found no difference in selling prices, no matter what kind of agent is involved.

Brobeck and Gilch also say there’s “every indication” that many low-commission agents provide the same quality of service offered by successful traditional agents.

Sellers who are prepared to take on more of the responsibility and work of selling their homes can save the most money. For example, for as little as $100, flat-fee brokers offer such basic services as listing your house in the local multiple listing service and in major portals such as Zillow.

For, say, $500, they'll tell you what you have to do to get a sale to closing. And for $1,000, they'll give you more personal advice and assistance.

You’ll have to do quite a bit on your own, though: hold your own open houses, be ready to show your place at a moment’s notice (by yourself), get contracts signed and bring the deal to the closing table. If you want the agent to do any or all of those things, you’ll have to pay more.

On the other hand, the report maintains that low-commission agents charge 1% to 2% of the eventual sales price, but still provide the same full range and quality of services offered by their traditional colleagues.

The trick for sellers is to figure out what they want and how to proceed. According to the report, the best candidates for flat-fee brokers are sellers who are under no pressure to sell, have at least some knowledge of real estate transactions and are likely to find a buyer on their own.

Once you decide how much of the pricing, listing, posting, showing, bidding, negotiating and closing you wish to do yourself, check out the flat-fee brokers in your area. Consider their qualifications, track records and the reputation of each of the candidates with whom you speak.

In choosing a low-commission broker, the report advises sellers to make sure to pick one who will provide full, in-person services, including an initial meeting, home inspection, home showings and closings. Their office should be within a reasonable distance, say 10 miles, of your place. That way, they can respond much more quickly than an agent who’s on the other side of town.

The brokerage office should evaluate each agent's performance, but you should, too. Check client reviews, but don’t stop there. Call a couple of references. They’ll be glad to discuss their adventures in the world of low-fee brokerages.

In a billion-dollar Homes.com ad campaign, Dan Levy and Heidi Gardner travel around the country collecting local data for the listing portal, with the catch line “We’ve done your home work.”

It’s the largest real estate ad buy in history, designed to draw would-be homebuyers to the site. But the Emmy-winning Levy and "Saturday Night Live" cast member Gardner are hardly the first celebrities to shill in the real estate sector.

Years ago, John Wayne had a side job as a spokesman for Great Western, one of the country’s largest mortgage lenders at the time. When “Duke” passed away in 1979, the gig was taken over by actor Dennis Weaver of "Gunsmoke" fame.

Both actors are gone now, as is the once-big California savings bank. But many others followed in their wake.

Elizabeth Banks was once the face of Realtor.com, a Homes.com rival. And who can forget the long list of actors representing the reverse mortgage business? Right now, the frontman is Emmy- and Golden Globe-winning actor Tom Selleck. But before him came actor-turned-Senator Fred Thompson, Henry "the Fonz" Winkler, Robert Wagner and Jerry Orbach.

A spokesperson doesn’t necessarily need to be super famous, but they should at least be recognizable. Take Peter Koch, who once did ads for buyer-agent matching service HomeLight. He’s a former NFL player who has appeared in numerous movies and TV shows. When you see him, you know him, but you’re not sure where from.

There are reasons companies pay to have someone like Selleck or Wayne endorse them. Celebrities can give a product or brand instant credibility, not to mention increased publicity. In the long run, according to a 2016 Forbes article, these endorsements “encourage more and more customers to find out more about the business their favorite celebrity happens to be supporting.”

Forbes cites Social Media Week to claim that one endorsement by a famous actor or sports star can increase sales by about 4%. But companies must choose the right personality. The wrong choice can backfire -- if not now, then perhaps down the road.

For instance, comedian Bill Cosby was once considered a bankable, believable spokesman. He hawked Jell-O, Coca-Cola and numerous other products before being convicted of sex crimes. O.J. Simpson shilled for Hertz and Lance Armstrong pitched for Subaru before they each fell from grace.

Or consider the former PGA golfers who lost sponsorships after joining the Saudi Arabia-sponsored LIV Golf tour. Rocket Mortgage dropped Bryson DeChambeau after he joined LIV. Similarly, RBC, Canada’s largest bank, cut ties with Dustin Johnson and Graeme McDowell.

Rocket, one of the nation’s largest lenders, is often credited with being the first in the mortgage sector to recognize the value of partnering with sports teams. In 2019, the company created the first-ever PGA tour event in its Detroit hometown. And now it is so entwined with the industry that the Rocket name is practically ubiquitous in the sports world.

In addition to hosting the Motor City event, Rocket is an official partner of the PGA; it also has deals with NFL teams, the World Pro Ski Tour, and dozens of college football and basketball programs. Rocket’s founder, Dan Gilbert, owns the Cleveland Cavaliers of the NBA, as well as other sports franchises.

These connections are undoubtedly part of the reason Rocket topped the USA Today Super Bowl Ad Meter two years in a row. But other big-name lenders link their names with sports teams, too. Ruoff Mortgage, which is licensed to originate loans in 45 states, has a multiyear partnership with NASCAR. And Guaranteed Rate is the official mortgage partner of the National Hockey League, as well as a backer of professional rugby teams and bass fishing events.

Firms sometimes support smaller local teams, too. For the same reason that a large, national outfit pays big money for the naming rights to a professional team’s stadium -- think LoanDepot Park and the Miami Marlins, among others -- they might also put their name on a minor league field, or perhaps just a fence surrounding a sandlot.

In Pepperell, Massachusetts, for example, the local Mortgage Network office sponsored the town’s youth baseball and softball programs. It’s an affordable investment that lets people know the company supports the town and its kids. And when the need for a mortgage arises, the hope is that Mortgage Network will be top-of-mind.

Sports marketing is appealing for the housing industry, especially mortgage companies, for the same reasons that advertisers seek celebrity endorsements: A connection to a team brings instant recognition and credibility. We support the team, the thinking goes, so the team's fans will support us.

Of course, most entities don’t have the big bucks to spend that Rocket does. But there are numerous opportunities at sports’ lower levels -- from youth sports to the minor leagues to local marathons to college events.