Real estate guru Spencer Rascoff has one word to describe the current real estate market: stuck.

In some cases, high mortgage rates have priced wannabe owners out of the market. Other buyers are awaiting a steep decline in rates before they’ll reenter the fray. Meanwhile, many owners with low-rate mortgages are delaying a trade-up move that would cost them higher home finance outlays.

“That’s a lot of stuckness,” says Rascoff, the former CEO of Zillow, the national realty company.

There’s no mystery about what’s going on with the economy. To tamp down inflation, the Federal Reserve is deliberately pushing up interest rates to cool economic activity. And its program is gradually working, slowing real estate transactions as one result.

The reluctance of owners to put their property on the market is constraining the supply of available housing in popular areas, says Rich Rosa, president of the National Association of Exclusive Buyer Agents (naeba.org).

Rosa, who heads a realty firm with 16 brokers, says sought-after Boston suburbs are among the areas where inventory levels remain depleted.

He says a shortage of available housing options continues to frustrate many of his home-buying clients, including a single woman who urgently wants to acquire a condo in Wakefield, Massachusetts.

“This woman is determined to escape her rental unit but can’t find even one condo to her liking in the neighborhood of her choice. Still, she vows to persevere despite affordability challenges,” Rosa says.

In contrast to this single condo buyer, many would-be purchasers are waiting on the sidelines in hopes of taking advantage of a major drop in home prices.

Yet Rascoff and other housing analysts are skeptical that steep price reductions are likely anytime soon. Though prices have slipped in some parts of the country, the situation is very different than in 2008, when housing values plummeted and foreclosures ballooned.

“What’s different now is that people have a lot of equity in their homes,” which makes foreclosures less likely, he says.

In all markets including the present one, there are diehard purchasers who insist on moving forward rather than waiting until the barriers to buying drop.

“There are always people fed up with their rising rents, and families with newborns and young kids who need a larger house,” Rosa says.

Here are a few pointers for committed buyers:

-- Keep an eye on overpriced properties.

Merrill Ottwein, an Illinois-based broker with a long track record working with novice buyers, says some first-timers overlook an important reality in real estate. This is that buyers sometimes get the best deals on properties that were priced too high in the beginning.

The trick is to be sure you’re among the first to know when the owners of a desirable property in your neighborhood of choice decide to take a significant price cut. Ottwein says buyers should tell their real estate agent to alert them immediately when this happens.

-- Don’t rule out a dated-looking place.

Cash-conscious buyers may want to consider a category of properties a notch below the fixer-upper.

These are essentially well-kept houses. The electricity, plumbing and everything works. But their owners, though conscientious in some respects, have neglected the interior decor. Hence, they may be forced to sell at a price that’s well below market value.

One real-world example involved a retired engineer and his social worker wife. The couple had lived in their custom-built contemporary-style waterfront house for more than 30 years. The engineer kept the heating and cooling systems in order and made sure that roof repairs were done promptly.

When they put their house on the market, a big drawback was its drab interior. The interior paint, wallpaper and home furnishings were essentially the same as they’d been when they’d first moved in.

Given its condition, the house couldn’t fetch anywhere near what the couple sought in their asking price. Soon they gave up and sold it to their grown daughter at a steep discount.

But Ottwein cautions against mistaking an out-of-fashion house for one with serious underlying issues -- what might better be termed a true “fixer-upper.”

He recommends a thorough inspection to determine whether a home has fundamental flaws, such as a failing air conditioning system or a bad roof. These are far more costly to fix than is an uninspiring decor.

-- Screen for highly motivated sellers.

In real estate, as in many transactions, time is money. Sellers who must move quickly -- perhaps due to a marital breakup, job relocation or financial reversal -- are obviously more likely to let their property go for a bargain price.

You don’t have to pry or do anything sneaky to find out more about the motivations of owners in an area where you’re searching for an affordable first home. Often, sellers telegraph their intentions through online or print ads placed by their listing agent. Perhaps their ads will read: “Seller Motivated” or “Must Move Quickly.”

If the ads don’t reveal the sellers’ motivation, a few casual inquiries placed by your real estate agent to the listing agent could do so.

“It’s amazing how often listing agents will reveal the real motivations of their clients, even when it’s against their clients’ interest to do so,” Ottwein says.

Once you grasp the sellers’ motivation and their timing, you can customize your contract offer in keeping with their specific needs. Flexible buyers who’ve also been fully preapproved for a mortgage and can document this are the most likely to command the sellers’ attention.

“The obvious truth is that highly motivated sellers are much more open to both offers and counteroffers. Often, it’s just a simple matter of timing,” Ottwein says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

Ashley Richardson has sold real estate for three decades. In past years, she’s always urged owners to list their place as soon as they’re ready to move on. But not in 2023.

“In this new year, I’d wait until spring. There are always more buyers in the spring, so at least you’ve got that going for you,” says Richardson, an agent for Sotheby’s International Realty.

Richardson says would-be sellers are well aware that relatively high mortgage costs are the reason that home sales have slowed dramatically in recent weeks.

“They know exactly what’s going on with the cooler market, which has caused lots of buyers to pull back. Also, owners with low-rate mortgages are reluctant to trade up to a bigger house if they have to take out a pricey new mortgage to do so,” she says.

Lawrence Yun, chief economist for the National Association of Realtors (nar.realtor), says the home sales market has been “frozen” since autumn due to the impact of high mortgage rates.

But there are signs of a potential thaw in coming weeks, says Yun, noting that his association’s forward-looking indicator is predicting better selling conditions in the future.

Pent-up demand among first-time buyers combined with a lingering shortage of available homes in popular neighborhoods should help sellers who are determined to hit the market in the near future.

But Sid Davis, author of “A Survival Guide to Selling a Home,” cautions sellers against complacency at a time when buyers are hoping to find a property that’s both fairly priced and in peak condition.

“Just because properties are still in short supply doesn’t mean you can put a dump on the market. As always, your best bet is to spend a reasonable amount on cosmetic fixes to impress everyone who comes by for a look,” Davis says.

In spite of inventory shortages, many buyers -- especially those from the millennial generation -- retain high standards. Indeed, most buyers of all ages find it tough to picture themselves living in a house with peeling paint, cluttered rooms or mold-ridden bathrooms.

“Smug sellers can easily become very sorry sellers,” says Eric Tyson, a personal finance expert and co-author of “Selling Your House for Dummies.”

Here are a few pointers for owners planning to sell in 2023:

-- Remember the power of fresh paint.

Many sellers paint a room or two before putting their place up for sale.

Yet, to put your place in superior showing condition, further painting could well be warranted. For example, Davis strongly recommends you get a first-class paint job on your front door -- the most visible surface of your property. Also, have a painter freshen any walls or rooms that need touch-ups due to wear.

“Search all your high-traffic areas for imperfections,” says Davis, adding that professional painting shouldn’t cost more than $200 to $600 per room.

“Remember to ask your contractors to paint your moldings in a light, contrasting tone, such as glossy white, so they’ll pop out and look sensational,” he says.

As a finishing touch to add luster, replace all the hardware on your kitchen and bathroom cabinets, a step that should cost no more than $50 to $100.

-- Initiate an intensive cleaning of your property.

Often when Davis tells clients to make their property immaculate, they respond with puzzled stares.

If you’re unclear what it means to make your house exceptionally clean, Davis recommends you pick up a book on the topic. One reference volume he likes is “Martha Stewart’s Homekeeping Handbook.”

Though books can provide guidance, the best way for most sellers to achieve a lofty level of cleanliness is to hire a professional cleaning company -- one you find through referrals from your listing agent, neighbors or colleagues at work.

“Give the company a complete checklist of everything you need done. Be sure this includes meticulous cleaning of all your chandeliers and light fixtures, as well as deep scouring of bathroom and kitchen tile to remove all the mildew. This whole job should cost around $300 or less,” Davis says.

-- Focus on the sparkle that comes with window cleaning.

Chances are your cleaning crew won’t tackle one piece of work crucial to the look of your home: a thorough window cleaning.

“It’s amazing how well a house can look when the windows are crystal clear inside and out. People see the difference when they first drive up,” Davis says.

Of course, home sellers can attempt their own window cleaning. But as Davis says, professionals have the equipment and expertise to do a better job -- especially on a house with hard-to-reach windows. The cost? Typically less than $200, though this depends on local labor costs and the size of your property.

-- Enhance your property with interior moldings.

There’s a reason builders make extensive use of decorative interior trim work such as crown moldings, chair railings and wainscoting. That’s because these embellishments give a home a finished quality that usually exceeds the cost of the work, Davis says.

“Really handy homeowners may be able to install their own moldings. But most people are better off with a trim carpenter. For a few thousand dollars they can get a lot of quality woodwork done,” Davis says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

A nurse and her architect husband, both in their late 30s, took several stabs at a home purchase during the pandemic. But their bids in the frenzied market all failed, leaving them dispirited.

“We’d come home from our real estate agent’s office so bummed out that we turned to comfort food. Never before have we consumed so much mint chocolate ice cream,” the nurse says.

But when the couple contemplate the 2023 housing market, they see signs of hope. What’s more, housing economists say their optimism could be justified, at least to a modest degree.

Granted, the statistics cranked out by economists recently don’t seem encouraging on their face. After all, home sales fell for their 10th consecutive month in November, and the median sales price rose 3.5% from one year prior.

“In essence, the residential real estate market was frozen in November,” says Lawrence Yun, chief economist for the National Association of Realtors (nar.realtor).

Still, Yun documents trends that could prove favorable for buyers in 2023.

“The market may be thawing, since mortgage rates have fallen for five straight weeks,” he says. Also, the number of available properties is expected to pick up slightly in the first quarter of the new year.

Jeff Tucker, a senior economist for national realty firm Zillow, foresees improving market conditions for buyers.

“The two big questions are whether mortgage rates will continue to decline and whether that will be enough to bring buyers back in time for the spring selling season. In the meantime, those on the prowl for a house will benefit from motivated sellers, unusual bargains and a welcome lack of competition,” Tucker says.

Tom Early, an independent real estate broker, says buyers now on the sidelines are acutely aware of the risk of overpaying.

“Everybody knows somebody who knows somebody who overshot the market on price to compete with rival bidders during the pandemic,” says Early, a past president of the National Association of Exclusive Buyer Agents (naeba.org).

When faced with rivals, some buyers are still petrified they’ll get outbid and lose a dream home. But Early says it’s a mistake for buyers to let their emotions push them into overpaying.

He says it’s critically important that purchasers inform themselves about local property values before they craft an offer.

“To track values correctly,” Early say, “you need to go neighborhood-by-neighborhood and look at closing prices in the precise area where you’re planning to buy.”

Indeed, houses can be worth substantially more in one part of a neighborhood than another -- due to differences in, say, housing styles.

“There might be a premium for a Victorian on one side of the community versus a rancher just a few streets away,” Early says.

Sid Davis, author of “A Survival Guide for Buying a Home,” says a working knowledge of property values in their target market allows buyers to better develop an offer pegged to the right price point.

“The best thing to do is ask your agent to check on closing prices for comparable homes -- ideally for deals done in the immediate vicinity during the last 90 days,” Davis says.

Here are a few other pointers for buyers:

-- Look online for general guidance on values.

Several websites provide free information on property values and can prove a valuable resource, Early says. Two examples are Zillow and Redfin, which allow you to search data at either the property or neighborhood level.

“At the minimum, such websites get you into the right ballpark. But don’t rely on them totally because they only give you a general idea of values and nothing more,” says Early, who’s worked in the real estate field since 1984.

-- Take into account local economic trends.

Property values are always subject to change. That’s why Davis says you need to look beyond closed deals to see where values are heading.

“Unlike stocks on Wall Street, it’s rare for home values to rise or fall sharply in a few days or weeks. But local economic factors can have a big impact over time,” he says.

In a town that’s heavily reliant on a single employer, a wave of layoffs could seriously hinder values in the surrounding area. On the other hand, values could be on the upswing in a neighborhood that’s expected to benefit from a school boundary change.

-- Negotiate for concessions if you’re in a strong bargaining position.

Though a shortage of available homes is keeping prices strong in some regions, there are always exceptions to the rule. For example, a plethora of properties might be available in an area with an above-average level of new home construction.

Davis tells the true story of how he helped one client get a good deal on her first home. The data Davis gathered for this client showed that her desired condo was fairly priced. But his search also indicated a high level of new condo inventory coming onto the local market, demonstrating the woman’s strong bargaining position.

Davis ultimately advised the graphic artist to offer full list price for the place. But at the same time, he suggested she seek substantial seller assistance with her closing costs. The sellers readily accepted her request for more than $3,000 in help.

Often, sellers are much more willing to yield on valuable “concessions” than to give way on price. This helps protect their pride.

“Sellers love to brag to neighbors about how much they ‘got’ for their house. But when they brag, they rarely admit to the concessions they had to accept to get their place sold,” Davis says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)