Earlier this week, Federal Reserve chair Jerome Powell said the central bank is “not far” from cutting interest rates.

These comments, and the potential mortgage rate drops they signal, have given some would-be homebuyers hope that now is the right time to buy.

Yet as the spring home buying season approaches, high demand, low inventory and rising asking prices are forcing New Yorkers to make a tough call: Should they buy a house now and absorb the financial hit or stay on the sidelines and risk missing a shot at homeownership?

NY1 anchors Rocco Vertuccio and Shannan Ferry spoke with Douglas Elliman realtor Steven Cohen about the pros and cons of buying and renting.