ROCHESTER, N.Y. — It’s a tough real estate market. High rates and low inventory are making it hard for homebuyers. But experts say there could be an end in sight. 

Real estate agent Derek Heerkens says the days of buyers making multiple offers over asking price are gone. 

“When people start losing buying power, they have to start looking at lower price ranges," Heerkens said. "People are looking in one range and they're getting sticker shock. What you're seeing is that people are not happy with the range they're looking in so they're waiting and saving more money."

The average 30-year mortgage rate, while lower than this time last year, remains high. It hit 6.70% last week, despite the Federal Reserve cutting its key interest rate twice this fall.

Business professor Mark Weber has been following the real estate market and believes mortgage rates will slowly start to drop.  

“Interest rates tend to go up faster than mortgage rates," said Weber. "They tend to go down faster and mortgage rates follow."

Weber says banks want our money and lowering mortgage rates is one way to get it. 

“The banks will want to compete with each other for our money and they have national banks they’re competing with too," said Weber. "No one is going to try to stay on a higher interest rate so they’ll start to see rates move lower."

One tip Weber had for homebuyers: If you find your dream home now, purchase it. You can always renegotiate your mortgage once rates drop. He expects that to happen by early spring.