For those with homeownership dreams on the brain — or having waited years through a tough market — 2025 might look like a good time to buy.

But the forecast is cloudy. The housing market has cooled off some since the start of the pandemic, but industry insiders said to expect no dramatic changes in home supply or pricing next year. And a new presidential administration could shake up the economy in ways that affect mortgage interest rates, material costs and inflation.

Still, for some buyers, there may not be a better moment to strike. Here are some expert tips to keep in mind as you search on Zillow:

Pay attention to interest rates

When the Federal Reserve lowered interest rates during the initial years of the pandemic to stave off an economic recession, it spurred a frenzy of homebuying activity . Many consumers took advantage of the opportunity to buy more home for less while others refinanced their mortgages and lowered their monthly interest payments.

When rates jumped back up starting in 2022, it challenged the economy, especially the housing industry. It remains to be seen where interest rates go next year, but some predict the conventional, 30-year fixed-rate mortgage — the most common loan option — to hover around the low end of 6%.

Keeping tabs on the Fed can be boring, but it deserves your attention, said JP Krahel, chair of the accounting department at Loyola University Maryland’s Sellinger School of Business and Management.

Krahel said he makes every major life decision based on interest rates.

“Interest rates are how fast a wound is bleeding,” Krahel said, “and money is bandages.”

Potential homebuyers should review how much of their monthly payments would go toward covering interest versus principal, Krahel said, before making a decision. They also should take stock of their personal finances — especially debts — and take steps to improve their credit scores, which can help consumers lock in lower rates and better loan terms.

People waiting for interest rates to dial down significantly may be waiting awhile, Krahel added. In so doing, they could miss out on building equity or subject themselves to an unpredictable rental market that could see rising costs, too.

“It’s a big risk to buy a house, and a big commitment,” Krahel said, “but the alternative to me is not appealing: helping someone else reach their financial dreams.”

Watch the White House

On the campaign trail, President-elect Donald Trump was largely vague about his housing platform. Trump’s 2017 tax cuts increased the standard deduction and reduced many Americans’ taxable incomes. But those same tax cuts also limited the amount of property and other local taxes that can be deducted from federal taxes in high-tax states, including Maryland.

The details in renewing those federal tax cuts could impact the housing market.

Trump, meanwhile, has also called to enact tariffs on U.S. imports from China, Canada and Mexico to boost American manufacturing. Critics say tariffs are likely to increase costs on consumers in the short term. Building materials such as lumber, for example, are expected to become more expensive, and those costs could be passed on to buyers.

But it’s unclear how successful Trump will be in carrying out his agenda, said Elliot Eisenberg, an economist who runs a daily blog called Econ70.

The president-elect, who has also pledged to detain and deport immigrants, may run into opposition within his party, Eisenberg noted, some of whom oppose tools such as tax cuts if it drives up the national deficit. And voters may not respond well to the realities of tariffs, which could affect inflation, or mass deportation, which could increase labor costs — particularly for construction.

“Economically speaking, tariffs and immigration reform are not favorable,” he said. “They keep rates up and limit purchasing power.”

Consider a compromise

Since the pandemic-era gold rush, consumers have experimented with toggling their search parameters to make homebuying more affordable.

With the initial uncertainties of the pandemic now fading from view, consumers’ home preferences are changing with the times. Some, for example, have traded in thoughts of more space for shorter commutes and not as interested in home offices, said Cheryl Abrams Davis, President of Maryland REALTORS and manager at RE/MAX United Real Estate.

Abrams Davis advises clients to be open to houses outside of their comfort zones — in neighborhoods they didn’t originally consider, for instance, or with fewer rooms.

“They may have this idea of what they want in their head, but when they get out there and look for their home of choice, sometimes a house just pulls you in,” she said.

Though an unpopular piece of advice, Eisenberg, the economist and blogger, said he sometimes will counsel people to move across state or county lines to find their dream homes. Baltimore , for example, is considered more affordable than other Mid-Atlantic destinations — but people aren’t always looking just at affordability.

“It’s not the answer they want to hear, but waiting isn’t pleasant,” he said. “And neither is renting until you’re 38.”

Evaluate your circumstances

People buy homes for different reasons: They move somewhere for a job, get divorced, want bigger yards.

For the more urgent cases, such as new parents who give birth to triplets — or, as Eisenberg called them, “triplet people” — buying a home in 2025 might make the most sense.

But not everyone’s needs are as acute, said Hannah Jones, senior economic research analyst at Realtor.com.

When Jones fields questions about homebuying from friends and peers, she asks them why they need a house .

“If you can’t afford to buy a house you want to live in, this isn’t a good conversation,” Jones said. For those with the means to buy a home, and still live comfortably, Jones said it’s an investment that could be worth making.

Jones advises consumers to calculate their mortgage costs and aim to spend no more than about 30% of their incomes on housing. Anything above that and Jones said renting may be a more sound option, especially if people canstart saving for a down payment in the meantime.

“Renting is still vastly more affordable in most of the country and a good option while costs are high,” Jones said. “It’s not just throwing away money. It can be a smart strategy.”

For those considering trading up or downsizing, Jones said those who have spent years building up their equity, or who can afford to pay for homes in cash, will be in much better position than first-time homebuyers. Even relatively new homeowners may be able to leverage their existing equity, she added, for a better deal.