There is a lot of buzz in the real estate world about when the rates will drop. We've seen small increases and decreases these past several months but no significant changes. We are hopeful that September , when the Fed meets again (or prior) will bring a large enough dip to get many homebuyers and sellers back in the mix. 
What does that mean if you are a homebuyer that has been on the sidelines? 
It means this may be the best time for you to kick up your search. While some homes are getting snatched up right away, I'd say the majority are sitting on the market a little longer, and we are seeing many price reductions and concessions. As a homebuyer, you have more negotiating power than you will once the rates drop. If there is a significant drop, I think there will be a surge in the market and we could see multiple offers, where your advantage could disappear over night. In addition, I know multiple lenders that offer free refinancing, meaning if you are able to get into a home with today's rates, you benefit from lack of buyer competition AND the ability to adjust your mortgage payment for FREE, once the rates drop. This needs to be discussed with the lender prior to submitting a bid but these two benefits could easily amount to thousands of dollars to you.
What does it mean for sellers? 
If you are looking to sell your home, you are likely also going to become a buyer, and the same applies. You benefit on the buy side, and need to be realistic on the sale side. Pricing your home right will be the most important factor in selling your home for the highest price, and best terms.  If and when rates drop this year, that would be an optimal time to be listing your home, as the hope is more buyers are ready to take the plunge. 
If you are looking to sell or buy, please reach out. I'd love to help.