ROCHESTER, N.Y. — The Federal Reserve cut interest rates earlier this week for the first time in four years, leaving many homeowners and aspiring buyers with the choice to buy, sell, or refinance.

The change at the local level is small, according to Mike O’Connor, the president of the Greater Rochester Association of Realtors.

The Federal Reserve dropped the interest rate by a half a point, which reflects the slowing rate of inflation. Banks knew the change was coming before the rest of us, so real estate agents like O’Connor say banks actually adjusted their rates last week to be just a little bit lower.

But don’t jump on Zillow just yet. Agents say this likely won’t make it way easier to buy. It’s currently a seller’s market, with the median home staying on the market for only a week. In a balanced market, O’Connor says a house would be on the market for one to two months.

Compared to the rest of the country, the Rochester area is still very competitive. Kaylee Moody, director of education at Keller Williams Realty, agrees.

“Inventory could rise slightly with some sellers that didn’t want to give up that 3% interest rate from a couple years ago,” Moody said. “So, this might get some sellers moving and make that decision to finally sell. At the same time, it’s going to bring more buyers into the market, which at this point would just lead to more competition.”

O’Connor says this isn’t the end. There could be another decrease or even two this year. He hopes that will loosen up the lock-in effect. That’s what Moody was talking about too. Sellers who have a sweet 3% interest rate right now on their home don’t want to re-buy at 7%. But if that 7% can get down to 5%, it might bring some homes, some inventory, back onto the market.

For folks starting their home-buying journey now, here are some things to keep in mind. Home-buying is so personal so the only person who can really break that down is your agent. Moody says interview several of them.

Talk to a lot of agents out there and make sure they have your best interest at heart and can leverage your buying power to get you the most out there.

Going in-depth on the real estate market, Rochester has consistently led the nation as one of the hottest real estate markets.

The city ranked second this summer on the 10 fastest-selling housing markets, with agents selling homes just nine days after listing them. The median listing price in Monroe County is $225. The median sale price is close to $260.

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