For a buyer, the practical step is getting a firm pre-approval rather than an estimate, since a $400 to $600 home inspection and a lender's actual qualifying number at today's rate, not last month's, are what determine which homes are realistically in reach.
For a seller, the practical step is pricing to the buyers who can actually qualify right now rather than to last year's comparable sales, since a home priced past what the current rate environment supports tends to sit while the market corrects it.
Both sides benefit from working off this month's numbers, not general news about rates. Get your hand-reviewed valuation from Joel Dyck.