NEW YORK (FORTUNE Magazine) - Just because you aim to watch the next real estate cycle from the comfort of your living room doesn't mean you don't need a plan. Here are three things to keep in mind as mortgage rates rise and markets soften.

If you hold an adjustable-rate mortgage, you may be in for a shock. Interest rates have been climbing sharply, which means your monthly payment could jump by several hundred dollars at the next adjustment.

Study the terms of your ARM -- they vary widely. If you'll soon face a big hike, this may be a good time to switch to a fixed-rate loan. As for recent hints that the Federal Reserve may be ready to end its string of rate hikes, don't expect mortgage rates to start drifting downward anytime soon. The economy looks strong, and oil is putting upward pressure on prices.

"The inflation monster is on the horizon, and it keeps looking over the hill," says UCLA economist Ed Leamer. "If it jumps up and causes problems, there will be elevated interest rates."

If you've owned your home for five years or more, you may be sitting on a substantial gain. But don't use that as an excuse to ease up on retirement savings.

For one thing, future appreciation is likely to be much more modest. Historically, residential real estate has outpaced inflation by a little more than a percentage point each year -- hardly enough to pay for two decades of sunset years on sun-filled links.

So max out on your retirement contributions and consider any future real estate profits an extra cushion.

If you're in the real estate game for the long haul, you're going to be fine. Your home, after all, is really a place to rest your head. So look past any current softness in the market.

"If you can wait it out, the cycle will come back again," says Leamer. "But while you're waiting, don't read the real estate section of the newspaper."

Plus:

• Tips for sellers and speculators
• Tips for buyers

And: 7 real estate 'dead' zones...5 'danger' zones