One of the first questions buyers ask these days is: How far over the asking price should I go to get the house I want? Obviously, it all depends. But broker David Rathgeber of Your Friend in Real Estate in Arlington, Virginia, has a formula for his market, where nearly two-thirds of all buyers find themselves in competitive situations.

For a 90% chance of success, Rathgeber says that Northern Virginia buyers need to offer about 12% over the asking price. For an 80% chance, offer about 9% over. Going 5% over, he says, only gives buyers in that market a 50% chance of winning the house.

You also "gain a significant advantage" if you can avoid financing and appraisal contingencies by paying cash, Rathgeber advises. And if none of that is feasible, "a reasonable alternative might be to just wait a couple years."

Another tip: When you specify the amount by which you are willing to beat other offers, make that figure end in $500 -- as in $3,500 rather than $3,000. "Avoiding round numbers will give you an edge over 90% of other offers," Rathgeber says.

Of course, buyers should only offer above list price if they really want the house, it's been on the market for less than 10 days, and they have been assured there are other offers on the table.

Here's more proof home builders are continually falling behind demand: In 2019, the median age of owner-occupied homes was 39 years, according to the latest data from the U.S. Census Bureau. In 2005, it was 31 years.

Even though builders added nearly 5.4 million units to the national housing stock between 2010 and 2019, those properties accounted for just 7% of the total. On the flip side, more than half of the country's houses were erected prior to 1980, and 38% were built before 1970.

Older houses possess a certain charm that is difficult to replicate. But they are often in need of remodeling and updating. And outdated components such as heating and air conditioning systems usually have to be replaced.

According to a new report from LendingTree, the metro regions with the largest share of homes built in or before 1939 are Boston; Providence, Rhode Island; and Buffalo, New York. The smallest share of old homes are found in three of today's hottest markets: Las Vegas, Phoenix and Orlando.

Along with homes themselves, the construction workforce is also aging, the Census Bureau reports. The median age in the field is 41, which is in line with the nation's labor force in general. But finding skilled labor is still a challenge for builders.

Older construction workers tend to be concentrated in managerial posts, the National Association of Home Builders reports. The youngest are helpers, tradespeople and solar panel installers.

Builders, suppliers and subcontractors have been adding workers in some areas, but those in 21 states lost workers. While Illinois added 4,000 construction jobs between March and April, the red-hot Texas market lost 13,600, NAHB reports.

Overall, the sector added 917,000 jobs year-over-year in April -- a 14% increase. Nevertheless, the number of unfilled positions is increasing as builders strive to meet demand. The trade group says 357,000 construction industry positions went unfilled in April -- the largest number in nearly two years.

Many construction people are self-employed. At 22%, the sector's independents are significantly higher than the economy-wide average of 9.7%. Still, the self-employment rate in housing is now the lowest on record.

One reason for the slide is that self-employment rates are counter-cyclical, rising during an economic downturn and falling during an expansion. When the workflow is rising, as it is now, many of these former independents sign on with other contractors as employees. Another factor: The largest builders, who tend to dominate their markets, are more likely to work with larger subcontractors and their bigger payrolls.

Nearly 40 years ago, your intrepid reporter stumbled upon a computer program that wrote ads for properties. Not only wrote them, but wrote them better than most agents and brokers could ever do.

That program, AdWriter, is still going strong. And now comes another: Handwrytten, which helps with those sappy love letters from buyers trying to persuade sellers to choose them.

Handwrytten doesn't compose letters, but it will make your words legible -- even pretty. The company claims that notes created with Handwrytten are indistinguishable from those written by the human hand. There are 23 styles to choose from, or users can upload their own handwriting and signature for a truly personalized style.

Attaching love letters to offers is a divisive tactic. Some agents hate the letters so much that they will destroy them before presenting the offers to clients. But other agents think they're great. One agent recently reported he sold two houses this year because the sellers were taken with the missives attached.

And Handwrytten says not only are would-be buyers using its program, agents are using it, too.

At great personal sacrifice, I recently offered myself up to a company that had invited me for a complimentary meal to learn how people could safely cancel or exit their timeshares. But when I told them who I was, I was turned away.

Granted, I don't own a timeshare. Never have. But I wanted to be able to impart the valuable information from this function to my readers. Still, the lady on the other end of the line would have none of it. Apparently, this outfit didn't want me to steal its thunder.

But I soon learned there wasn't a whole lot of lightning in that bottle, anyway. This timeshare exit company is registered as a nonprofit in Missouri, but the Better Business Bureau has been unable to verify that claim. (All nonprofits are required to register with the Internal Revenue Service.)

I also discovered that the Missouri attorney general has obtained a default judgment against the company and its owner. This supposed nonprofit is the subject of no less than 84 complaints about everything from repeated, unwanted calls to failing to provide the promised help in vacating a timeshare -- even after accepting thousands of dollars in payments.

And therein lies the rub: There are numerous charlatans out there who will promise to buy your timeshare or help you sell it. There is little substance to most of their assurances, at least not until they get their hands on your money. Then, they'll hound you to death for more.

This is not to say timeshares aren't worthwhile. They are a great, often less-expensive way to vacation. And not necessarily just in one location: Most timeshare communities offer numerous exchange opportunities with others around the world.

Many timeshare owners seem to love them. According to a recent poll of 1,600 owners for the American Resort Developers Association, 87% rated their overall ownership experience as excellent, very good or good.

Just the same, there are good reasons to get out of a timeshare. Perhaps you're getting on in years and can no longer travel, or the pandemic has forced you to stay put. Maybe the annual maintenance fees are too burdensome. Or maybe you just don't use it and want out.

Whatever the reason, the correct first step is to contact your timeshare company. If the property is still in active sales, it will tell you your options. You may not recoup any money, but ARDA CEO Jason Gamel says it's fairly easy for the company to put your slot back into its inventory. Some will do so for free; others might charge an administrative fee.

If the property is sold out, contact the management company to discuss your alternatives. If it doesn't have a resale program, perhaps it can recommend a trusted resale company, some of which are listed on the ARDA-sponsored responsibleexit.com. The management might even be able to match you with a satisfied owner who wants to purchase more weeks.

Another possibility: Gift or deed your timeshare to a family member or friend. Almost every timeshare company allows buyers to do so.

If you want to drop your timeshare because of the pandemic, but would otherwise hang on to it, know that many companies have hardship programs that allow owners to defer their payments -- sometimes for months. You may even be able to defer your maintenance fees. (Note that you might have to be current, with no outstanding charges, to qualify.)

"It's up to the owners' association," says Gamel.

The ARDA executive says there are "a number" of legit resale companies that offer their services for a flat fee or a percentage of the selling price. But beware of any company soliciting your business without hearing from you first.

Always make sure the company you choose is licensed in the state where your home property is located. Check out the company with the Better Business Bureau and your state regulator. Also, connect with the Timeshare Users Group (tug2.com), a nearly 30-year-old family-run organization offering unbiased information and advice.

Always require a written contract with detailed terms and a specific description of the services being provided. Beware, though, of a large pile of documents when signing an exit agreement.

"Scammers can use this tactic to confuse consumers" by making the process seem legitimate, or by discouraging them from reading the contract, says Caitlin Maxwell, executive director of the Tennessee Real Estate Commission.

Pay only after the promised services are performed and confirmed. It's OK to pay a reasonable fee in advance, as long as you've confirmed the company is legit. But otherwise, never pay a dime in advance. If the company tells you to stop paying your mortgage or homeowners' association fees, run -- don't walk -- to the nearest exit.

Finally, if you believe you were lied to during the original sales process, file complaints with the attorney general in your home state and in the state where the business is headquartered. Also file with the BBB and your local law enforcement agency. If they receive enough allegations, they may act.

Last year, for example, timeshare company Welk Resorts agreed to pay up to $5.5 million to settle a suit filed by the San Diego County District Attorney's Office. The suit alleged that false promises were made during sales presentations.

According to news reports, the investigation was prompted when the DA's office received "hundreds of complaints."

There's no doubt that owning a house changes people's lives, largely for the better.

For one thing, real estate is the basis for most people's wealth. Studies show that owners accumulate more dollars than renters.

Then there's the happiness factor. In a Bank of America report a couple of years back, more than half of the nearly 2,000 current or soon-to-be owners said the emotional factor of their homes held more weight than the investment aspect.

Homes give their owners pride, bring their families and friends together and provide a place to unwind, decorate, dine, work on hobbies and generally do as they please. Nearly two-thirds of the respondents told BoA they were more emotionally attached to their places than they expected, with more than 80% saying they'd never go back to renting.

But this isn't a love letter to homeownership. Rather, it's a warning: Some homebuyers, even those who absolutely adore their places, have "buyer's remorse" -- second thoughts about their purchase.

Money was the top regret among the 1,000 buyers surveyed last year by Flyhomes.com, an online real estate brokerage. About 40% said they spent more than they were comfortable with, and 20% said they flat-out spent too much.

In another study, 43% of homebuyers polled by LendEDU believe they made the right decision. But 47% said they made the wrong one. Thirty percent said they should have waited because of their finances; 20%, for social/life reasons; and 7% because they were unprepared to be owners.

Similarly, a survey of 2,250 people by personal finance site Nerdwallet found that about half would have done something differently if they could go through the process again. And 20% wished they'd saved more money before taking the leap. Among the other regrets: "should have gone with a larger house," "should have waited" and "house was too expensive."

These findings are interesting because a survey by Midwest builder Lombardo Homes found that 82% of buyers said they'd be willing to go over budget -- to the tune of $31,000, on average. At the same time, 63% said the pandemic has caused them to lower their sights by an average of $28,400.

Another poll, this one by LendingTree, shows roughly the same: that buyers are willing to go beyond their budgets to acquire what they consider "the perfect house." And a Realtor.com poll found that 1 in 5 buyers had to bump up their budgets to get what they wanted.

Of course, there is no such thing as a perfect house. Listen to what some Flyhomes survey respondents had to say: "property taxes higher than expected," "should have purchased a larger house," "kitchen too small," "not enough bathrooms" and "upkeep and maintenance cost more than thought."

Yes, reality sometimes bites. But you can take some steps to protect yourself from making these kinds of mistakes.

To get an exact handle on what you can afford, get preapproved by a lender. Once the lender goes over all your documentation, you will know exactly how large a mortgage they are willing to commit. Add that amount to the cash you have for a down payment and closing costs, and you'll know exactly how high you can go without breaking the bank.

Next, set your sights a little lower than your maximum amount, the folks at Flyhomes suggest.

These days, with bidding skirmishes breaking out all over, it's so tempting to raise your offer to beat out the other buyers. If you aim a little lower initially, and find yourself going toe-to-toe with others, you will have the wiggle room to do so.

In other words, search below your max so that you can comfortably bid up. LendingTree Chief Economist Tendayi Kapfidze agrees.

"I urge buyers to be very cautious about going over budget," he says.

If you are lucky enough to come in under budget, you might even have money left over to start taking care of some of the things the survey respondents griped about: Pay those higher-than-expected taxes. Add on to the house -- perhaps expanding the kitchen or adding the extra bathroom you didn't realize you needed. Take care of the maintenance and upkeep you failed to consider when you were going gaga over the place. And remember, you're also going to need cash to turn the house you bought into your home: purchasing furniture, window treatments, tools, stuff like that.

By the way, lots of people underestimate maintenance costs. But "if you are stretched financially and under-invest in maintenance, it can diminish the value of your home," warns Kapfidze.

Another way to stretch your budget is to look farther afield. Identify your favorite neighborhood and then widen your circle. By doing so, you're likely to grab more square footage and better amenities for less money. "We too often see people overlook beautiful neighborhoods with great schools just because they aren't 'buzzy,'" said the Flyhomes brokerage.

Realize, though, that another lament -- this one voiced by 10% of participants in a BankRate.com poll -- was not about what they bought, but where. These folks purchased in less-than-ideal neighborhoods and were sorry they did.