This spring’s college grads are entering a job market that economists say is nothing short of spectacular. Unemployment has fallen to a mere 3.6 percent, the lowest level since 1969. But are all “Generation Z” -- referring to people born after 1995 -- grads now in a good position to buy their first home? Not necessarily, say financial experts, who urge caution before taking the plunge.

“The economy ... could change dramatically, making it critically important (that) you try to plan ahead before you buy,” says James Ludwick, the founder of a financial advisory firm with offices in five U.S. cities.

Granted, many potential young buyers are better positioned financially than were their older siblings at the same age. They have only dim memories of the financial crisis that upended the economy a decade ago. But that doesn’t mean they’ll always benefit from favorable financial conditions.

Dale Robyn Siegel, a veteran mortgage broker, is enthusiastic about homeownership for people in their 20s who’ve mapped out their futures and don’t intend to return to grad school or move out of state for a career shift. But she says all buyers, regardless of age, need to plan ahead to resale when choosing a property.

“Absolutely everybody needs an exit strategy because one day you’ll be selling that home,” says Siegel, the author of “The New Rules for Mortgages.”

Here are a few pointers for first-time buyers of any age:

-- Develop a multi-year plan to see if the time is right to buy.

Ludwick stresses the importance of envisioning your future before locking yourself into homeownership.

“Unless you can visualize yourself staying in the same house for seven years, don’t buy one now,” Ludwick says.

He urges recent college graduates to think carefully about their career trajectory, including any plans they may have for graduate or professional school. Your seven-year plan should also cover your financial priorities.

Of course, you can always hire a financial planner or a life coach to help create your multi-year plan. But if such coaching is not in your budget, you can also find guidance in various personal planning books. One that Ludwick recommends is “The Seven Stages of Money Maturity,” by George Kinder.

-- Think neighborhood schools.

Like all buyers, 20-somethings who wish to make the most prudent possible housing selection should strive to buy in a neighborhood with excellent resale potential. This is often a community with strong public schools that’s also located close to a major employment center.

“Schools are tremendously important, even if you don’t want kids,” Ludwick says.

But in choosing a home in a coveted neighborhood with solid schools, you’re better off buying a small place in good condition than a larger home with significant issues, he says.

-- Investigate your credit situation.

Siegel recommends that those contemplating a home purchase take a preliminary look at their credit picture. That way, you’ll have a crack at correcting any errors on your credit reports before your lender spots them.

The three key credit reporting agencies are Equifax, Experian and TransUnion. Under federal law, you’re entitled to a free copy of all three credit reports once a year. To request these, go to annualcreditreport.com or call 877-322-8228.

It’s also wise to get a copy of your credit scores. Such scores, which draw on data from the major agencies, provide a quantitative measure of your credit risk. Most lenders use FICO scores, pioneered by the Fair Isaac Corp. For a fee, you can obtain your FICO scores through the company’s website, myfico.com.

Did you resist the temptation to sign up for credit cards or take out other loans during your college years and beyond? If so, you may be shocked to find you have no FICO score at all. Unfortunately, this could pose a significant near-term barrier to mortgage approval.

To remedy this situation, Siegel recommends you open two to three credit lines, ideally including major credit cards. Then make modest use of these lines, ensuring you make your monthly payments on time.

“Unfortunately, it can take 12 to 24 months to establish a good credit history and there are no quick shortcuts,” Siegel says.

-- Don’t depend on your parents’ help to gain mortgage approval.

The parents of many 20-somethings are willing to help their offspring amass the funds to make a down payment for a home purchase with a financial gift. And some are even willing to co-sign their children’s mortgage application, making them personally liable for repayment of the home loan.

However, in an era of stringent loan approval standards, your parents’ signatures on your mortgage application no longer guarantee that your loan will be approved, even if they’re wealthy and have sterling credit, Siegel says.

“Nowadays, the kids have to qualify for the mortgage on their own merits. Having your parents co-sign is just the frosting on the cake,” she says.

-- Attempt to steer clear of a home that needs expensive repairs and upgrades.

Young adults who are energetic and motivated can usually handle cosmetic improvements or upgrades that are reasonably straightforward, such as painting or the installation of kitchen tile. But most lack the expertise to take on major remodeling projects that involve electrical or plumbing work or extensive carpentry.

“Unless you’re exceptionally handy or have friends or relatives who are contractors, it’s usually a big mistake to buy a fixer-upper,” Ludwick says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

For several years, first-time homebuyers have found market conditions in popular neighborhoods extremely frustrating. Not only have prices risen steadily, but affordable properties have been in very short supply, often resulting in multiple bidding wars and arrogant sellers.

Fortunately for buyers, the pace of price increases has slowed, and inventories are gradually rebuilding. Yet even now, wannabe homeowners can face indifferent sellers, cautions Eve Alexander, a longtime Florida real estate broker.

How can buyers avoid the needless aggravation of trying to deal with indifferent sellers? Alexander says there are several red flags that can help identify them from the outset. One is a listing containing multiple exclusions for items that would normally be included in a sale.

“I’ve seen sellers demanding to keep all their light fixtures, ceiling fans, window treatments, rosebushes and pool accessories. This greedy attitude tells me they could care less about negotiating a fair deal with buyers,” she says.

Why do some ambivalent buyers put their property on the market if they’re not serious about selling? Alexander says one explanation is that they own the property free and clear and have no financial urgency to let go. This includes retirees who have mixed feelings about moving.

“People who’ve lived in a house for many years and raised their kids there can have powerful emotional ties to the place,” she says.

Another category of ambivalent sellers includes people who are easily able to rent out their place to either short- or long-term tenants. They know they can still keep up a strong cash flow if they don’t receive an offer to their liking.

“These people might try a ridiculously high list price and then bail out if they don’t get all the money they’re seeking,” says Alexander, who’s affiliated with the National Association of Exclusive Buyer Agents (naeba.org).

Though a few owners lack serious motivation to sell, many others are eager, perhaps because they’re getting divorced, have gotten a job in a distant area or need to trade up because of a growing family. Here are a few pointers on finding truly motivated sellers:

-- Rule out properties offered by “market testers.”

How can you identify sellers who are merely testing the market and will never negotiate seriously with anyone who bids even a dollar under their lofty list price?

Eric Tyson, co-author of “Home Buying for Dummies,” recommends you ask your agent to find out if previous offers have come in on the property you want. If the owners have already rebuffed one or more decent offers without so much as a counterbid, this indicates they’ll probably resist reason with you, too.

The good news for buyers is that information on past offers is often readily available through the listing agent.

While there’s no harm in trying to reason with market testers, Tyson says you can waste a lot of time and energy trying to budge people who won’t even entertain a fair offer. Better to look for someone who’s eager to sell.

-- Seek all you can learn about the sellers’ equity position.

If you’re zeroing in on a particular property, Alexander says it’s wise to inform yourself on the sellers’ ownership stake before you bid. As she says, those with more equity have more potential room for compromise.

“What you’re looking for are insights into the mindset of the sellers,” Alexander says.

One source of clues on the owners’ equity position can be found by searching local government land records. At the minimum, these records (usually available online) should tell you when the current owners purchased the property and the original price they paid.

“If the sellers bought the house 25 years ago and haven’t refinanced, they should have a lot more equity than if they bought it at the height of the market and maybe still have an underwater mortgage,” Alexander says.

-- Request that your agent question the seller’s listing agent.

When owners have an urgent need to sell, it’s normally against their interest for that information to be broadcast to the world, because it could weaken their bargaining position. Even so, Alexander says many listing agents will readily disclose such client information in response to questions.

Another way prospective buyers can gauge the sellers’ level of motivation is to ask nearby neighbors. Alexander recommends that the buyers pick a Saturday to walk through the community, chatting with a few residents about the pros and cons of living there. In the course of the conversation, they’ll likely tell you the reasons why homes on their street are for sale.

“The neighbors usually know everything -- like why the owners of a house want to leave or have to do so. This info is golden when it comes time to shaping your offer,” Alexander says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

For several decades, Americans have aspired to own ever-larger houses. But housing experts say the trophy home is now gradually losing some of its luster.

More consumers at all economic levels are talking about the emotional and even spiritual advantages of living more simply. It’s not only cash-tight seniors on fixed incomes who intend to downsize. Even Bill and Melinda Gates, among the wealthiest philanthropists in the world, said recently they plan to one day live in a 1,500-square-foot house.

For one thing, the new federal tax law has reduced the deductibility of local property taxes, making it less financially advantageous to own an oversized place, especially in high-tax areas. For another thing, more young adults, along with retiring seniors, are keen on living in a walkable city center, where most properties are smaller than those in the deep suburbs.

The trend away from huge houses is reflected in the latest sales data for March from the National Association of Realtors (realtor.org). Lawrence Yun, the organization’s chief economist, says the growing preference among some purchasers for smaller living is one factor translating into slower appreciation for expensive properties.

“The lower-end market is hot, while the upper-end market is not,” Yun says.

Ashley Richardson, a veteran real estate agent with Long and Foster in Maryland, attributes the home simplification trend in part to Marie Kondo, the Netflix star and best-selling author of “The Life-Changing Magic of Tidying Up.”

Mark Nash, a long-time real estate broker and author of “1001 Tips for Buying & Selling a Home,” says what he calls “the McMansion era” is gradually losing favor.

“With the environment in mind, living smaller is the ‘new normal’,” says Nash, who’s based in both Illinois and Wisconsin.

Still, the reality is that buyers are of mixed minds about the desirability of owning an oversized property, especially at a time when the economy is faring well. Just as large SUVs remain popular, certain home features -- like three-car garages and expansive home offices -- continue to attract buyers.

“This is a classic case of ambivalence," Nash says.

Here are some tips for buyers pondering how small they should go:

-- Clarify the difference between your housing wants and needs.

Nearly all buyers have to make trade-offs when they purchase a home. Unless you’re wealthy, you’ll need to set priorities.

“Making a priority list is the absolute key. You have to decide what features are most important for everyone living in your household. Your best home style is going to be determined by your lifestyle,” says Sid Davis, a Utah real estate broker and author of “A Survival Guide for Buying a Home.”

If you’re married or living with a partner, Davis recommends you sit down with the other person and each rank your housing priorities. Then compare notes and if there are differences, compromise.

-- Reflect on whether you truly need a large house for entertaining.

Among buyers who seek a spacious home are those who love to throw large parties and family gatherings, as well as people who believe that home entertaining is central to the fulfillment of their professional obligations.

“I know CEOs who think they must have a very big place to show off to clients or colleagues,” Nash says.

If home-based entertaining with large events is something you value highly and you’re comfortable with the payments on a big property, why not go for it? But if you’re interested in the financial benefits of living smaller, Nash suggests you consider some less expensive options for your parties.

“Why not take your guests to your favorite restaurant and rent a space for your parties?” he says.

-- Don’t underestimate your realistic need for storage.

Davis says many buyers like big houses because they place a premium on lots of storage space. Assuming you can afford it, Davis says buying a large house for extra storage space could be a reasonable idea. After all, a large house could save you a significant sum over the rental expense required for the long-term use of a self-storage unit. But he cautions against the assumption that a large house will allow you to keep accumulating ever more possessions without a problem.

“No matter how much storage space you get in a big house, you’ll eventually need to stop shopping or clear through the accumulations you already have,” Davis says.

-- Consider moving soon, whether you plan to buy a small or large home.

“There’s no one-size-fits-all for all home purchasers. What’s right for you depends on your family’s needs and lifestyle aspirations," Davis says.

Relative to historical norms, mortgage rates have so far stayed unexpectedly low this year. But no one -- not even top economists -- know when that might change. And for many purchasers, rising rates mean reduced buying power or a potentially smaller down payment, or both.

Regardless of their plans or financial limitations, Davis says many buyers could do well to expedite their moving plans if they intend to buy a new place this year.

“Whether your family is seeking to upsize or downsize in 2019, this could be the time to go for the gold,” he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)