During the worst of the COVID-19 pandemic, a couple of retired federal employees living in a ritzy suburb pondered the sale of their big Dutch Colonial. But the hassles of showing their property convinced them to postpone until this month.

Now, they regret the delay. In recent days, the once-frenzied selling market in their hamlet has slowed considerably. Indeed, 22 days into their listing, they’ve yet to receive their first offer.

Ivy Zelman, a Wall Street housing analyst, doesn’t know the couple in this true story. But she’s not surprised by the change in selling conditions in their community.

“I think the housing market is starting to show some moderation,“ says Zelman, author of the new book “Gimme Shelter.”

As home values continue to rise, she contends an increasing number of young families are so saddled with student loan expenses and child-care costs that they’re approaching a pricing ceiling.

“The continual upward pressure on home prices, which is not sustainable, is impacting affordability. We’re starting to see resistance by consumers who are not only questioning whether they can afford a house, but also whether they really want to buy at the top of the market,” she says.

Zelman isn’t predicting an immediate end to the strong seller’s market or even a slowing in home value increases. Available properties, especially starter homes, are still in short supply relative to demand. But going forward, that could change due to demographic factors, which could eventually lead to a reversal in the supply-demand ratio.

“Overall population and household growth is slowest since the 1930s,” she says.

Real estate specialists aren’t advising owners considering a property sale to alter their plans because of the macroeconomic forecasts. But they encourage those who are absolutely certain they want to move to be attentive to timing.

“As with any business transaction, timing can be critical when it comes to the sale of a property,” says Sid Davis, a veteran real estate broker and author of “A Survival Guide to Selling a Home.”

Here are a few pointers for sellers:

-- Don’t delay engaging the services of a listing agent.

When Davis first entered the real estate field several decades ago, he recalls how clients would typically call for help at least three months before they planned to move. Now, he says many wait until just a few weeks before they intend to sell.

Once you know you’re definitely going to sell, Davis says it’s prudent to begin interviewing prospective listing agents and then to promptly select the one you want to represent you.

“There are many advantages to picking your agent early, even if you do so a year before you intend to move,” Davis says.

An agent with ample notice of your selling plans can better determine the steps you should take to achieve the best possible outcome. The agent can also exercise more care in selecting the right listing date.

“Especially now with supply chain problems, arranging for contractors on a non-emergency basis can save you cash,” Davis says.

-- Investigate data on selling times.

Dorcas Helfant, a former president of the National Association of Realtors, recommends you ask your agent to give you statistics on average selling times for homes in your community.

“The only numbers that count are the ones for your immediate neighborhood. Beyond that, the statistics aren’t relevant,” Helfant says.

-- Pack your belongings promptly.

Besides painting and repairs, nearly all homes need a thorough decluttering to show well. Your first step should be to remove any excess furnishings that crowd your interior space. Then box up smaller items and place them in your garage or a rented storage unit.

“By beginning as early as possible to clear out clothes, furniture and other items that you rarely use, you enhance your chances of fully completing this task before your place goes up for sale. Trust me, you won’t miss all that stuff, even if it’s stored away for months,” Davis says.

-- Give yourself extra selling time when moving to a brand-new home.

These days it’s very rare -- but still possible -- for homebuilders to agree to a sales contract with a prospective buyer that’s conditional on the sale of the buyer’s property. This is called a “contingent contract.”

“A contract conditional on the sale of your present property may not obligate you to go through with the purchase. But if you can’t sell your house on time, you could lose the new property and your deposits could also go down the drain,” he notes.

Because it can take months to construct a new home -- and it’s not unusual for builders to take longer than they expect -- some new home buyers wait longer than they should before trying to sell their current property.

“But remember, this is a one-way street. The builder can be late, but you can’t, or you’ll be thrown in a risky situation financially,” Davis says.

Many real estate agents urge their home-selling clients to allow them extra marketing time when they’re buying a brand-new property with a contingent contract.

“People are scared they’ll be left homeless if they sell the old house before the new one is ready. But if this happens, the worst-case scenario is that they’ll have to move in with relatives or take a short-term rental. Either of those options is better than missing out on your dream house,” Davis says.

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

During the worst of the pandemic, there were numerous young adults of home-buying age who were so petrified by the competitive real estate game that they waited for many months on the sidelines.

These people were hearing horror stories about ferocious battles over property in prime neighborhoods. If aced out by other bidders, they worried their egos would be badly bruised,” says Mark Nash, a real estate analyst and author of “1001 Tips for Buying & Selling a Home.”

But many of these holdout millennials -- born between 1981 and 1996 -- are now finally entering (or reentering) the market, which is becoming slightly more balanced in their favor.

“Rising inventory and moderating price conditions are bringing buyers back to the market,” says Lawrence Yun, chief economist for the National Association of Realtors (nar.realtor).

Another reason more millennials are now entering the fray is that many are feeling economically empowered, says Danielle Hale, the chief economist for Realtor.com, the national home listing service. She cites rising wages and declining unemployment to explain greater buyer confidence.

Still another factor currently driving more millennials into home-buying is the quest for a larger living space. This desire is especially intense among those who’ve grown accustomed to remote work during the pandemic and seek more spacious home offices.

A recent survey done by the Pew Research Center (pewresearch.org) indicates more Americans currently say they’d prefer to buy in a community with big houses, even if that means grocery stores and other amenities are miles away.

Although many holdout buyers are now active in the market, most are proceeding with some degree of financial trepidation due to high housing costs.

“No one wants to be so house-poor they can’t cover the cost of child care or health insurance. Nor are they willing to be so limited on cash flow that they can’t go out to a movie or a nice restaurant for dinner,” Nash says.

Here are a few pointers for buyers:

-- Limit yourself to your financial “comfort zone.”

Merrill Ottwein, a real estate broker and former president of the National Association of Exclusive Buyer Agents (naeba.org), cautions buyers of all ages against taking any mortgage that feels uncomfortably large.

“Nowadays, lenders are very strict. But it’s still possible to find mortgage companies that will let you borrow more than you should. It’s up to you to create a realistic budget and limit your loan amount,” says Ottwein, a Coldwell Banker broker.

“Fortunately, today’s young buyers are mostly very financially conservative. They were still in school more than a decade ago when the Great Recession hit. But they can remember how easily you can lose a house to foreclosure if you overshoot your budget,” he says.

-- Search for a place where you could house a roommate or two.

Unlike older buyers, many young purchasers are comfortable with the notion of sharing their space with roommates. After all, that’s what they did in a college dorm or a rented “group house.”

“For lots of young folks, it’s a huge plus to have a roommate who pays rent and helps offset their mortgage expenses,” Ottwein says.

What kind of property is most attractive to renters?

Ottwein recommends you seek a home with a bedroom suite that includes a private bath. A separate, outside entrance to the suite would be ideal. Also, a place near a college campus could be an especially good bet.

-- Seek out an energy-efficient home.

After taking ownership, many first-time buyers are stunned at the size of their outlays for upkeep. The scope of their energy costs also comes as an unpleasant surprise.

Obviously, many costs associated with homeownership, such as taxes and insurance, are unavoidable. But savvy home shoppers can more easily contain their energy costs by selecting an energy-efficient property that’s well insulated and has double-pane windows, says Sid Davis, a longtime real estate broker and author of “Your Eco-Friendly Home.”

He suggests that before agreeing to buy a particular property, you review at least six months’ worth of utility bills from the current owner. Also, make sure the home inspector you hire gives you an estimate of your utility costs going forward.

“The inspector should tell you about the quality of insulation in the property, and energy ratings for the windows. Double-pane windows can save you as much as 15% to 20% on your utility bills compared with single-pane windows,” Davis says.

-- Remember to factor lifestyle into your home selection.

“A great home purchase isn’t just about lots of square footage and lovely features. It’s also about finding the right location to support a lifestyle that’s fun and fulfilling,” Ottwein says.

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

Back stateside after a decade of deployments in the Middle East, a 37-year-old U.S. Army mechanic vowed to buy a house of his own. An off-road vehicle enthusiast, he was keen on acquiring a place with a double garage and recently found a split-level to his liking.

But knowing he’d face competition from other bidders in the suburb where he wished to live, the mechanic made sure to submit his strongest possible offer -- one to convince the sellers he could definitely go through with the deal.

“There were four other bidders, including one offering the owners more money. But our buyer still beat out all the others. He was extremely happy to win because the house was in immaculate condition,” says Richard Harty, the real estate broker who represented the mechanic.

How did this first-time buyer prevail? He took Harty’s advice and met in person with a local lender to ensure he had a strong and personalized letter of mortgage pre-approval to attach to his offer.

“The letter practically guaranteed that this mechanic had the financial assets and credit history to make it to the closing table,” Harty says.

Real estate specialists say this summer’s frenzied seller’s market is now becoming slightly more balanced to the benefit of buyers. But they caution that buyers seeking a home in a popular neighborhood can still expect to face multiple bidding situations through 2022.

“Strategic buyers know that to compete they must have their financial ducks in a row. That absolutely means getting mortgage preapproval and having the highest possible credit score,” says Harty, president of the National Association of Exclusive Buyer Agents, (naeba.org).

The mechanic in this true story had an almost flawless credit history, not to mention employment continuity and a healthy down payment. But many other prospective buyers need more time to strengthen their financial status.

Here are a few pointers for first-time buyers:

-- Inform yourself about credit.

“Because you can’t learn this stuff by osmosis, you have to educate yourself about credit,” says Keith Gumbinger, a vice president at HSH Associates (hsh.com), which tracks mortgage markets across the country.

As he notes, nearly all U.S. adults are assigned a three-digit number associated with their credit histories: the increasingly influential “credit score.” Yet few consumers know their scores or how to improve them.

To learn more about credit -- and how to correct errors -- Gumbinger suggests you visit the website of the Federal Trade Commission (ftc.gov) or find a book on the topic. One he recommends is “Your Credit Score,” by Liz Weston.

“Ideally, you’ll start reading and educating yourself a few months before you go for a mortgage, or even sooner if you know you have credit issues,” Gumbinger says.

-- Research your credit standing.

Under federal law, you're entitled to free credit reports from the three largest credit bureaus: Equifax, Experian and TransUnion. You can easily request these online at annualcreditreport.com.

Besides your credit reports, you'll want to access your credit scores. Such scores, which draw on data from the credit bureaus, seek to provide lenders with a quantitative measure of a person's credit risk. Most lenders still use FICO scores, pioneered by the Fair Isaac Corp.

In most cases, you'll need to pay a fee to obtain your credit scores. One way to get them is through the Fair Isaac website: myfico.com. You can also receive credit scores through the three large credit bureaus. FICO scores range from 300 to 850 and the higher the score, the more likely you are to get the best available rate on your mortgage.

Once you’ve chosen a property you want to buy, it's time to begin the process of comparison shopping on mortgage rates.

You may wish to start the rate-shopping process with the lender who tutored you in the basics of home finance. But Gumbinger strongly suggests you extend your rate hunt well beyond the first lender you consulted. And he recommends you include community banks and credit unions in your search.

-- Realize that your credit scores can be improved over time.

Harty encourages his home-buying clients to safeguard their credit status in advance of buying a property.

“At least until your mortgage is finally approved, you need to tie up any loose ends in your financial history. Ideally, you’ll pay down an outstanding debt, such as a credit card or auto loan. You will resist taking out any new credit lines and you’ll maintain your job status,” he says.

Credit experts say consumers should avoid closing unused credit accounts, which can cause their scores to sag. Likewise, it’s a mistake to consolidate credit card debt on one or two cards, because a concentration of high balances can adversely affect a credit score. Consumers who “max out” their credit cards or other revolving credit lines are treated unkindly by the Fair Isaac scoring formula.

-- Seek to correct errors found on your credit report.

A recent investigation by Consumer Reports (involving 6,000 consumers) found that more than one-third had errors on their credit reports, leading in many cases to excessively high interest charges.

Some errors can be corrected with enough phone calls and patience. However, as Weston says, some credit problems, such as identity theft, can prove so horrendous that you could need an attorney to help straighten them out. One possible source for legal help: The National Association of Consumer Advocates (consumeradvocates.org).

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