The stunning rise in mortgage rates coupled with shocking rent increases have compounded the gloom experienced by many tenants who wish to escape their apartments by purchasing a property of their own.

But real estate specialists see some surprising positives for the current generation of first-time buyers.

“We’re finally seeing some rebalancing of the formerly ultra-strong seller’s market -- including seller concessions and a softening of inflated prices,” says Rich Harty, an independent realty company owner.

Harty cites the case of one tenant who was driven to buy after getting hit with a proposed $400-a-month rent increase on his Chicago-area apartment.

“My client wanted to stabilize his monthly expenses. Luckily, he was able to negotiate a good deal on a small townhouse with a nice little garden. The townhouse had been vacant for several months, and the seller was highly motivated,” says Harty, who works solely with buyers.

Harty says more owners are now willing to bargain with purchasers, especially if their property has been sitting vacant for an extended period and they have a compelling reason to move.

Many wannabe buyers are nervous about buying a place that’s lingered on the market for many days. Yet Sid Davis, the author of “A Survival Guide for Buying a Home,” says many vacant homes that languish unsold for a long period have simply become stigmatized because they were overpriced when first listed.

“There will be a whole lot less competition for a property that’s gone vacant, raising the suspicions of all the buyers searching that market. You probably won’t have to scramble with rivals the way you would for a well-staged home that’s not vacant,” Davis says.

Still, he cautions that buyers considering ownership of a long-vacant house should seriously investigate why it’s been sitting vacant and unsold.

“There’s always a reason, and it goes without saying that you darn well better find out what that reason is before going forward. Your risk, though small, is that there could be something gravely wrong with that house,” Davis says.

Here are a few pointers for buyers pondering the purchase of a vacant home:

-- Seek out information on the home’s owners.

It’s tough to gain details on a house that’s been vacant for months if its owners have already moved away --perhaps due to divorce, ill health or a job transfer.

To learn the unvarnished truth about a vacant property, your best sources are often neighbors, says Dorcas Helfant, the broker-owner of several Virginia-based realty firms.

“Neighbors often have an irresistible urge to tell everything they know about a vacant house on their block -- even if it’s against their personal interest to do so,” says Helfant, a former president of the National Association of Realtors (nar.realtor).

-- Consider doing a “pre-inspection” on a vacant place.

Perhaps the property you like has gone unsold for so long that you’re nervous about hidden defects. In such cases, Merrill Ottwein, a veteran broker who specializes in finding property for those in the military, suggests you have a pre-inspection.

He tells the true story of one of his clients, an Air Force colonel who wanted to learn more about a handsome ranch-style house that had gone vacant a few months before he spotted it. The house was listed at $50,000 below other comparable homes in the same neighborhood, and he wanted to know why.

At Ottwein’s recommendation, the colonel spent $200 for a very brief home inspection. This revealed that the house had a serious crack in its foundation. As a result, he walked away from the property and bought a two-story place in the same neighborhood that proved a better choice, even though it was marked $30,000 higher.

Why is it sometimes wise to hire a home inspector to check a property before (rather than after) you’ve submitted your bid?

“If you decide to go through with the purchase, a pre-inspection will let you bid based on findings from the inspection. Alternatively, you can back out without complications,” Ottwein says.

-- Examine local sales data before making a final offer on a vacant home.

“Don’t put in a bid until you and your agent take a good look at the recent sales history of the area. It’s always smart to be vigilant to avoid overpaying,” Helfant says.

To get a handle on values, you and your agent should examine at least three similar properties that have sold in the immediate area in the past three to six months -- adjusting for differences, such as a larger kitchen or a kitchen with brand new cabinets, appliances and quartz countertops.

But Helfant cautions against seeking out-of-proportion discounts to make up for minor shortcomings in a vacant house.

“In many areas, sellers are still in a relatively strong position, due to high demand from younger buyers in the millennial generation. In areas where owners remain in the driver’s seat, you don’t want to get picky about little issues like a spot on the carpet or a bedroom painted a color you find unpleasant. These days buyers who let their emotions get the best of them can still easily become losers,” she says.

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

Right after returning from an Independence Day vacation, the parents of two toddler boys put their petite bungalow on the market, with high hopes for a quick sale because the place is located in a coveted suburb. But despite a price cut, they’ve yet to receive a single offer.

“We thought we were selling into a red-hot market. Our boys are growing like weeds, so we really need a bigger house. But at this point, we’re disenchanted about our plans to trade up, because our place is just sitting unsold,” says the father, a college professor.

The couple don’t blame their listing agent, who has gone to great lengths to promote their sale. Rather, they blame the abrupt rise in mortgage rates, which has eroded the buying power of would-be purchasers.

“During the pandemic, every house in our neighborhood was snatched up within minutes of the first open house, if not before. But all that’s changed,” the professor says.

Joel Berner, a senior economic analyst for Realtor.com, the home listing company, says new data validate the professor’s assertions about the cooling market and buyer limits.

“Uncertainty has made its way into the minds of buyers, as 31.8% now don’t know when they want to buy,” says Berner, noting that for-sale properties are lingering unsold for five more days than at this time last year.

For the couple with the two toddler boys, living for a longer-than-expected time in a property they’re attempting to sell presents many challenges. But real estate specialists say it’s essential that owners keep their domain show-worthy until it’s ultimately sold.

“Unfortunately, you can’t relax your standards for cleanliness and order until you’re sure you have a solid transaction,” says Eric Tyson, a personal finance expert and co-author of “House Selling for Dummies.”

Here are a few pointers for sellers:

-- Try to prepack to the extent possible.

Vicki Norris, a professional organizer and former real estate agent, knows how hard it can be to keep a house in prime showing shape. It’s especially difficult for people who are working from home or selling involuntarily.

“Sometimes life takes people off track, and they get unusually disorganized. Then it’s twice as hard to keep their home in good condition for a sale,” says Norris, who runs her own consulting firm, Restoring Order (restoringorder.com).

To limit upkeep demands during the showing period, Norris recommends that sellers clear through their clutter in advance of putting their place on the market. Throw away or donate any items you don’t intend to keep and place the remainder in neatly stacked boxes in your garage or other storage area.

-- Consider hiring a cleaning service.

Are you sloppier than the average homeowner? If so, it might be wise to pay for what real estate agents call a “super-duper cleaning.”

“If you start with a professional cleaning at the beginning, you’ll have an easier time keeping your house tidy all the way through to your sale,” says Sid Davis, a real estate broker and author of “A Survival Guide to Selling a Home.”

Though it’s likely to cost over $100, he says a single in-depth cleaning could hold you for more than a month before another in-depth cleaning job would be necessary.

“Sorry to say that hiring a cleaning crew won’t spare you the need for routine upkeep. This will be no substitute for keeping your dishes washed and your bathroom toiletries put away. But it’s still a big step,” Davis says.

-- Seek to get everyone in your household to cooperate.

After a home has sat unsold for more than a month, those who live there can easily lose focus and slip back into their bad habits.

"The problem is that keeping your house in show condition is not a relaxed way of living, so people get tired of it,” Davis says.

According to Ashley Richardson, an agent affiliated with the Long & Foster realty firm, it can be especially tough to ensure that children’s rooms are kept orderly and that their toys are put away.

“The parents may need to clean their rooms for them. Alternatively, to get the kids to do it themselves, you might need to bribe them with pizza or a dinner out,” she says.

-- Accept the reality that selling is stressful.

Donna Goings, a realty company broker-owner, says homeowners who earnestly want to sell should “keep their houses looking good enough to appear in a magazine.” But she cautions that even picture-perfect properties that are fairly priced can languish unsold for a lengthy period through no fault of their owners.

“Sometimes, there’s no rhyme or reason why a particular house won’t sell for a long time. Even if you make the house beautiful and set the price right, it could stay on the market for months,” Goings says.

Richardson advises her clients to avoid dwelling on critiques of their property.

“Buyers are more candid than they were in the past, and sometimes can be quite blunt in their feedback after a showing,” Richardson says.

To limit your exposure to unfiltered and discouraging negativity about your home, she suggests you tell your listing agent to filter out all pointlessly critical comments about your place.

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

As the real estate market hurtles toward a new normal, there are major differences in outlook between buyers and sellers that are slowing the pace of transactions.

“Whenever the market changes, it’s really hard to put deals together,” says Glenn Kelman, the CEO of Redfin, the national realty firm.

Some sellers watching macroeconomic reports are focused on next year, when they anticipate that high property prices might slip. In contrast, sellers are focused on last year’s sales.

“Sellers remember that house down the street that sold for a song just four to eight months ago,” Kelman says.

While purchasers aren’t enjoying a bona fide buyer’s market, the situation is definitely becoming more buyer friendly in some ways. One positive is that since the worst of the pandemic, the number of available properties has greatly increased.

“Today’s shoppers can celebrate the fact that they have many more homes to consider than last year’s shoppers did,” says George Ratiu, economic research manager at Realtor.com, the home listing company.

Still, one of the negatives facing buyers these days is the increasing cost of home finance.

“Higher mortgage rates continue to take a toll on buyer purchasing power, despite all-time highs in rent prices, which continue to motivate some shoppers,” Ratiu says.

Sellers who lack awareness of the pressures affecting buyers can hurt themselves if they overprice a property for current market realities, says Mary Bazargan, a listing agent based in Washington, D.C.

“When we price a new listing conservatively, we’re getting multiple offers, and these homes are often selling above list price. But if we push the price aggressively high, the home tends to sit on the market for a while,” Bazargan says.

Eric Tyson, a personal finance expert, agrees that those who attempt to test the market with too high a price typically attract fewer prospects.

“Buyers who shop with an agent usually shop with a top pricing point in mind. They won’t see properties above that pricing ceiling. So, overpriced houses aren’t always on their radar,” says Tyson, the co-author of “House Selling for Dummies.”

Moreover, due to internet sleuthing, buyers are increasingly savvy about property valuations. Many are annoyed by the appearance of greed on the part of sellers and refuse to negotiate with those who ask too much.

“Remember that Americans don’t like to haggle. So don’t count on buyers engaging with you in multiple rounds of negotiation,” Tyson says.

Here are a few other pointers for sellers:

-- Look into local valuations before engaging a listing agent.

Sid Davis, a Utah-based real estate broker, notes there are now numerous websites that offer free and instantaneous assessments of home values. One of the best known is zillow.com.

It’s unrealistic to look to such “fast-pricing” sites for a definitive answer on the current worth of your place. After all, they typically rely heavily on publicly available data on recent home transactions. And some jurisdictions restrict or delay the release of such statistics. Still, such sites can sometimes give you a fair estimate.

“At least they’ll help you get into the right ballpark on the current value of your house. This gives you a starting point for a pricing discussion with the agents you interview,” says Davis, the author of “A Survival Guide to Selling a Home.”

Another way to gain a feel for prevailing prices before you hire an agent is to attend open houses.

Besides a sense of pricing realities in your neighborhood," you can also get a preliminary comparison on the condition of your home versus rival properties,” Davis says.

-- Consider multiple agents before picking one.

Interview at least three agents working in your area and don’t pick one who relies on hunches.

“Ask each agent for an honest evaluation of both the condition of your place and its present value. Make sure each agent shows you the comparable sales they used to make their price recommendation,” Tyson says.

To determine if an agent is truly active in your neighborhood, he suggests you ask for an “activity list” of all the properties the person has listed there during the prior six to 12 months.

-- Research each candidate’s track record on pricing.

These days, many sellers don’t receive their full asking price at the closing table. But if their property was marked accurately from the outset, they should come fairly close.

To assess an agent’s pricing recommendations, look at a few key numbers that reflect their track record. If the agent is routinely making accurate price recommendations, there should be relatively little disparity between the original list price and the final closing price.

“Sellers shouldn’t have to knock down their price just to get their property sold. In most cases, their home should sell for no less than 5% under the asking price,” Davis says.

He suggests you ask prospective listing agents to show you list-to-sale numbers for all the homes they’ve sold during the last 90 days.

-- Don’t let your ego affect your pricing.

Some people assume listing agents are motivated to price low with an eye to quick sales. But Davis says the greater risk is that occasional agents will recommend too high a price in hopes of flattering you into working with them.

Overpricing can even hurt owners in an area with few homes on the market.

“It doesn’t matter if you’re selling in a neighborhood that’s hot, cold or lukewarm. Asking way too much can easily kill your chances for a fast and successful sale,” Davis says.

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