Like many determined homebuyers, an Illinois couple in their 30s -- a teacher married to a sales manager -- were shocked to see the latest rise in mortgage rates. In many areas, prevailing rates have now reached 8% or higher.

“Affordability has become a really, really huge issue,” says Rich Harty, who leads the independent realty firm that represented the Illinois couple.

In pursuit of a “forever home” where they could raise a family, the couple spent nearly a year searching in Morton Grove, a suburban village with easy access to Chicago, where the wife is pursuing a master’s degree in education. There they recently found the perfect property: an updated Georgian style brick house built in 1948.

“They loved the house, but so did four other couples. To compete in the inventory-tight market, they needed a strategy to set themselves apart in the sellers’ eyes,” Harty says. Not only did they offer the owners $15,000 over the list price, but they promised to make an all-cash offer -- which proved to yield them the winning bid.

How did they pull off a contract offer that beat out four other couples? Rather than go to a traditional lender who would have charged them around 8%, they convinced their retired parents to finance the property at a deeply discounted mortgage rate.

“We’re seeing more and more parents stepping in to help, handing over cash from their own accounts so their kids can make the kind of all-cash offers that sellers favor. In effect, the parents are acting like an actual bank,” Harty says.

Of course, relatively few parents of young wannabe homeowners have the wherewithal to serve as a mortgage lender for their grown children. But for those who can afford to do so, making such a home loan can be a win-win transaction.

“This sort of arrangement can be a good investment for the parents, even as their children enjoy significant savings on interest payments,” Harty says. Still, he encourages all the parties involved in the home loan to make it official with documents -- including a promissory note.

“Be sure to ask a real estate attorney to draft all your key documents,” he says.

Here are a few other pointers for buyers:

-- Let jealousy serve as a prod.

Sid Davis, author of “A Survival Guide for Buying a Home,” says that when it comes to financial decisions, people in their 20s and 30s are heavily influenced by their social circles. So once one friend buys a house, others in the same friend group are often motivated to do the same.

“Some folks don’t get off the fence until their friends start to buy,” Davis says.

Besides the problem of affordability, many would-be buyers in their 20s and 30s are held back by a fear of commitment signified by the traditional 30-year mortgage, according to Davis.

“They’re petrified about taking the plunge, fearing they’ll get in over their heads,” he says.

But as Davis tells many young clients, the beauty of a fixed-rate mortgage is that their payments will stay constant, even as their incomes likely rise.

“With the passage of years, those house payments seem to shrink, especially if your place appreciates,” he says.

-- Prioritize down payment savings over shorter-term objectives.

Suppose that while you’re still a renter, you’re invited to a housewarming party at the home of friends who’ve obtained the status that comes with homeownership. Part of you likes seeing your friends successful, but another part feels diminished by comparison.

In this situation, Davis says some renters resort to the short-term gratification of making other, less massive prestige purchases. They may buy a luxury car or an apartment full of new furniture, financing their purchases with credit.

Such purchases weaken your chances of achieving your housing dream because you may not be able to obtain as large a mortgage as you’ll want or need.

“Some people try to lift their spirits about still renting with an extravagant vacation, for example. But, in the end, this is self-defeating behavior if your real dream is a home,” Davis says.

The problem is that lenders look at your overall debt load when judging your worthiness for a mortgage.

“Big balances that appear on your credit reports can hobble your chances for a home. Yet in most cases, a house is a much better investment than a car or furniture,” says Davis, a real estate broker since 1984.

-- Ask for help from your mortgage lender to rectify your credit.

Are you a potential buyer whose credit reports were tarnished by a poor history of paying credit card bills while still in college? At the time, your grades and social life may have seemed more important than your credit score.

Regrettably, financial indiscretions have a way of lingering on your record long after people stop asking about your GPA.

While there’s no quick fix for a poor credit score, Davis says your standing can be restored over a period of weeks or months through methodical effort.

“Most people just have to keep plugging away until they reach their objective of a higher credit score,” he says.

Davis says your best ally in reestablishing good credit is a mortgage lender or broker willing to provide sound advice.

“Even now, with more federal regulations to protect borrowers, it’s helpful to get guidance from a professional who can tell you the letters to write, the phone calls to make and the emails to send to strengthen your credit standing,” he says.

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

Glenn Kelman, the CEO of Redfin, the national real estate brokerage, calls what his industry is facing “a slow-moving disaster.”

“Prices keep going up, but housing inventory remains very low,” Kelman says.

The obvious problem for young adults seeking to purchase a home is that mortgage rates are exceptionally high relative to rates during the pandemic.

“Nobody wants to give up a 3% mortgage,” Kelman says.

Actually, there is one group willing to surrender a low-rate home loan in order to make a move: retirees. These are equity-rich homeowners who can sell and afford to buy their next property with an all-cash offer that precludes the need for a new mortgage.

“Some willing sellers are sitting pretty right now. That’s because there’s currently a tremendous shortage of available listings in many metro areas and property values continue to climb,” says Sid Davis, a real estate broker and author of “A Survival Guide to Selling a Home.”

Although the numbers often work well for older people attempting to sell and buy anew, many struggle with the decision-making process as they attempt to find the best possible retirement community they can afford.

Ronald Phipps, a past president of the National Association of Realtors (nar.realtor), suggests retirees view any destination they’re considering through a wide-angle lens.

“The right location is still the first and most important rule of real estate,” Phipps says.

Now more than ever, he urges retirees planning a home purchase to factor airport access into their selection of a community. Living within a 50-to-60-mile radius of a major airport typically means lower-cost flights and greater ease of travel -- important factors for many retired people.

“If you live near an air hub and miss the 9 a.m. flight, you won’t have to wait to the next day to get a plane out. Also, your friends and family will probably visit more often if you have good air service,” Phipps says.

Moreover, he contends that buying a home in a metro area with frequent air flights gives you the best odds for future appreciation. And he believes that cities with international air service, a lure for foreign property purchasers, could be your strong resale bet in the years ahead.

Here are a few more pointers to consider prior to picking your retirement destination:

-- Factor personal interests into any retirement purchase.

Obviously, those heading into retirement should focus on the market strength of any area they’re considering. But Phipps says they should also think seriously about whether a setting will serve their lifestyle preferences.

“If you’re into acting, moving to a town with no theater opportunities would be incredibly frustrating. It wouldn’t matter much that the town had infinite opportunities for golf and tennis,” Phipps says.

Have you been so busy during your working years that you’ve barely focused on designing your retirement? If that’s the case, you might consider engaging the services of a life coach.

“A life coach can be a good sounding board, helping ideas bubble up in the course of the conversation. This can help you crystallize your thinking,” Davis says.

One way to locate a certified life coach is through the International Coaching Federation (coachingfederation.org). Once at that website, look for coaches in your area who specialize in retirement planning.

-- Make sure your financial situation is as solid as possible.

Jeffrey Wuorio, a personal finance specialist, says many older people underestimate their expected life spans as well as the financial wherewithal they’ll need to cover their expenses for all the years they’re likely to live.

“Research shows that if you and your spouse have already lived to age 60, at least one of you can expect to live to at least 90. That means you will need substantial savings for a comfortable lifestyle going forward,” says Wuorio, author of “The Complete Idiot’s Guide to Retirement Planning.”

-- Consider a lengthy preview of any distant location of interest.

As Wuorio notes, people considering a move to a distant area are wise to spend some time there before buying property in the community. That could help you avoid a costly mistake.

“It’s a great idea to take a vacation to any town where you might buy a home. Or consider taking a temporarily rental there before buying,” he says.

One helpful way to learn about a new area is to strike up conversations with local residents, asking about opportunities to pursue your personal interests in the community. You may also want to ask about local educational options, including the chance to take classes or attend lectures at a local college or university.

“Planning your personal activities for retirement is just as important as saving enough money to make your lifestyle viable,” Wuorio says.

-- Don’t rule out buying a smaller place in the same area where you now live.

One potential option for retirement-age homebuyers is to downsize within the same metro area where they have established friendships. For example, you might choose to sell your 3,000-square-foot family home and buy a much smaller condo in a neighboring suburb. That could help you hang on to long-held ties.

With more time on their hands, many retirees find that friendships have a deeper meaning than before, Wuorio says. And many older people who move to a distant locale for retirement find it hard to make new friends.

“Unless you’re a person who has a knack for making new friends quickly, you could be better off moving within the same area where you now live rather than moving far away -- no matter how good the climate is in some dream destination,” he says.

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

It all started last Christmas. That’s when a retired couple in their early 80s were confronted by their grown children at a family gathering. The offspring insisted it was time for the couple to move before a health crisis befell them.

“Though we’ve loved our colonial for more than four decades, it has no bedroom or bath on the first floor. So we know it’s only a matter of time before one of us falls down the stairs and breaks a hip,” the wife says.

Methodically, the couple went about searching for the right retirement community. That was much easier than clearing through their vast collection of accumulations, which included heirlooms and valued antiques. Indeed, the decluttering process consumed huge amounts of their time and energy.

“Finally, finally, finally we’re ready to put the place up for sale. But our biggest regret was all the months we spent going through our possessions -- including mementos from our many trips to Asia and Africa. We wasted so much time trying to decide what to keep or give away. At our age there isn’t that much time left to waste,” the wife says.

Ironically, the couple’s son -- a thoracic surgeon embarking on an out-of-state move -- spent far less time sorting through the clutter in his own mid-century-modern house. His property sold quickly in July.

Housing specialists notice a striking difference between the mobility patterns of young adults and those of their aging parents.

Alex Cernik, a real estate agent in Arlington, Virginia, says sellers under 40 mobilize for a move much more quickly than do older people.

“The career patterns of younger people are much different than those of older folks. They’re more used to making major job changes that involve relocation. Also, they’re less inclined to cling to their stuff,” Cernik says.

A real estate agent since 2015, he made a recent move himself, from a rented condo to a small house. To accelerate the process, he quickly cleared through his huge collection of clothes, along with numerous books.

“I simply put everything in trash bags and donated it all to Goodwill. I didn’t suffer any inner conflict about what to keep and what to let go,” says Cernik, 37.

He says anyone planning to sell a home should definitely declutter to maximize their profits.

“It’s extremely hard for buyers to appreciate a property that’s loaded with excess belongings, especially if there are stacks and layers of things covering the floors,” according to Cernik.

Martha Webb, a home-selling expert and author of “Dress Your House for Success,” says that in terms of clutter, the younger and the older generations accumulate different types of belongings.

“Young adults live more casually and own more technology ... They also have a lot of activity gear. ... In contrast, older home sellers have more memorabilia and collections they’ve hung on to for years,” Webb says.

But sellers from all generations share one thing in common. They face the laborious issue of decluttering their home to make it appealing to buyers who greatly prefer a place that’s clean and clear. Any sellers who fail to clear their property usually suffer a financial penalty.

“A cluttered house doesn’t sell well because it feels chaotic, and buyers don’t want your chaos,” says Webb, a real estate agent in Minnesota who specializes in luxury home sales.

Are you selling a home in the near future and feel intimidated by the volume of decluttering you must do? If so, these few pointers could prove helpful:

-- Expedite your campaign with creative ideas.

Professional organizers routinely advise those involved in decluttering to take a break every few hours. That helps prevent the beleaguered feeling that comes from trying to take on an entire room all at once or, worse, the whole house.

Stephanie Calahan, a longtime professional organizer, recommends preparing a comprehensive written plan. Or you could start with a single part of one room, using a flashlight to define how large an area you’ll tackle at a given time.

“In the midst of a big decluttering project, the flashlight allows you to focus mentally on a single area,” she says.

Once your units of work have been defined, Calahan suggests you allocate a fixed amount of time to declutter each area and then, with the help of a stopwatch, see if you can “beat the clock.”

-- Consider a clutter-busting blitz if time is short.

If the home you’re planning to sell has bursting closets and disorder throughout, there’s no way a single person or couple can deal properly with the problem without devoting many days or even several weeks to the task, says Vicki Norris, a professional organizer who lectures nationally on the subject (restoringorder.com).

But, as Norris says, one solution is to add extra hands to the task and then to conduct an all-out blitz. Many organizing firms can mobilize a team on short notice. You can find one in your area through the National Association of Productivity and Organizing Professionals (napo.net).

Alternatively, you may be able to recruit a team of friends or relatives to help create order from chaos in your property. Whether you hire organizers or seek out volunteers, Norris says you should bring in no more than four to five people and designate a leader.

Obviously, if you’re energetic and have lots of time, you can handle the whole project yourself.

“The only difference with a blitz is that you blast through the house faster. This is basically decluttering on steroids,” Norris says.

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