For more than nine months, a logistics specialist for a New York trucking company sought to buy a home in the coveted Chicago suburb of Park Ridge. The single 30-year-old hoped to return to that hamlet, where he’d previously lived. But amid rising prices and a shortage of available property, his plans were long delayed.

“Buyers like this are very frustrated. But there are several solid strategies to help them break through to a purchase, even in high-demand areas,” says Rich Harty, the real estate broker who represented the buyer.

How did the man win the townhouse in his favored market? He used what Harty calls an “early-bird-gets-the-worm” approach. Once the place hit the Multiple Listing Service, he immediately crafted a full-price offer with few conditions. That way he beat out other potential bidders.

“He was absolutely thrilled to acquire this small townhouse with a backyard terrace and a one-car garage. He was also glad he didn’t have to face any rival buyers in a bidding war,” Harty says.

It’s not always true that sellers favor those who are the first to bid on a desirable property. But in this case, it worked to convince the sellers to move forward with what proved an easy transaction. It helped that the buyer had been fully preapproved for the purchase by a mortgage lender and that his agent called the listing agent to vouch for the man.

“Sometimes you’re rolling the dice if you wait to venture an offer in an area where demand exceeds supply,” says Tom Early, a past president of the National Association of Exclusive Buyers Agents (naeba.org).

“But never go way over the realistic market value of a house just to get in before your deadline. But at the same time, don’t quibble about small differences in price --particularly if you intend to stay in the home for many years,” Early says.

Here are a few pointers for buyers:

-- Inform yourself on local property values before you bid.

Eve Alexander, a longtime real estate broker who works solely with buyers, says they need context on prevailing values to make certain they don’t bid too much.

“For comparisons, try to identify five to 10 comparable properties that have sold recently in the area where you’re looking,” Alexander says.

If you’re seeking to buy in a neighborhood with widely varied properties, it’s helpful to compare the homes on your list on a price-per-square-foot basis. Then adjust for differences in size and home features.

After estimating the current market value of the home you seek to buy, it’s time to decide how aggressive an offer you wish to make. Alexander says that will depend on how enamored you are with the home.

“You won’t want to push the limits if you’ve fallen in love with the property and feel it’s a do-or -die situation,” she says.

On the other hand, you might choose to make a lower offer if there are other available homes in the area that would meet your needs equally well.

Once you’ve made a firm decision on your bid, she recommends you attach a brief but friendly letter that draws on comparable sales data to support the offer.

-- Reject comparables from “market testers.”

Eric Tyson, co-author of “Home Buying for Dummies,” says that in every market there are a few sellers who won’t budge from an unrealistically high price.

“It’s a given that some supposed sellers aren’t really motivated to make a fair deal,” he says.

How can you tell which sellers are merely testing the market and will never negotiate seriously with anyone who bids less than their lofty list price?

Tyson 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.

“Agents are inherently outgoing people. Some have very loose lips and will talk candidly about their clients’ negotiating position and whether it’s worth your while to do a low bid,” he says.

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 truly anxious to sell --perhaps because they’re making an out-of-state job move.

“Locating a really willing seller is the key to finding a fairly priced house,” Tyson says.

-- Try to determine the seller’s equity position.

Are you seriously interested in a home but have yet to submit an offer on it? If so, Alexander says it’s wise to inform yourself on the sellers’ ownership stake before you bid. 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 a couple of decades ago and haven’t refinanced, they should have a lot more equity,” Alexander says.

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

Some high-cost housing areas are losing population. Yet a surprising number of young adults are moving to expensive regions to claim jobs. That’s especially true for those in the Gen Z cohort, born after 1997 and now entering their home-buying years.

An analysis by Zillow, the national real estate company, indicates that 215,000 California residents moved out of the state in 2022. Yet during the same year, 44,000 Gen Zers moved there from other states.

It’s not just California that’s attracting young people. Many Gen Z movers from all over the country are relocating to areas where housing, whether rental or purchase, is more expensive. These include pricey parts of Colorado, Virginia, Texas and Washington state.

Many of these movers are recent college grads who’ve been recruited for well-paying jobs, says Edward Berchick, a population scientist for Zillow. As a rule, those in this generation are still flexible about their lifestyles. That means they are likely open to either renting or buying a home.

Longtime real estate pros say there are positives as well as negatives related to purchasing a place while you’re still in your 20s.

“For most young adults with salaried positions who are ready to settle down, buying a home is a much better alternative than renting indefinitely. You don’t want to set your course based on some economic forecast that could be all wrong,” says Fred Meyer, a Massachusetts-based real estate appraiser and broker.

Of course, there are some employment situations, such as military positions, that don’t lend themselves to the financial stability that’s important for those weighing the advantages and disadvantages of homeownership.

“You wouldn’t want to take a mortgage for a house that’s based on your current job if you know your boss is mad at you and could fire you soon. Also, you should wait to buy if you’re starting a new business that’s still unproven,” Meyer says.

Here are a few pointers for potential first-time buyers:

-- Do a sober assessment of your job stability.

Victor Hess, a certified financial planner, urges those planning to buy a first home to consider the nature of their employment before making any major decisions.

“Jobs aren’t permanent anymore, so it’s smart to play it safe with all major financial decisions, including buying a house,” Hess says.

“A successful company can always get bought out, resulting in extensive layoffs,” Hess notes.

Nor should government workers become overconfident about keeping their jobs, he says.

“Government jobs -- whether at the local, state or federal level -- are still somewhat more stable than are corporate jobs. However, due to our changing economy, you can expect more job cuts in this sector, too,” Hess says.

If you’re a doctor or lawyer with a specialty that’s in demand, you can almost always get another well-paying position quickly, he says. But those who don’t possess highly coveted skills should take a conservative approach when determining their affordability range.

Hess, who’s both a CPA and a financial planner, generally advises his home-buying clients to spend no more than one-third of their gross household income on mortgage payments. But he allows that this rule of thumb may not apply to those who have set aside the equivalent of at least six months’ worth of income in their savings accounts.

-- Don’t assume that your mortgage lender knows your budget limits.

Many would-be buyers emerge from their lenders’ offices with a big smile. That’s because the lender has preapproved them to borrow more than they’d expected.

But should you rely solely on your lender’s advice when deciding how much you can afford for housing payments? Absolutely not, Hess says.

“Since they work on commissions, mortgage lenders are motivated to push you to the highest borrowing limit they can,” he contends.

-- Seek a neutral advisor for planning help.

Financial planners and tax accountants are generally not in a position to judge your job stability. But many can provide perspective on the potential cash-flow implications of your home-buying plans.

Before you set out to shop for a home, Hess suggests you talk over the matter with an independent financial advisor who charges by the hour.

“I can’t imagine this taking more than two to three hours,” Hess says.

The financial adviser you choose should be able to calculate the tax benefits available to you through your mortgage interest deductions.

“It’s not uncommon for people to overestimate these benefits when they’re buying a home,” he says.

-- Be especially cautious if you’re moving to a new city.

Making a long-distance move to join a new company always comes with a degree of uncertainty. Will you like both the new area and the new job? And will the new employer want to keep you on?

Until some of these questions can be answered, Hess suggests you consider taking a rental unit for a few months rather than buying a home immediately. That way you reduce the risk that you’d have to resell the place quickly and at a possible loss.

“I’m a huge believer that homeownership is the right choice. Usually, renting doesn’t make financial sense. But when you’re relocating for a job and there’s some doubt that your new situation will work out, you may want to wait for six months to a year before buying that fancy house,” he says.

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

A Boston-area couple in their early 30s realized how persistence counts when it comes to homebuying in a desirable market. After a year of searching in vain the pair -- an architect married to a marketing specialist -- snagged a fair deal on a 1,200-square-foot duplex that opened onto a fenced yard.

“They were highly motivated to leave their rented apartment and buy a place with outdoor space for their golden retriever. They could have given up, but instead (they) hung in there. That made a world of difference,” says Rich Rosa, the real estate broker representing the couple.

Rosa says many prospective first-time buyers become easily discouraged, especially if they’re targeting a neighborhood where inventory is so scarce that multiple bids remain common. Indeed, the Boston couple were outbid four times before they prevailed with their fifth offer. Had they given up, as many renters do, they would have missed out.

“What’s the moral of this story? You’ve got to play to win,” Rosa says.

Affordability remains a huge challenge for young adults wishing to escape their rental units. But the severe shortage of available homes is a still bigger issue, says Rosa, who heads an independent realty firm.

“In the past, lots of older people sold their big houses and downsized after retirement. But these days that’s much less true. A surprising number of boomers are hanging on. They want the space for family gatherings or for grandkids to stay overnight,” he says.

Of course, there are some neighborhoods where more listings have been popping up in recent months. But for the nation as a whole, inventory is expanding at an exceedingly slow pace, according to economists at Realtor.com, the home listing service.

Though some discouraged renters have abandoned their pursuit of a property, others are looking to the coming spring market when buying conditions could likely improve. Here are a few pointers for hopeful first-time buyers.

-- Find a mortgage lender who will work with you.

Real estate specialists always advise first-time buyers to determine their mortgage borrowing capability before heading out to look at property. That way they won’t get their hearts set on a property that’s unreachable for them.

“Getting a mortgage is very tough for first-time buyers. Especially if you’re self-employed or have imperfect credit, you practically have to walk on water to qualify for a home loan,” says Tom Early, an Ohio-based real estate broker.

He says buyers should make sure a lender takes them through a serious preapproval process.

“What you’re looking for is a lender who will verify your employment, income and assets, plus your credit history,” says Early, a former president of the National Association of Exclusive Buyer Agents (naeba.org).

He encourages first-timers to meet face-to-face with a lender and spend up to an hour at that meeting to ensure all their questions are answered. Soon after this meeting, the lender should issue a “preapproval letter” that spells out their full borrowing capacity.

-- Craft a household budget before touring homes.

Prior to granting you a preapproval letter, your lender will likely ask about your major obligations, like payments on your credit cards and car loans. But chances are the lender won’t ask about your other obligations -- such as a commitment you’ve made to a religious or charitable institution.

“When your lender sets your borrowing limits, he doesn’t see the full picture. That’s why I suggest you do a personal budget before deciding how much to spend on housing,” Early says.

First-time buyers should also take into account the money they’ll need to get their property into move-in condition.

“It doesn’t matter how wonderful a house you buy, the odds are you’ll want to make it more to your tastes,” Early says.

Also, make sure you factor in your carrying costs for homeownership -- such as your energy bills.

“Preapproval helps you define your top limit on financing. But that’s just the beginning. You have to decide for yourself how much you’re comfortable spending. These days, almost all buyers stay under their borrowing ceiling,” Early says.

-- Always consider resale before selecting a home.

No matter how long you intend to live in your first home, Early says it’s smart to choose property that should be easy to sell.

“Think about the back end of your transition. Remember that someday that house will be on the market again,” Early says.

Keeping in mind your budget constraints, what features make a house marketable?

“Nowadays, buyers want multiple bedrooms, for a home office or space to pursue a hobby ... If possible, try to get a house with three or four bedrooms,” Early says.

What other features should you look for?

“Ideally, you’ll want a place with at least two bathrooms, or a minimum of a bath and a half. Also, remember that many buyers are strongly attracted to a large family room with a fireplace,” Early says.

Even more important, you don’t want to trade off the most important feature for resale: a prized neighborhood location. Well-rated schools, prime shopping and good roadway access are all features that help define a popular neighborhood.

“Never compromise on location. Through the years, you’ll be vastly happier owning an asset in a strong neighborhood. Even in economic downturns, property in strong neighborhoods holds its value better,” Early says.

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