A 38-year-old New York City man became flush with cash after his tech firm was sold, yielding him a huge bonus. He’s been looking for a posh condo in a fancy neighborhood since last September, but he's in no hurry to choose a property.

“The COVID gold rush for property is over. The market is normalizing, and buyers now have a lot more leverage with sellers than they did before,” says Margaret Lebenson, the real estate agent representing the tech worker.

As a first-time buyer, the New York tech worker has a long list of wants and needs. He’d like a fully renovated unit in a building with a rooftop terrace, located near a convenient running trail. He also wants a place with at least two bedrooms and two baths.

Many factors are beginning to favor buyers in the current market. Mortgage rates haven’t fallen as purchasers had hoped, and prices remain high in most popular metro areas. But the volume of available listings is gradually increasing, giving buyers a wider array of choices.

“Sellers are definitely more accommodating to buyers now, which makes home shopping a lot less anxiety producing. Sellers are more willing to compromise on price and terms. Consequently, some buyers are now digging in their heels, saying, 'I’m not going to spend one dime more than my initial offer,'” says Lebenson, who works exclusively with first-time buyers.

Of course, buyers must consider the reality of high mortgage rates. Also, they must assume that, due to climate change, the cost of homeowner’s insurance is expected to rise steeply.

“These days, many buyers are cautious about how much they can afford, and I appreciate that approach,” Lebenson says.

Here are a few pointers for first-time buyers:

-- Find a mortgage lender to help define your spending constraints.

Experts on real estate always advise first-timers 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. This is especially important during a period of stringent lending standards.

“Getting a mortgage is as tough as I’ve ever seen it for first-time buyers. They practically have to walk on water now to get a home loan,” says Tom Early, a past president of the National Association of Exclusive Buyer Agents (naeba.org).

He says purchasers 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,” Early says.

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

-- Seek a fixed-rate mortgage rather than an adjustable one.

Of course, many first-time buyers view their initial purchase as a stepping stone to a larger home. These buyers may intend to remain in the place no longer than five years before moving to a better one. That would seem to justify taking an adjustable-rate mortgage (ARM) with a low initial rate that won’t adjust upward for several years.

Still, years of experience have convinced Early that all buyers should hedge against the uncertainty of a longer-than-expected stay by selecting a fixed-rate loan.

"As an old-timer in the real estate field, I don't consider current mortgage rates especially high now. But they could always go even higher in the future. That's why it's unwise to take on the risk of still higher rates by accepting an adjustable-rate mortgage," Early says.

A traditional fixed-rate mortgage is especially advantageous during uncertain economic times.

“Unlike in Europe, fixed-rate mortgages are one of the substantial consumer benefits we have in this country,” Early says.

-- Always factor in resale when selecting a first home.

Regardless of how long you intend to live in your first home, it’s smart to pick out a property that should be easy to sell when it’s your turn to do so.

“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 are ideal when choosing a house that’s very marketable?

“If you can afford it, always try to buy a place with plenty of bedrooms. Nowadays, buyers want multiple bedrooms -- for a home office or space to pursue a hobby like crafting,” 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 family room with a fireplace that’s big enough for a very large screen TV,” 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, Early says.

“You never want to compromise on location. That’s because a strong location is the one absolute element you can count on to help sell a home,” he says.

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

Contrary to the expected dip in home values this year, prices are on the upswing in most metro areas. Price gains are especially strong in ritzy neighborhoods.

“Astonishingly, greater than 90% of the country’s metro areas experienced home price growth despite facing the highest mortgage rates in two decades,” says Lawrence Yun, chief economist for the National Association of Realtors.

Of course, there are exceptions, notes Glenn Kelman, CEO of Redfin, the national realty brokerage based in Seattle. Such outliers, he says, include Texas and Florida, “where houses are cheaper to build.”

More wealthy owners of high-end homes are now seizing the opportunity to take advantage of their growing equity, thereby allowing them to make a long-desired move.

“Significant life changes can contribute to a major move,” says Rich Harty, the broker-owner of an independent realty firm in the Chicago area.

He tells the true story of one client, a divorced woman of 70, who raised more than $2 million by selling her contemporary property set on a full acre in the swank Chicago suburb of Oak Brook. The sale allowed her to buy another large place closer to her two grandsons, ages 7 and 11.

“She’s a professional grandmother, and the boys mean everything to her,” Harty says.

Are you contemplating the sale of a home at the high end of the price scale in your community? If so, these few pointers could be of use:

-- Set your asking price cautiously.

“Just as all politics is local, all real estate is ultimately local,” says Eric Tyson, a personal finance expert and co-author of “Selling Your House for Dummies.”

If your place is located in a prestige area, you can be more confident of strong pricing.

“You’ve got to get intelligence on the ground specific to your neighborhood,” Tyson says.

He recommends you gather pricing opinions from at least three real estate agents who have a mastery of your market. Also visit other properties for sale in your same community to compare pricing and features.

“No matter your market, you never want to overprice on the basis that you could test the market, because buyers won’t be fooled. But you might wish to come in a notch below current market value if you need to sell quickly,” Tyson says.

-- Resist the urge for expensive presale upgrades.

Ronald Phipps, a real estate broker since 1980, underscores the importance of cleaning, decluttering and repainting to make the most of your sale. But you’re unlikely to need major upgrades for a successful sale.

“When picking home improvements, you want to be pragmatic and practical,” he says.

What commonly happens is that owners try to recoup the cost of excessive presale improvements by demanding too high a price. Because of that, their property will likely languish unsold for a lengthy period until they take a price cut.

-- Ask your listing agent for a checklist of suggested changes.

Real estate specialists divide home sellers into two categories: Those who refuse to spend any money for presale improvements and those who spend excessively or misappropriate their dollars.

“Before you sell, the key is to distinguish between changes that give you a big bang for your buck and those that simply represent money burned,” Tyson says.

To come up with a focused plan for presale improvements, he urges sellers to ask their agent for a written checklist.

Tyson also suggests that sellers consider selecting an agent trained in the art of “staging” a home. Skillful stagers know how to make a home look appealing to potential buyers.

-- Forgo plans for a presale addition.

For most sellers, it’s not cost-effective to knock out walls to build an addition.

Tyson says those who attempt a presale addition rarely recoup more than 50% to 60% of the money invested. What’s more, any construction project that involves the removal of walls can be very stressful and time-consuming.

-- Restrict your upgrades to your neighborhood’s standards.

As your listing agent will likely tell you, your kitchen is a high-priority area when it comes to pre-sale improvements. If it’s a turnoff to buyers, many will pass on your place.

“But in your kitchen -- as elsewhere in your house -- the idea is to meet and not exceed neighborhood standards,” Tyson says.

For example, you may need to replace an aging refrigerator in your kitchen. But replacing it with a basic refrigerator should be fine, unless your neighborhood’s homes are all equipped with high-end, professional quality appliances.

-- Sharpen your focus on your home’s exterior.

The landscaping around your place is like the frame around a painting. It defines the entire image of the home. But upgrading your landscaping need not be costly, assuming you’re resourceful.

“You’ll want to trim your shrubs, and you’ll absolutely want to remove dead plants. A dead plant is a real turnoff,” Tyson says.

For replacement plants, he suggests you turn to a local nursery for free guidance on plant selection and design. Or look to a helpful neighbor with a green thumb.

Most sellers can dramatically improve their “curb appeal” by cutting back or replacing any overgrown shrubbery that shrouds their place. But no matter how majestic your property, you won’t need to install exotic plants or dazzling fountains to make it sell.

“Ripping out your whole landscaping plan and starting over is almost never called for. When it comes to your yard, you can greatly improve its looks for relatively little money,” Tyson says.

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

The new statistics on home appreciation are stunning. Residential property prices have risen 6.4% year over year, according to the highly regarded S&P CoreLogic Case-Shiller home price index.

The numbers are all the more remarkable because prices nationally registered a slight drop last year.

“Following last year’s decline, U.S. home prices are at or near all-time highs,” says Brian Luke, who oversees the S&P index.

Indeed, home values have risen so high that 38% of current owners believe they couldn’t afford to buy the property they’re currently living in. That’s the finding of a new report from Redfin, a national realty brokerage based in Seattle.

As Redfin notes in its report, the median U.S. home sale price has doubled in the last 10 years, shooting up 50% in the last five years alone.

There’s a big generational divide in terms of property ownership, says Fred Meyer, a longtime real estate broker and appraiser in Cambridge, Massachusetts.

Meyer bought his Victorian house near Harvard University for $45,000 in 1961. The place is now worth an estimated $3 million.

“Rising home prices are a double-edged sword. On the one hand, Americans who already own homes benefit from rising values. ... On the other hand, price appreciation makes the prospect of buying a new home daunting or impossible for many people who want to move,” says Elijah de la Campa, a Redfin senior economist.

Meyer urges renters to try to get on the first step of the housing ladder, even if that means settling for a starter home they could one day use as a stepping stone to a more spacious place.

“Long term, it’s much better to own a one-bedroom condo than to rent a two-bedroom place, assuming you buy the starter property with a fixed-rate mortgage. That way, you’ll steer clear of rent increases that could hobble your budget in the future,” Meyer says.

Are you a renter who is willing to compromise on your first purchase to gain a foothold? If so, these few pointers could prove helpful:

-- Nail down your affordability range before your property search begins.

“It’s a big mistake to head out on a random search without knowing just how much you could spend,” Meyer says.

There are many mortgage lenders who will ballpark your capacity to borrow for a home purchase through a mere phone call, so long as you give them permission to pull your credit score. But Meyer encourages you to schedule an in-person meeting with a locally based bank or credit union who will educate you on the buying process and approve you for a purchase.

“This conversation will ground you for your search,” he says.

-- Look for a neighborhood where properties are selling quickly.

Obviously, those seeking to buy for appreciation potential should avoid neighborhoods where many homes languish unsold for a lengthy time.

“You’re unlikely to experience eroding values in any area where homes are flying off the market,” says Merrill Ottwein, a past president of the National Association of Exclusive Buyer Agents (naeba.org).

How can buyers gauge the velocity of sales in an area they’re considering? He suggests they ask their real estate agent for statistics on “days on market” for homes sold in the area during the past two years or longer.

-- Consider pride of ownership.

Though sales statistics and census data speak volumes about a neighborhood, subjective information can be equally meaningful.

Ottwein encourages buyers to stroll through any neighborhood they’re considering, to look for signs that residents are committed to upkeep.

“Pride is not an intangible when it comes to real estate. It translates into carefully manicured lawns, fresh paint and the absence of such unsightly clutter as junk cars and beat-up building materials,” he says.

-- Don’t rule out an up-and-coming neighborhood.

Meyer says more Americans are becoming like Parisians in their preference for prime city and semi-city areas over communities deep in the suburbs. And that bodes well for values in popular metro areas.

“The outer concentric circles around metropolitan areas won’t appreciate as much in the future,” Meyer says.

One way to identify prime urban or semi-urban communities is to look at data from the U.S. Census Bureau -- available online -- which show where high-income people are living.

Why is a wealthier neighborhood a better bet for appreciation? Because over time, Meyer says, “rich areas tend to progress in value, while poor ones tend to regress in value.”

He advises buyers to choose the wealthiest neighborhood they can afford, even if that means picking one of the smallest homes there.

“Want good clues to a city neighborhood that should hold and gain in value? See if there’s a Starbucks nearby, pricey restaurants or an upscale department store. Those are very strong signals,” Meyer says.

-- Focus on resale potential when you buy.

Ottwein says more purchasers now view real estate as a durable good, like a car or a refrigerator, that’s purchased for its utility rather than appreciation. But he says all buyers should also factor in a property’s resale potential.

“A home is the ultimate price-sensitive purchase. Buy the way you would a growth stock. People who think only about lifestyle get hurt,” Ottwein says.

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