Struggling wannabe homeowners now have more reason for hope, given the dip in home financing costs.

“If this relief from mortgage rates continues, we should see more buyers restarting their hunt for a home,” says Skylar Olsen, chief economist for Zillow, the Seattle-based real estate firm.

Still, in many areas home sellers are in a less advantageous position than they were just last year. That’s why they’re not taking an easy sale for granted.

As Olsen notes, homes are lingering longer on the market, and even successful listings require longer to sell, due to a major increase in rival listings.

For example, in Denver, Pittsburgh, Indianapolis and Louisville sellers have lost their advantage. And Orlando -- along with other Florida metros -- has become much more buyer-friendly due to a sharp recent rise in listings in that state.

Rich Harty, an independent real estate broker in the Chicago area, says savvy home sellers face the reality of a changing market and adapt.

He cites the case of his clients -- entrepreneurs in their early 50s -- who are selling their 3,000-square-foot Tudor to buy a midcentury modern house with twice the square footage.

For this pair, selling the Tudor is a prerequisite to fulfilling their housing dream -- to create a mecca where they can host large gatherings of family and friends.

“These empty nesters are throwing caution to the wind to buy and renovate the much bigger place as their forever house,” Harty says.

To ensure that their sale of the Tudor goes through smoothly, the couple not only staged and decluttered the property, they also updated their paint colors throughout in accord with contemporary aesthetics.

“These days, so much is changing in tastes. For example, anything gray is absolutely gone, and that includes gray walls, window coverings and tile flooring. Warm, bright colors, tans, golds and whites have replaced all the grays that came in during the 1990s,” Harty says.

Maya Hyman, a Maryland-based real estate agent for the Compass realty company, agrees with Harty wholeheartedly about the disdain current buyers feel about gray.

“Particularly for young buyers, gray colors remind them of cloudy days, of prison cells and that sort of thing. What’s especially the kiss of death for buyers is gray flooring,” Hyman says.

Repainting over gray walls is just one design improvement that will make a property more saleable. Here are a few other pointers:

-- Rely on paint to update your place.

One sure bet for adding appeal to your interior is to repaint walls and trim throughout, says Ashley Richardson, a real estate agent affiliated with the Residential Real Estate Council (crs.com). She says you’re much more likely to appeal to buyers if you avoid repainting your rooms in the sort of bold tones some agents call “commitment colors.”

Instead, she urges you to pick muted paint colors in shades shown in the catalog of the Pottery Barn chain of home furnishing stores. You can obtain such a catalog by visiting the store’s website: potterybarn.com.

“Most buyers, regardless of their age, like Pottery Barn colors,” Richardson says.

-- Reevaluate your window situation.

If you’re an older owner who’s lived in your place for several decades, you may still be using window coverings acquired years ago.

Sid Davis, a real estate broker and author of “A Survival Guide to Selling a Home,” recommends you remove any old draperies you still have hanging. In most rooms it’s okay to have no window coverings. The exceptions are for windows in bedrooms and bathrooms that can be covered in simple white shades from a home center store.

Another key to bright, sparkling rooms is to thoroughly clean your windows.

Davis contends many people who are reasonably fit and don’t have unusually high windows can do this cleaning project themselves without hiring a contractor.

“The cost of buying window cleaning supplies is minimal, especially if you already have a ladder. In that case, all you’ll need is a painting extension pole, a squeegee and a bucket of water mixed with a little dishwashing detergent,” Davis says.

-- Remove your family photos.

There’s nothing that will date your place faster in the eyes of buyers than personal photos taken decades ago.

Davis says any personal photos can make it psychologically difficult for buyers to picture themselves living in your place.

“People of all ages want a fresh start when they buy a house. They lose this vision when they see all your memorabilia,” Davis says.

-- Refresh your bathroom lighting.

In their bathrooms, many older homes still feature Hollywood-style lighting with globes set on a chrome bar. But Davis says such fixtures seem especially stale to young buyers, who typically want something more stylish and less cliched.

“Look for bathroom lighting with a fresher, more current look,” he says.

-- Redo your front entrance.

Tom Early, who’s worked with hundreds of young buyers during his career as a real estate broker, knows which updates excite a positive response in purchasers. He says sellers who have a limited amount of cash to spend on upgrades should consider using it to beautify their front entrance, which will enhance the home’s appeal to buyers of all ages.

“You can get a good feel for how your entrance looks by walking across the street from your property,” says Early, a past president of the National Association of Exclusive Buyer Agents (naeba.org).

“If painting your door doesn’t make it look wonderful, spring for a new door. A wonderful front door shouldn’t cost you more than $1,000, and it’s worth every dime,” Early says.

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

The value of all U.S. homes is approaching $50 trillion -- exciting countless older Americans who can finally consider a range of fulfilling retirement scenarios they could now afford if they sold their houses.

Take the case of a 66-year-old accountant married to a therapist of the same age. The pair live in Milwaukee, but spend every free vacation day in Alaska, where they relish fishing, hiking and moose hunting.

“Since we bought our house in 1994, it’s quadrupled in value. The big pickup came during COVID. We still can’t believe our good fortune,” says the accountant.

Until recently, the couple assumed they’d simply age in place -- enjoying the comfort and familiarity of their lakeside contemporary. But their unexpected gain in value has given them new options. Their current dream is to exchange their Milwaukee place for a log cabin-style property in an Anchorage suburb near a nature preserve.

“We can’t wait to retire, sell the house and move to Alaska. But we think the window to maximize our sale and make this happy exchange won’t last forever. Plus, it’s obvious we’re not getting any younger,” the accountant says.

The accountant points to recent changes in the housing market. Mortgage rates, though unpredictable, have been trending downward lately. That’s encouraging more owners to sell and giving buyers more bargaining power. Meanwhile, listing prices are starting to fall in some metro areas, and more sellers are finding it necessary to make concessions.

“The rise in housing inventory is beginning to lead to more contract signings. Multiple offers are less intense, and buyers are in a more favorable position,” says Lawrence Yun, chief economist for the National Association of Realtors (nar.realtor).

But the Wisconsin couple are much less driven by economic data than by their emotional attachment to their lifestyle dream.

“We always ask ourselves, if not now, when could we ever make this Alaska move possible? At this stage of our life, this could be our last chance to make this big transition both in terms of our health and our finances,” the accountant says.

Stacy Berman, a longtime real estate agent in a Washington, D.C., suburb, doesn’t know the Milwaukee couple pining for an Alaskan log cabin. But she says an increasing number of boomer-age couples are just now tuning into the housing options their equity could give them.

“Until lately, many people who’ve owned their houses for 30 years or longer haven’t focused on moving. They’ve been stuck in place. What’s different now is that they’re starting to run the numbers, which opens their eyes to possibilities, like selling a house and moving out of state to live near the grandkids."

Here are a few pointers for boomer-age sellers:

-- Refuse to sell in “as is” condition.

Though equity rich, many older owners are relatively short on cash for presale repairs and cosmetic upgrades. Yet real estate specialists caution that skipping minor improvements can be costly to a seller’s net proceeds.

“Letting go of a house in poor superficial shape is almost universally an error, because most buyers, especially young buyers, can’t see past the surface problems,” says Eric Tyson, author of “Personal Finance in Your 50s.”

Tyson says cash-short sellers are typically better off taking a short-term loan to fund basic repairs and cosmetic improvements than letting them go.

Alternatively, you could consider using a low-interest-rate credit card or a traditional consumer installment loan from a community bank.

-- Acknowledge that minor kitchen renovations can pay off well.

“There are so many amazing things you can do in a kitchen for under $1,000,” says Sid Davis, a Utah real estate broker and author of “Makeovers That Sell.”

Among the worthwhile projects you might consider: adding new facings to your kitchen cabinets or sanding and repainting them in gloss white; replacing your floor tile; upgrading your countertops.

“It’s the most important room in the house for most homebuyers,” Davis says.

-- Redo your laundry room in minor ways.

“Laundry rooms are rising in importance for today’s homebuyers. The laundry room is no longer the afterthought it once was, especially in bigger and newer homes where they can get very fancy,” Davis says.

What are some inexpensive steps you can take to enhance the appeal of your laundry room? Davis recommends you consider hiring a carpenter to install built-in shelving. You can also repaint, replace worn flooring or upgrade the lighting in this area.

-- Realize the rewards of in-depth cleaning.

“(I)f people think your place is super neat, they’ll give you the benefit of the doubt. If it’s dirty, they’ll assume it’s ridden with hidden defects,” Davis says.

Are you unsure if your house meets the cleanliness standards required to satisfy the most fastidious of purchasers? Then Davis suggests you invite over one or more of your relatives and request a candid critique of areas that need further cleaning.

-- Complete your upgrades before putting your place on the market.

Some would-be home sellers who invest in cosmetic improvements assume there’s no need to wait until the work is done before inviting visitors in.

But Davis says showing your home as a work-in-progress can easily undermine your sale.

“When the contractors are still there with their drop cloths and ladders, people can’t picture just how good the finished product will be. Worse, they can’t envision themselves living there,” he says.

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

A couple of tech entrepreneurs living in Brooklyn are eager to trade up from the two-bedroom townhouse they rent. They’d love to stay in the same neighborhood, but yearn for more space to house their three toddlers.

“They’re feeling incredibly smooshed in that townhouse. They want to buy a place with at least four bedrooms for the family, plus a garage so they won’t have to fight for street parking,” says Margaret Lebenson, the buyer’s agent they engaged to assist in their search.

Like nearly all purchasers, the Brooklyn couple confront major affordability challenges. With the move, they anticipate high mortgage outlays, along with substantial property taxes, as well as more maintenance, insurance and renovation expenses.

“Everybody wants a house at least 10% over what the bank says they can afford,” says Lebenson, who’s affiliated with the National Association of Exclusive Buyer Agents (naeba.org).

Though this couple has begun house hunting, they’re tempted to delay any purchase until late fall in anticipation of substantially lower mortgage rates. Why? Because many economists now expect the Federal Reserve to drop its rates at its September meeting.

“Frankly, I wouldn’t blame them if they sat on the sidelines for just a few more weeks to get lower rates. I’d do the same if I were in their position,” Lebenson says.

Still, she’s advising the couple to lay the groundwork for a housing transition.

“If you’re sure you want to move in a matter of months, it’s not too early to get started now,” Lebenson says.

Here are a few pointers for would-be buyers:

-- Seek the backing of a reputable mortgage lender.

Most lenders go to great lengths to ensure that the loans they originate are solid. That means borrowers must be well prepared to respond to their lender’s request for documents.

“The lender should tell you precisely what documents you’ll need for mortgage approval,” says Sid Davis, a real estate broker and author of “A Survival Guide for Buying a Home.”

As proof of income, many lenders now insist on more than the customary pay stubs and W-2s. For example, they’ll likely ask for at least two years’ worth of tax returns. Also, they’ll probably want proof that the funds for your down payment have been in your savings and checking accounts for some time and weren’t borrowed from your aunt just last week.

In addition, a good lender will provide you lots of guidance on how to overcome hurdles, like rectifying errors on your credit reports.

The time you spend documenting your financial fitness to buy a home is well spent if the lender gives you a preapproval letter, a vitally important tool as you negotiate for a property.

“Another advantage of preapproval is that it helps you define your comfort zone on how big a mortgage you can afford,” Davis says.

-- Don’t rush into home selection.

During the worst of the pandemic, many neighborhoods were short on available properties. But inventories are now gradually rising, and more would-be sellers are expected to surface in the near future. That’s why buyers now have more time to be choosy.

“You want to be open-minded. But you also don’t want to look for a level of perfection that’s impossible, because every house has flaws,” Davis says.

Having more choices is a positive for buyers, but not if it promotes perpetual indecision. Those who find themselves delaying indefinitely may wish to work with an agent to formulate tighter screening criteria.

“Start with a list of maybe 10 or 12 houses in the best neighborhood you can afford. Then gradually narrow that list to a shorter one,” Davis says.

However, he cautions wariness of any agent who tries to convince you to buy a place that doesn’t meet your core criteria, no matter how favorable the price.

“If an agent pressures you, stop working with that person and find another one,” Davis says.

-- Seek homeowners eager to sell.

Tom Early, an independent real estate broker, says that there are always some “test-the-market” sellers who have no urgent need to move. But there are also highly motivated homeowners who must move due to a job relocation, a financial setback or divorce.

“If a property is vacant, it’s likely the sellers are eager,” Early says.

Even if the home isn’t vacant, there are ways to assess the sellers’ level of motivation. Early says many owners and their listing agents are remarkably frank.

“You don’t need to pry, just ask why they’re moving, and they’ll open up,” Early says.

-- Don’t postpone a purchase beyond what is realistic.

Fear is a powerful factor that can stop people from realizing their home-buying plans, even when logic tells them to go forward.

Of course, there are legitimate reasons to postpone. Perhaps you have evidence your employer will soon begin a round of layoffs or that your spouse’s job is vulnerable. And it's not unreasonable to delay in anticipation of lower mortgage rates.

But absent such concerns, and assuming you’re sure that buying the right home is a good move for you from financial and personal perspectives, there’s no point in ruminating over what could go wrong, Davis says.

“[I]f your dream is to own a home of your own -- one where you could paint the family room lavender if that’s what your heart desires -- you might kick yourself later if you let worry stop you indefinitely,” Davis says.

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