A married couple in their mid-60s own a classic all-stone Georgian house in a desirable suburb of Philadelphia.

The property has skyrocketed in value. But as they contemplate retirement, the pair feel ambivalent about whether to renovate in order to age in place or sell the house.

“This is a big, emotional decision. We’ve been here more than 30 years. To say we love the place is an understatement. The truth is, we really want to stay here for big family gatherings and to take our last breath here,” says the husband.

Yet keeping the house indefinitely has huge downsides. Though the 3,500-square-foot place has five bedrooms and an equal number of bathrooms, all are on the second and third floors. What’s more, the laundry is in the basement.

“Stairs are very problematic for me. I’ve had one knee replacement already and expect to need another one soon,” the husband says.

What would it take to make the house suitable for an elderly couple? At the minimum, they would need a first-floor bedroom with a walk-in shower and grab bars. This first-floor suite could incorporate a washer-dryer combination.

To determine the feasibility of this addition, the couple has already hired an architect, paying him $11,000 for construction-ready plans. The architect estimates that in their high-cost area, the cost of building the 500-square-foot addition would be at least $250,000.

This cost estimate so shocked the couple that they put their expansion plans on hold.

“Meanwhile, we’ve been touring retirement communities. They’re also expensive, but offer the advantage of one-level living with sociability and group activities. Frankly, we don’t know whether to move or improve,” the husband says.

Patrick Harwood, a longtime real estate agent with Compass, a large real estate brokerage, doesn’t know the couple in this true story. But he says there’s no one right answer for owners comparing various post-retirement housing options.

“Some of my clients have renovated their houses only to reverse their plans and move to Florida or Arizona for better weather. Some pick a destination near grandchildren. Others stay put because of the comfort of their current home. Still another segment is weighing an international move,” Harwood says.

Here are a few pointers for those considering post-retirement scenarios:

-- Look for a location that feels right to you for positive reasons.

As they approach retirement, many people focus solely on the annoyances and aggravations they’ll escape once they’re liberated from their job. But others wish to reinvent their lives in an exotic location and should research their options before they move.

“Give yourself permission to explore all the possibilities that interest you before making a decision,” says Lin Schreiber, a certified life coach who specializes in retirement.

-- Think twice before moving to a place with a strong homeowners association.

Schreiber thought she wanted to live in a new custom-home community surrounding a man-made lake. She bought a “dream house” there and assumed she’d stay there for the rest of her life.

But after just three years, she was so rattled by the strong neighborhood association that she sold the property and moved to a less fancy part of town, buying a modest townhouse with friendly and easygoing neighbors.

Looking back on that experience, Schreiber wishes she had investigated further before buying into the lakeside community, where neighborhood leaders proved bothersome and intrusive.

“People there were always quibbling over small disputes about the appearance and operation of the community,” she recalls.

Though she allows that some people appreciate a strict neighborhood association that can help protect their property values, she says others find life in such a community unpleasant.

Schreiber urges those making a major housing transition to ask questions about the internal culture of a community before they buy a home there -- to ensure that it’s in accord with the lifestyle they have in mind.

-- Don’t let grown children make decisions for you.

Lots of seniors approaching retirement have children in their 20s, 30s or older. They vary widely on the role they would like their children to play in the next phase of their life.

Those who want their adult offspring to play a major role in their lives are likely to be happier moving to a property with enough bedrooms to accommodate family during overnight visits. But those who wish to discourage family members from lengthy stays -- or from moving back home -- might prefer a small condo with just one or two bedrooms.

-- Give yourself plenty of purging time before you downsize.

It’s rare for owners who’ve lived in a property for many years to approach retirement without a house full of material possessions, says Eric Tyson, a financial writer and author of “Personal Finance for Dummies.”

The problem is that to successfully sell their property and fit into a smaller place, nearly everyone must cull through their possession, reducing the overall quantity. This is a process that can take weeks -- or even months -- to accomplish.

“Trying to let go of a house jammed with too much furniture and knickknacks is the kiss of doom for people who want to maximize the proceeds from a house they’re selling,” Tyson says.

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

America isn’t just full of wannabe first-time homebuyers. It’s also full of owners eager to move to better quarters.

The reasons owners wish to move vary widely. Many young families seek more living space. Meanwhile lots of seniors wish to trade a big family home for one near their grandkids. A third category of owners want a place suited to a different lifestyle.

Take the case of Rich Harty, an independent real estate broker in the field since 2008. Harty and his partner would love to trade their renovated 3,500-square-foot rancher on a half-acre for one with substantially more land.

“We are squeezed on three sides by other houses. We’d have a lot more privacy if we lived on a couple of acres,” Harty says.

But like many potential move-up buyers, Harty and his partner have mixed emotions about moving now, given the realities of the current market. One factor is that mortgage rates have yet to fall despite expectations set by the incoming administration.

“The 30-year mortgage we got during the pandemic is fixed at just 2.6%. We refuse to give that mortgage for one more than double the price,” Harty says

One potential advantage for would-be house traders is that available properties are far more plentiful than during the pandemic, when bidding wars were the norm in many popular areas.

Sabrina Speianu, economic data manager for Realtor.com, the home listing service, reports that in many U.S. neighborhoods, buyers are gradually gaining more leverage, given the rising stock of available properties. But, of course, house traders are also sellers.

Juggling both a home sale and a purchase at the same time can be especially tricky.

“It’s extremely important to sequence your transactions well,” Harty says.

Here are a few pointers for potential home traders:

-- Crunch numbers on the math of moving up.

There are several ways you could take advantage of the current real estate market to find a happier housing situation. One is to move to a more spacious place. Another is to make a “lateral move” to a home roughly the same size, though in a neighborhood that gives you better schools or a shorter commute.

“As trade-up sellers, you should do very well, given the huge demand for starter homes in coveted areas. And on the buy-side, you won’t be facing quite as intense a level of competition as purchasers at lower tiers of the same market,” says Mark Nash, author of “1001 Tips for Buying and Selling a Home.”

Inertia is one reason many owners are failing to put their properties up for sale. Surprisingly, some continue to procrastinate simply because of the daunting chore of prepping their property. For example, they might be holding back because they can’t seem to face the challenge of sifting through the vast amount of clutter they’ve accumulated in order to make their property presentable for sale.

“If the time is right to trade up and you can afford it, don’t let disorganization cause you to postpone the joy of a happier housing situation,” Nash says.

-- Investigate your home’s true market value.

As always, a few real estate agents might try to flatter you into hiring them by suggesting your property is worth more than it truly is, says Dorcas Helfant, a Coldwell Banker broker-owner and former president of the National Association of Realtors.

“You don’t want a wishful-thinking answer about your home’s value. You want an agent who is tactful but calls it like it is on pricing. That’s because even after discounts, accurately priced homes ultimately go for more than those that are overpriced at the beginning,” Helfant says.

One way to increase the odds of finding a realistic listing agent is to interview at least three prospects before making your selection. Ask each to do a “comparative market analysis” on your property, using recent data from like home sales in your neighborhood as a basis to set the appropriate list price.

“Watch out for any agent who comes in with a proposed list price way above the other agents you’ve surveyed,” she says.

-- Include your career plans into any purchase decision.

Economic forecasters, who are typically even less reliable than meteorologists, differ widely in their views on how long the country’s current economic situation will last.

No matter the economy’s trajectory, real estate specialists caution against buying a trade-up property with the intention of selling it in just a year or two.

“Truth be told, you’ll probably need to hold your new property for at least three to five years to come out ahead. Otherwise, the transaction costs involved in selling, buying and then moving could eat up any potential profits,” Nash says.

On the other hand, if you anticipate holding the trade-up property for a lengthy period, this could be a favorable time to go through with the transaction.

-- Free yourself of unjustified fears that sabotage your housing plans.

Veteran investors often cite an old adage when it comes to making money in any market: Buy low and sell high. Granted, very few homes are now as deeply discounted as they were in the aftermath of the Great Recession.

Nevertheless, Nash reminds owners who wish to sell and then trade up that it could be a mistake to delay fulfillment of their plans in hopes of awaiting a utopian situation, such as sharply lower mortgage rates or steeply falling home prices.

“It’s worth remembering that for those with a pent-up desire for better housing, there are psychological costs of deferring your plans indefinitely,” Nash says.

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

A married couple of hotel managers in Reno are extremely motivated to buy their first home. They won’t settle for less than four bedrooms, a three-car garage and a spacious kitchen. Plus, they want an impressive mountain backdrop.

“We’re already in our 40s, and have built up lots of savings for a down payment. We’re ready to move this spring for sure. Still, we refuse to fall for an overpriced house,” the husband says.

Though they’ve never been homeowners in the past, the pair are hardly naive about real estate values.

“In Nevada especially, values remain in turmoil due to the lasting impact of the pandemic, which hurt employment badly. But we want a fair deal on an exceptional place ... without becoming house-poor,” the husband says.

The hotel managers are like many would-be homeowners who’ve been waiting on the sidelines for a lengthy period in hopes of falling mortgage rates. Rates remain higher than they’d like, yet they’re still determined to soon actualize their plans.

Skylar Olsen, chief economist for Zillow, the national realty firm, doesn’t know the hotel managers in this true story. But she says they’re typical of many would-be buyers who’ve resolved to make a purchase next year.

“Buying a home in 2024 was surprisingly competitive, given how high the affordability hurdle became. More inventory should shake loose in 2025, giving buyers a bit more room to breathe,” Olsen says.

The expectation of rising inventory means that buyers should gain more bargaining power in coming months. That’s why it’s more important than ever for purchasers to educate themselves on home values in their local marketplace.

“It’s obvious but worth remembering that smart homebuyers should always look into pricing trends in the neighborhood they’ve chosen,” says Eric Tyson, author of “Personal Finance for Dummies.”

Here are a few pointers for buyers:

-- Never forget that all housing market trends are local.

“To estimate home values properly, you have to go neighborhood-by-neighborhood,” Tyson says.

Indeed, houses could be worth a good bit more in one pocket of a neighborhood than another, due simply to differences in, say, housing styles.

A basic knowledge of property values in the specific section where you plan to buy will allow you to craft an offer linked to the local market, thereby reducing your odds of paying too much.

-- Consider free websites, but as a starting point only.

Several free sites provide information on property values and can prove a valuable resource. One example is Zillow.com. Another is redfin.com, which is offered by the national realty firm bearing its name.

“These sites are a great beginning point. At least they can get you into the right ballpark on price,” Tyson says.

But keep in mind that websites are no substitute for guidance from an astute real estate agent with an in-depth knowledge of the local turf.

-- Look to your agent’s database for clues.

The classic method used by real estate professionals to reach an estimation of value for a property is known as a “Comparative Market Analysis.” This technique is grounded in data on recent sales of similar homes to the one being judged.

“If you’re seeking a property in a community with lots of look-alike houses, these comparisons should be quite straightforward. It’s much tougher if most homes in the area are custom built,” Tyson says.

In any case, your real estate agent should find at least three transactions that are at least roughly comparable. Then the agent should add and subtract value based on differences between the home you like and the others.

Real estate pros are the first to admit that their judgments on the value of any given property are based on more than statistics.

“Anyone telling you that valuing property is a perfect science doesn’t know what they’re talking about. Assigning value is absolutely a judgment call. For instance, a house with great curb appeal and beautiful landscaping could be worth more than a very plain house with the same square footage,” Tyson says.

-- Investigate neighborhood economic trends before you bid.

At a time when real estate markets are relatively volatile, you need to look beyond closed deals to see where values are heading.

“It’s unlikely that home values will rise or fall suddenly in any given neighborhood, the way stock prices fluctuate. But across time, local economic factors can have a huge impact,” Tyson says.

In a town that’s heavily reliant on a single employer, for example, a surge in hiring could significantly impact home prices.

“School quality is especially important to many purchasers. One example could be a neighborhood that’s been redistricted into a top-rated high school. In this case, the redistricting could put extra money in the pocket of sellers,” Tyson says.

-- Factor inventory levels into your analysis.

At present, some highly desirable neighborhoods still have a shortage of available properties. That means demand for housing there is likely outstripping the availability of homes.

Because the supply-demand level has everything to do with your buying power as purchasers, it’s wise to stay abreast of inventory levels throughout your search period.

“Before you close on a purchase, make sure you check and recheck your local inventory numbers,” Tyson says.

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