A young Maryland couple -- an eye doctor and her accountant husband --have been renting a bungalow near her private practice for two years. As parents of a newborn girl, they’re paying $1,900 a month for childcare, which constrains their budget for housing. Even so, they’re spending more than that on rent.

Lately the pair have determined they’d be better off as homeowners than as renters. And they see no advantage in waiting to buy.

“In the suburb where we live, prices are on an endless escalator,” the doctor says. Also, our landlord is planning to sell his property. That means, even if we stay as renters, we’ll be forced to move. So, we feel an urgent need to buy a place soon.”

Of course, there are parts of the country where home prices are now slipping somewhat, including in some formerly overheated markets in Florida and Texas. But elsewhere, prices continue to rise due to relatively limited availability and general inflation.

A report by the National Association of Realtors (nar.realtor) says that about 90% of metro-area residential properties rose in value in the fourth quarter of last year. For buyers, such price gains represent a disappointing trend. But that’s not true for owners.

“Record high home prices and the accompanying housing wealth gains are definitely good news for property owners. However, renters who are looking to transition into homeownership face significant hurdles,” says Lawrence Yun, chief economist for the National Association of Realtors.

As Yun notes, the national median single-family existing home price climbed 4.8% in the fourth quarter to $410,000. Moreover, 32 markets, including the one where the doctor lives, are recording double-digit annual price appreciation.

Although motivated to soon make a purchase, the Maryland couple is nervous that they could overpay for a property in their chosen suburb, where prices soared during the pandemic. Due to the bidding wars common in the COVID-19 period, they note that several friends and relatives overpaid at the height of the market and now have buyer’s remorse.

“Overpaying is what we dread most,” the doctor says.

Here are a few pointers for purchasers:

--Seek out the internet for guidance -- but only as a starting point.

Several websites now provide free information on property values and can prove a valuable resource. One example is Zillow, which allows you to search data at either the property or neighborhood level. Another example is Redfin.

“These websites rely on publicly available data on housing transactions that have closed. The data (is) imperfect, but they take you to the right ballpark,” says Eric Tyson, a personal finance expert and co-author of “Home Buying for Dummies.”

-- Choose an established real estate agent familiar with your area.

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.

“For people intending to buy in an area with lots of look-alike houses, this process is pretty simple. It’s much tougher if every home there is custom-built,” says Tom Early, a past president of the National Association of Exclusive Buyer Agents (naeba.org).

In any case, your real estate agent should find at least three transactions that are roughly comparable. Then the agent should add and subtract value based on differences – such as size, number of bathrooms, etc. -- between the home you like and the others.

-- Factor local economic trends into your analysis.

Property values are always subject to change. That’s why you need to look beyond closed deals to see where values are heading.

“It’s highly unusual for home values to rise or drop in a matter of hours or days, the way stocks can do on Wall Street. Yet over time, local economic trends can make all the difference,” Tyson says.

In a community that’s heavily reliant on just one employer, a wave of layoffs at a local company could seriously hinder values in the surrounding area. On the other hand, values might rise in an area that’s expected to benefit from a school boundary change.

“Access to a top-rated high school, like one with a strong record for admissions to prestigous colleges, is a huge asset for many homebuyers with school-age kids,” Early says.

-- Seek out seller concessions if you’re in a strong bargaining position.

Though a shortage of available homes in some popular neighborhoods is pushing up home prices, there are always exceptions to the rule. For example, a plethora of properties might be available in a community with an above-average level of new-home construction.

“Suppose you live in an area with a number of big new subdivisions. With so many new units, sellers of older homes can’t be too arrogant about their chances to grab an inflated price for an older place, especially one that has upkeep issues,” Tyson says.

Often, sellers are much more willing to yield on valuable “concessions” than give way on price. This helps protect their pride.

“The top-line price is often what’s most important to sellers rather than the few concessions they must make. That’s because their pride is at stake when neighbors inquire about how well they did on their sale,” Tyson says. (To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

Rich Rosa, a Boston-area real estate broker, remembers well how eager homebuyers were to capture a property during the pandemic years, when mortgage rates were near historic lows.

“People were out every weekend going to every possible open house. It was a frenzy because you could afford a lot more house at 3% than 7%,” says Rosa, a past president of the National Association of Exclusive Buyer Agents (naeba.org).

Of course, not every eager homebuyer was able to acquire a property during the pandemic. Some of those wannabe homebuyers are still seeking ownership several years later, despite substantially higher mortgage rates.

“If you’re still sitting on the sidelines, I don’t know what you’re waiting for,” says Rosa, noting that home prices are steady or rising in popular areas, and few economists are forecasting any immediate drop in mortgage rates.

Still, Rosa contends there is some good news for those out on the home-shopping trail.

“The gradual increase in inventory works to your advantage. The winter is a good time to look for a house to buy, because you’ll face less competition from other buyers than you do in spring,” he says.

Though the news on mortgage rates isn’t encouraging, there’s potentially good news for buyers on the availability of unsold properties. That’s because an increasing number of properties are sitting unsold for longer periods, making owners more open to negotiating.

Homes are selling at their slowest pace since the start of the pandemic, as prices and rates remain elevated, according to a new report from Redfin, the national reality brokerage. According to the report, the typical home is now taking nearly two months to sell.

However, Jordan Hammond, a Redfin agent in Raleigh, North Carolina, cautions would-be buyers against the belief that they can lowball those who have unsold homes.

“It’s pretty clear that sellers aren’t slashing asking prices,” Hammond says.

Another reason for would-be buyers to avoid delaying is that rents are beginning to rise in many parts of the country. This is particularly true in metro areas where large employers are insisting that more workers return to the office full-time. Rents are increasing especially rapidly for single-family houses and more slowly for apartments.

“Right now, more multifamily units are hitting the market than at any time in the past 50 years, but detached homes aren’t seeing the same surge in construction,” says Skylar Olsen, chief economist for Zillow, a national realty firm.

Here are a few pointers for first-time buyers aspiring to a successful purchase:

-- Think of mortgage preapproval as your passport.

Before the Great Recession of 2008, qualifying for a mortgage was extremely easy. Few documents were required. But that era -- and the wave of foreclosures it ushered in -- is long gone.

“Property sellers are a lot more nervous about the financial viability of their buyers. They want proof you have the resources to close a deal. That proof comes in the form of a preapproval letter from a reputable lender,” says Michael Crowley, a real estate broker in Spokane.

Obtaining mortgage preapproval also helps ensure you won’t waste precious time visiting properties that are over your price range.

-- Try to buy into the strongest neighborhood you can afford.

Most young buyers confront financial limits when purchasing property. Still, Crowley urges buyers to reach for the most desirable neighborhood in their price range.

“If there’s one certainty that remains in real estate, it’s that location still overtakes all other factors to determine the ultimate value of any given property,” says Fred Meyer, a longtime real estate appraiser and broker in Massachusetts.

Even if you can capture a bargain price, choosing a big house in a weak neighborhood is the equivalent of buying a imitation-gold wedding ring.

Though it’s taking longer now than it did during the pandemic for nearly all residential listings to find buyers, better properties are selling relatively faster.

“Before you pick a neighborhood, ask your buyer’s agent about median selling times in the area. Communities that are coveted now are more likely to retain their value in a downturn,” Meyer says.

-- Look for red flags about a neighborhood’s future.

A few positive indicators make it obvious which neighborhoods have a bright future. These include areas with well-ranked public schools and popular recreational amenities, like a community pool. Other signs of strength include easy access to quality public transportation, like a widely used light-rail system as well as quiet streets with little cut-through traffic.

“You never want to be too close to an interstate highway. And you never want to pick a house near a junkyard or a landfill,” says Ron Woodall, a Texas-based real estate broker.

He cautions against a neighborhood bordered by blighted buildings. For instance, you should avoid property near stores that have gone bankrupt or closed.

“A house surrounded by a lot of vacant land is a risk, too, unless it’s part of a nature preserve. Look into present or proposed zoning to make sure the vacant land is slated for positive developments,” Woodall says.

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

An investment analyst in Miami is keen to sell the one-bedroom condo he bought in March 2020 right after the pandemic hit. At the time, he was single and giddy about leaving his dreary New Jersey neighborhood for remote work in Florida and a more relaxed lifestyle.

But much has changed since then. His New Jersey firm now opposes remote work and insists he report to its central office every business day. Also, the man has married, and his wife is pregnant with their first child. So, he’s decided to put his condo up for sale, though he’s nervous about his chances for strong results.

Robert Reffkin, the CEO of Compass Real Estate, a national realty brokerage, doesn’t know the analyst in this true story. But he says some properties in Florida and Texas, including older condos, are now harder to sell in the post-pandemic period. That’s because values in those states rose more during the pandemic than elsewhere in the country, and they’re now slipping somewhat as more inventory becomes available.

Danielle Hale, senior economic research analyst for Realtor.com, the home listing company, notes that although sellers are still in a strong position in many regions of the country, nationwide the median listing price is currently 2.2% lower than it was 12 months ago.

Still, real estate pros caution against pessimism for condo sellers. One major factor involves demographics. Baby boomers, the oldest of whom are now in their late 70s, are becoming ever more interested in the sort of one-level living most condo-apartments offer.

“For owners who wish to unload an apartment, the aging of America is on your side,” says Mark Nash, a longtime real estate broker and author of “1001 Tips for Buying and Selling a Home.”

Here are a few pointers for condo sellers:

-- Seek to make your condo more marketable.

Mary McCall, a real estate broker in Tampa for Re/Max, says it’s critical for the owners of older condos in her area to face reality when attempting to sell. They must acknowledge that, because Florida is now more prone to severe hurricanes, property insurance costs there have risen dramatically.

While owners can do little about natural disasters or structural problems with their buildings -- such as the absence of an elevator in a multistory structure -- they can do a lot to improve the appearance of their condo.

“By updating worn linoleum countertops to quartz or granite, you can make a world of difference in salability. Also, new contemporary light fixtures are affordable improvements,” says McCall, a past president of the Residential Real Estate Council (crs.com).

-- Price your property accurately from the beginning.

It’s easy for condo owners to fall into the trap of trying to test the market with the price their unit could have achieved during the pandemic when property was in shorter supply.

“You need to look at condo sales that have occurred within the last six months and the more recent, the better. Prices fluctuate ... depending on supply and demand,” McCall says.

She points out that it’s much better to hit the right price from the beginning of your listing rather than to take price cuts later, after your condo has languished on the market for multiple days.

“Testing the market with a high price is often a failed strategy because your listing can easily become stale,” she says.

Is the condo you’re planning to sell located in an area with a lot of new construction? If so, you’ll need to take this into account when setting your price.

“If you try to push your price in an overbuilt area, your unit will just sit there. People just won’t even look at your condo no matter how great,” Nash says.

-- Request a “broker’s open” for agents throughout your area.

Of course, not all condos are tough to sell. Every region has neighborhoods that are consistently popular, says Dorcas Helfant, former president of the National Association of Realtors (nar.realtor).

“There are always niche condo markets with special cachet and almost no turnover,” Helfant says. These include complexes in popular metropolitan centers, along with those that feature extraordinary views or beach access.

But even if your condo is located in a building where demand is steady across time, you’ll want to ensure that it comes to the attention of serious buyers. That way you increase your odds of getting a strong bid or even multiple offers.

To compete with rival units in your complex, Helfant recommends you ask your listing agent to stage one or more “broker’s opens” at your condo. These are open houses to which real estate agents throughout your general area are invited. They typically feature food, entertainment or both.

“No matter what kind of real estate you’re trying to sell, you need buyer traffic. If your condo looks great and gets exposed to many agents, they’ll spread the word and bring their clients by,” Nash says.

As he notes, broker’s opens can be especially valuable to sellers in condo buildings where the supply of unsold units exceeds buyer demand.

“Most buyers trust their agents. If the agent likes a condo and knows it shows well ... he’s more likely to recommend a showing to his clients. You want such serious buyers coming through, not just the kind of curiosity seekers who often visit public open houses,” Nash says.

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