A retired couple in the Miami suburb of Kendale Lakes have lived in the well-liked Florida town for more than 20 years. They decided to sell three years ago, but with no time pressure, they procrastinated.

“We shoulda gone on market during the pandemic. Miami was a boomtown then for finance people trying to escape New York City. But we let that moment slip by, and we’re sorry we did. Values here hit their peak in mid-2022,” says the wife.

The couple remain determined to move to Cincinnati, where three of their four grandchildren live. That’s why they finally attempted to sell their Spanish-style stucco house this past summer, but to no avail. A $25,000 price drop didn’t move the property.

“After months with no offers, we went ahead and delisted our place last week, calling our real estate agent to postpone. The idea is that when we go back on the market, we want to update and freshen the house, which was built way back in 1981,” the husband says.

But the couple, both in their 60s and heavily reliant on Social Security, have limited cash. What’s more, they differ on which presale expenditures would pay them back with higher proceeds at the closing table.

Both agree that the kitchen should be the focus of their upgrades and that the worn linoleum flooring in that room must be torn up and replaced with new luxury vinyl planks. But while the husband argues for brand-new kitchen cabinets, the wife thinks it would suffice to simply replace the cabinet doors.

“Gutting the whole kitchen would be overkill and excessively costly. You’d be lucky to get 30% to 60% of your expense back for this,” says Stacy Berman, a Maryland real estate agent.

The Miami couple are hardly the only potential sellers vexed about how to cope with the current softness of the real estate market where they live. Other soft markets include parts of Texas and Colorado, among others.

According to an analysis by economists at Redfin, the national realty firm, sellers are retreating in large part because buyers are nervous now due to the state of the economy and stubbornly high mortgage rates.

Carlos Castillo, a Redfin agent in Los Angeles, doesn’t know the Miami retirees. But he cautions that owners in their position should limit their upgrades so as not to overprice their property.

“Sellers have to price their homes very reasonably to attract interest,” says Castillo.

Here are a few pointers for home sellers:

-- Reach out to three real estate pros for insights.

Mark Nash, a longtime Chicago-area real estate broker and analyst, says that before they commit to any remodeling projects, it’s wise for sellers to discuss the work they’re considering with real estate people who know their area.

He recommends you contact three local agents for advice on which home improvement projects are truly worth the expense. Most well-established agents will visit your house and advise you, even if you don’t intend to sell for another three to five years.

“Good agents are in their field for the long-term. They’re not just looking for a quick sale,” Nash says.

As an added benefit, he notes that many agents maintain a database of reliable contractors.

“They’ll help you find people who will do your projects smoothly, within your budget and on time,” Nash says.

-- Identify neighborhood norms for your area.

Julie Tuggle, a North Carolina real estate broker since 1985, says current buyers won’t pick up the tab for any renovation work that raises a property above neighborhood standards.

“Never underestimate the know-how of house hunters. They work the internet constantly and know exactly what homes in your neighborhood are going for. Forget seeking to trick them into overpaying for a property that exceeds local norms,” Tuggle says.

What sort of upgrades constitute “over-improvement”? For example, you wouldn’t want to install high-end, designer light fixtures in a neighborhood of starter homes. Likewise, you wouldn’t want to construct a three-car garage in a neighborhood where most houses have no garage at all.

-- Call off projects that prove too expensive.

If you think your contractors are going over the top, it’s better to stop projects before they’re finished than to overspend on work that will cost much more than expected.

“For example, most buyers don’t care if they get super appliances in the kitchen or laundry room. It’s the basic house and floor plan they’re looking for and not high-end elements in every room,” Nash says.

As he points out, real estate agents often recommend the use of less expensive products than are suggested by contractors. For example, you don’t need to spend your money on top-of-the-line carpeting when a mid-level grade will do just as well. Or you might wish to opt for generic hardware in your kitchen and bathrooms rather than ultra-stylish hardware.

“It’s true that bailing out of work with a contractor can cost you a penalty. But doing so might still be the wise course if a project has become too ambitious,” Nash says.

-- Decelerate the renovation process to avoid costly mistakes.

As Nash notes, many sellers realize too late that a thoughtlessly executed remodeling program can hit their wallet hard. That’s why he recommends you write on an index card the basic elements of a well-thought-out plan. Then have that index card handy as a reference guide when contractors come over to do estimates.

“It’s far better to proceed thoughtfully than to rush headlong into changes that could push you over your budget,” he says.

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

A married pair of San Diego real estate brokers were in their early 30s in 2010 when they bought their first home, a tiny two bedroom with ample space for the couple and a price tag within their reach.

But within a few years, the pair had their first baby, followed by a set of twins. That’s when they began looking for a much bigger abode to accommodate their growing family, says Justin Gramm, one of the brokers who helped the couple find a home.

While it’s a good bet to make your first home one that could expand to fit your spatial needs for years ahead, he says that’s often impossible from a financial standpoint.

“The moral of the story is to always buy what you can when you can, yet be extremely careful about the property you select,” says Gramm, who heads San Diego-based Globella Buyers Realty, which works exclusively with buyers and takes no listings.

Ivy Zelman, a housing industry analyst based in New York, says would-be first-time buyers find the current real estate market even more challenging than did those trying to break into ownership a decade or two ago. One key factor is that house prices have barely moderated in many areas.

“I think the first-time buyer is really struggling. Mortgage rates have to come down meaningfully to make a difference,” says Zelman, who contends many novice buyers need rates as low as 4.5% to buy their first property.

One approach to saving on rates is to take a “mortgage-buydown” that’s offered by a homebuilder as an incentive to increase or hasten sales. In such a case, the homebuilding firm, using its own connections to select mortgage lenders, pays money upfront to lower the buyers’ mortgage rate.

To entice wannabe homebuyers facing income constraints, up to 70% of homebuilders are currently offering mortgage buydowns, Zelman notes.

Unfortunately, not all popular metro areas feature newly constructed homes that are reasonably convenient and affordable for first-time buyers. Therefore, the primary inventory in those areas typically involves resale properties.

Here are a few pointers for first-time buyers hoping to close a deal in 2026:

-- Look for a property with your future lifestyle in mind.

First-timers sometimes make the mistake of expecting to keep their property for just a few years before moving on.

But Tom Early, an independent Ohio real estate broker, strongly advises clients to buy with a time horizon of at least five years, due to the high transaction costs associated with selling one house and moving to another.

“These days, you can’t necessarily count on appreciation in home values to bail you out on transition costs if you wind up selling in just a couple of years,” Early says.

-- Avoid picking an oddball property.

“You don’t want to buy a contemporary in a neighborhood full of colonials,” says Mark Nash, author of “1001 Tips for Buying and Selling a Home.”

The problem with what Nash calls “the odd-man-out house” is that one day it could be hard to sell.

“Most people feel safer about their investment if the place they buy looks like all their neighbors’ homes,” he says.

-- Identify your priorities to better compare your housing options.

Since 1981, when Early entered the real estate field, he’s worked with several thousand buyers. Experience has taught him that purchasers who write down their priorities are less likely to err.

Before you go home shopping, Early encourages you to compose two lists. One should itemize “must-have” home features and the other -- a “wish list” -- should include features you could live without if trade-offs must be made.

-- Exclude the biggest house in your neighborhood of choice.

Some buyers are always tempted to seek out the biggest houses in a neighborhood. But Early explains that such a house is unlikely to gain as much value as an average-sized place in the same area.

Granted, the biggest house will likely appreciate, assuming it’s located in a popular area. Still, its owners will get less of a boost in value on a per-square-foot basis than will the owners of a smaller house, because the median home will set the standard for the area.

-- Avoid a fixer-upper with serious issues.

An increasing number of buyers are covering the cost of a professional home inspection to help identify potential defects in the property they’ve selected. Realtors generally support the involvement of independent home inspectors.

But agents also note that occasionally first-time buyers will go forward with a home purchase despite an inspector’s report that outlines worrisome faults.

Early says buyers who encounter major problems with a property-- such as trouble with the foundation or unsafe electrical wiring -- are often well-advised to simply walk away.

“You’ve got to let go emotionally of any house that’s a serious fixer-upper—unless you’re extraordinarily handy,” he says.

-- Slow down the property selection process.

As Early says, a good real estate agent will listen attentively to buyers when they express housing needs and preferences. The agent should also show diligence in pre-screening properties that seem well suited to the buyers’ needs.

But buyers should be wary of any agent who tries to pressure them to take a particular house—especially one they’re ambivalent about.

“The right agent is one who respects your time, your money and your priorities,” Early says.

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

For a married couple of Milwaukee schoolteachers, turning 62 opened the gateway to retirement and to collecting Social Security. But true financial liberation will also require them to sell the Cape Cod home where they raised their four kids.

“Truth be told, we’re done with all that home upkeep and child-rearing. Our dream now is to hit the road as van lifers. For that, we’ve already picked out a Winnebago Travato we like,” the wife says.

At this point in the real estate cycle, an increasing number of older Americans wish to cash out their houses to fulfill their bucket lists. But unlike owners in many metro areas who are delisting their property because it’s failed to sell, the couple in Milwaukee face better odds. Home values there are still rising slightly.

“We got a great deal on our house that we bought 27 years ago. We’re hoping to get about twice the price we originally paid. But even then, our place would be quite affordable. Also, the house is in perfect condition, due to all our upgrades,” the wife says.

Indeed, the couple did extensive remodeling of their house. They added custom kitchen cabinets, quartzite countertops and an oversized refrigerator with French doors. For their backyard, they created a beautifully landscaped “outdoor room,” with ideal space for BBQs.

Still, the couple is uncertain about how their property should be priced and staged to maximize their proceeds. They’ve yet to identify the best possible agent to list their home.

Ron Phipps, a real estate broker and instructor in Rhode Island, doesn’t know the couple in this true story. But he recommends that those who are similarly situated search for an agent who knows their local area well.

“Conventional thinking on agent selection favors those who have extensive experience in your immediate region and therefore can offer expert advice on pricing—hitting the mark on the first try without going too high or low,” says Phipps, a former president of the National Association of Realtors.

-- Rule out faraway relatives and friends when choosing a listing agent.

With more than a million Americans involved in real estate sales, you might have a relative or friend working in the field. But should you consider hiring this person if their office is located a significant distance away from where you live?

Absolutely not, says Eric Tyson, co-author of “Selling Your House for Dummies.” He contends that a faraway agent is likely to be much less effective in marketing your property than one who knows your local turf well.

“As common sense implies, an agent based more than 30-minute ride away can’t be as responsive to prospects and their agents as someone close by. Geography can be a real barrier,” Tyson says.

It’s particularly wise to have an agent close by if you’re trying to sell a property in an urban setting, such as a condo in a high-rise building. In such a case, the ideal agent is often someone with proven experience selling units in your building.

“Nearby agents are much better at advising you about how to answer questions on your neighborhood when they come in,” Tyson says.

Realtors call the area where they most often sell homes their “farm.” Agents who say they farm your area should be able to show this with a list of transactions they’ve done there recently.

-- Conduct in-person interviews with at least two listing prospects.

Without interviewing other contenders, you may be tempted to hire an agent who comes highly recommended. But it’s still wise to interview at least one to two other candidates.

“When you talk to several people, you’ll get different perspectives on your sale,” Phipps says. Several opinions on pricing can be especially helpful.

He says you should be wary of any agent who suggests you should list your place for more than 10% above what others say is its fair market value.

“Find out how they arrived at that higher price,” says Phipps, noting that occasionally some agents may suggest an above-market list price as a way to flatter you into hiring them.

“It’s a short-sighted listing strategy,” says Phipps.

-- Seek information on honors obtained by agents on your short list.

How can you identify agents who have achieved an unusual level of expertise? Phipps says one way to distinguish among agents is to ask if they’ve been elected to positions of leadership within their professional groups.

“This shows they have a reputation for collaborating with other real estate people,” Phipps says. That’s important, he says, because real estate is a cooperative profession, and a successful sale typically involves more than one agent.

-- Pick a seasoned listing agent with a proven deal-closing record.

During buoyant economic times, most sellers feel home free once they’ve obtained a ratified contract -- meaning their deal has been agreed upon by both sides of the transaction.

But in the current period, Phipps says many sellers are understandably nervous that complications along the way to closing might scotch their deal. That’s because nowadays, more purchasers must drop out because their mortgage financing has been turned down. Also, more bank appraisals are coming in below the price buyers have offered.

“Selling has become much more complicated. So it’s smart to find an agent with experience handling many different kinds of transactions. Look for their record of closing deals, not just taking listings,” Phipps says.

Phipps uses this analogy: “Once a home sale was like an easy toboggan ride. Now there are trees in the way, and the ride is fraught with more risks.”

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