Some homebuyers are about to catch a break, courtesy of the Federal Reserve Board and other banking regulators.

As long as the price tag on their new homes is below $400,000, these lucky purchasers will no longer have to pay for a mandatory appraisal. But the other side of the coin isn’t as positive: How will buyers know if they’ve overpaid?

After all, if the appraisal comes in below the agreed-upon price, you can back out of the deal or ask the seller to lower the price. But without an appraisal, you’ll never know whether you paid too much -- or, on the other hand, whether you nailed the deal of a lifetime.

In raising the appraisal threshold, the Fed, acting in concert with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, notes that the ceiling hasn’t risen since 1994, though the price of real estate certainly has.

“Given price appreciation in residential real estate transactions ... the change will provide regulatory burden relief without posing a threat to the safety and soundness of financial institutions,” the central bank said in the Federal Register.

The Consumer Financial Protection Bureau has also signed off on the higher limit, which takes full effect on Jan. 1, citing the savings to the homebuyer of not having to pay for the appraisal.

The federal watchdog agency also noted the tendency of financial institutions to order appraisals, even in cases when they are not obligated to. This, too, tends to decrease the risk to the nation’s financial system that the change in the limit may have.

Some appraisers agree with the CFPB’s assessment. “We don’t even know what the impact will be. Most banks still want an appraisal, and I don’t think that’s going to change,” says Thomas Hoff, vice president of marketing and communications at Pro Teck Valuation Services, a Massachusetts appraisal company. “I don’t know of any banks that have changed their policies.”

Hoff’s colleague at Pro Teck, Chief Compliance Officer Jeff Dickstein, agrees. “In my conversations with our lender clients, most have not changed their rules,” he says. “And we see no movement to change, at least not anytime in the near future.

Dickstein points out that lenders have just as keen an interest in the value of the house as their borrowers do. “There’s still risk associated with every single loan, and the house is the collateral for that loan,” he says. “So lenders still need to validate the collateral.”

Federal regulators weren’t thinking only about consumers when they proposed the change of rules. The industry has also been experiencing a shortage of appraisers, especially in rural areas, making a lighter load welcome.

How much will an appraisal set you back? Figure around $400 to $600, though it varies based on location and other factors. Hoff said he recently saw a $1,500 charge for an appraisal on a $1.5 million house in Los Angeles.

Lenders have a number of options they can use to estimate a property’s worth. Besides a hands-on, personal appraisal, they can opt for an automated valuation model, a desktop appraisal or an electronic valuation. But in some states, even if lenders use an AVM or e-valuation, they still have to engage an appraiser.

In addition, the quoted price may not be what you wind up paying. Lenders quote a price to consumers, but the law allows them to raise it if circumstances change. Houses in rural areas can often present appraisal challenges, for instance.

Potentially, the new exemption limit could have a big effect. The FDIC looked at 2017 real estate transactions, the latest for which data was available, and estimated 214,000 more would have been exempted under the higher limit. That’s about 16 percent of the more than 1.5 million deals that year.

And since 56 percent of 2017 sales were under the $250,000 threshold, the total number of exemptions would have equaled 72 percent of the market, or nearly 1 million transactions.

(The new appraisal threshold does not apply to loans insured or guaranteed by the Federal Housing Administration, the Department of Veterans Affairs, the U.S. Department of Agriculture or loans purchased by mortgage agencies Fannie Mae and Freddie Mac. It doesn’t apply to credit union mortgages, either.)

One potential benefit that could stem from the new appraisal landscape is less fraud.

Back in the bad old days (about a dozen years ago), many faulty -- and perhaps fraudulent -- appraisals inflated the value of many properties far above what they were actually worth. The result was disaster for real estate, mortgage lending and then the general economy. Fewer appraisals might mean less of an opportunity for the industry to get in trouble.

But if the lender does not require an appraisal and you still want an unbiased view of the house’s value, there’s nothing to prevent you from hiring your own appraiser -- not your agent, who may or may not be working strictly on your behalf and is not necessarily a valuation expert, but a professional who looks beyond comparable properties and makes adjustments to bring the property you’re buying in line with others.

Ask yourself this: Is it a good investment to spend an extra $500 for some peace of mind on what may well be the most expensive purchase you’ll ever make?

-- Freelance writer Mark Fogarty contributed to this report.

A good real estate agent can be your best friend. But if you are just kicking the tires at open houses and aren’t quite ready to buy, you probably want to look around without being bothered.

Some agents will probably leave you alone. But in competitive markets, where clients are hard to come by, any agent worth his or her salt won’t turn you loose without first trying to establish some rapport.

At least that’s what they should be doing, says Debbie De Grote, a real estate trainer who has written numerous sales training scripts and closed more than 3,000 deals over her 16 years in the business.

Unless you really just like looking at houses -- to get decorating ideas, perhaps, or to see how other folks live -- there’s a reason you’re spending your weekends traipsing hither and yon.

Maybe you haven’t decided where you want to move, so you think there’s no need for an agent just yet. Perhaps you haven’t decided how much you want to spend. Or possibly you plan to hire your high school buddy or Aunt Matilda to be your agent once you take the plunge.

During a recent webinar, De Grote, the CEO of Forward Coaching in Costa Mesa, California, told agents how to overcome those and other common objections so they can sign up new clients.

Good stuff for realty pros, for sure. But also good information for consumers who really would prefer to be on their own. After all, if you know what’s coming at you, you will be able to prepare for it.

A potential client’s objection “could be legitimate,” De Grote said. But it also could be “a question in the prospect’s mind” or an attempt to “rattle” an agent or salesperson. The agent’s job is to figure out which.

There are a dozen or so common protests from both buyers and sellers, the coach reported. But the most customary is, “I’m just looking.” Or said another way, “We’re not serious right now.”

A good agent will look you right in the eye and say something like, “I’d glad you’re here. It’s commendable that you are taking the time to do your research. I encourage all my buyers to do that.”

The object, De Grote said, is to put you at ease. To lower your guard.

Next, the question: “How long have you been looking?” And then the hook: “Maybe I can help you with your research, or you can use our research. Tell me where you want to live, and your price points. I might even be able to tell you about houses that are not on the market yet.”

Another common dissent is, “I already have an agent.” But De Grote said that shouldn’t matter, at least not right away. “Maybe they do, maybe they don’t,” she advised. “So pretend they never said that and start selling yourself: ‘I’d love to help.’”

As the conversation commences, the coach said agents should ask several key questions, all designed to feel you out.

“Do you have a contract that obligates you?” Often, she said, people don’t. But even if they do, a good agent will continue digging: “Who is it? Maybe I know him.” “Where does she work?” “Is he full- or part-time?”

If your agent is two hours away and only works weekends or nights, that gives the agent in front of you an opening. “Go after them on that end,” De Grote advised.

A third typical protest involves commissions. Most sellers hate to pay the full boat, which generally runs from 5% to 7% of the selling price. So they sometimes bring up the possibility of listing with a discount brokerage, one that charges, say, just 1%.

Again, a good agent will sympathize with you to build that all-important rapport. “I feel the same way,” she might say, and then ask, “Is it the total amount of the fee, or are you trying to squeeze every last dollar out of the deal?”

Whatever you might answer, a good agent will respond with understanding. “That makes total sense,” the sales trainer suggested as a comeback, “but let me break it down for you. Which path is better, a cut-rate agent or a full-service real estate professional?”

Notice that “discount” is now “cut-rate.” De Grote suggested that agents stress that theme -- nicely, of course -- but stress it nonetheless. “A cut-rate agent is not likely to obtain the highest offer,” is her favored comeback. “If it worked, everybody would use a cut-rate agent. You get what you pay for. If the agent was a strong, powerful, experienced professional, why would he work for 1%?”

And then, the kicker: “You won’t be giving me any money upfront. I only get paid when the deal closes. I’m taking all the risk, providing all the services, so you might as well have the best.”

The message here for buyers and sellers: Hold your ground. Don’t be pushed into something you may regret, or into working with someone you’re not comfortable with. Take your time. The agent in front of you is just as likely to be available next month or next year.

You found the house, secured your loan, closed the deal and moved in. So you never need to pay attention to mortgage rates again, right?

Wrong! It pays to keep an eye on loan rates as they move up and down. A case in point:

In early September, the average rate on a 30-year mortgage ticked up a mere 7 basis points -- a basis point is 1/100th of a percentage point -- to 3.56%. That small increase meant the number of “high-quality” candidates who could have refinanced dropped from 11.7 million to 9.8 million, according to figures from Black Knight.

In other words, 1.9 million borrowers lost their financial incentive to refinance at a significantly lower rate.

A week later, the typical rate jumped to 3.73% and the number of refi candidates slipped by 1.5 million more borrowers, to 8.3 million.

Had any of those 3.4 million folks been following rates during that period, they might have been able to save themselves a passel of money: roughly $263 a month on average, the mortgage analytics firm reports.

In the last week of October, a slight 3 basis-point uptick cut the potential refi population down to 6.8 million. That’s a 30% decline from September, and a 42% decline from the all-time high of 11.7 million during the first week of September.

(Black Knight defines refinance candidates as 30-year mortgage holders with a maximum 80% loan-to-value ratio and credit scores of 720 or higher, who could shave at least 0.75% off their current first lien rate by refinancing.)

Nothing is more devastating to a homebuyer than to search for months and finally find the place they want, only to be rejected by their lender. But it happens. According to LendingTree, 1 in 10 would-be borrowers are turned down.

That’s the lowest level since 2004, but it still hurts if you are part of the unfortunate 10%.

Debt and credit history were the main reasons folks are denied. The amount of debt you carry compared to your income, aka your DTI ratio, is the biggest barrier to gaining approval. A third of all denials are because the DTI is too high. And a credit history pocked with late payments and bad debts is responsible for 23% of all denials.

Collateral, meaning the property isn’t worth what you are paying, is the third-highest reason for lenders saying no, followed by incomplete applications and unverifiable information.

LendingTree also found that denial rates vary by race, ethnicity and even geographical location. According to the report, African American borrowers now have the highest denial rate, at 17.4%, while non-Hispanic whites have the lowest, at 7.9%.

The government can go after lenders who don’t follow fair lending laws. Still, you can up the odds you’ll be approved by making sure your credit file is in order: Dot every “i” and cross every “t” in your application, and line up all the documents required to verify your earnings, bank accounts, tax returns and assets.

Here’s another reason to price your home correctly in the first place -- rather than pricing it high, hoping someone will bite, and lowering it when that doesn’t happen.

According to a Redfin study, newly listed houses get 3.4 times the attention online as those that drop their price.

The analysis found that a listing that’s viewed by 100 people on the first day is looked at just 17 times after it’s been on the market for 30 days. A price cut bumps that up to 29 views on the day the drop is posted, but the next day, daily views drop back to just 18.

Overall, Redfin found that online views drop off severely after the first day. On day two, views are half what they were on day one -- and after a week, just a quarter.

Are you “sleep divorced”? Turns out 25% of married couples are. That’s the percentage of husbands and wives who sleep in separate beds, according to a study by the National Sleep Foundation. And 10% of us sleep in separate bedrooms.

Professional Women in Construction, a nonprofit that supports women in construction and related fields, has given its first-ever award to a man -- Richard Wood of Plaza Construction -- for his role in helping the cause. Plaza is a construction management company.

Rises in median wages in the various construction trades outpaced those for all workers in 2018 by 3.2% to 2.5%, according to the latest Bureau of Labor Statistics tally. But the median wage rose even faster for roofers’ helpers (6.7%) and laborers (3.2%). Wages of plasterers, stucco masons, floor layers and tapers increased about 7%, while stonemasons saw their wages rise by more than 6%.

Good news for workers, but not homebuyers. And since subcontractor bids historically increase faster than construction wages, adding more inflationary fuel to housing prices, builders have little choice but to boost their prices to absorb the higher costs.

Finally, one more thing to ponder: For what you pay for the median-price house in San Francisco -- $1.196 million -- you could buy five median-price houses in the other 49 largest cities in the country, according to a LendingTree analysis. In Detroit, you could buy the equivalent of 23 houses!