They're called "power ZIP codes": neighborhoods that massage residents' egos, giving them bragging rights at cocktail parties. They feature sumptuous homes with well-landscaped grounds and give residents easy access to acclaimed schools and tony amenities, such as fine restaurants.

Do you live in one of the smallest and least opulent properties in one of these ritzy neighborhoods? And do you plan to soon sell your modest place, yet worry about competing with larger, statelier houses already up for sale?

If so, don't panic, says Mark Nash, a veteran real estate broker and author of "1001 Tips for Buying and Selling a Home."

"Remember that you're the gatekeeper to a great community for many people who otherwise couldn't afford to live there," Nash says.

Granted, more luxurious homes in the same area probably have more high-end features than does your place. Likely they have more bedrooms and built-in kitchen amenities that you couldn't squeeze into your home, such as a massive side-by-side refrigerator and a large wine cooler.

Still, when it comes to selling your property, you can expect to attract a more sizeable pool of potential buyers.

"Don't forget there are many wannabe buyers who dream of living in your power ZIP code," Nash says.

Here are a few pointers for the sellers of modest houses in power ZIP codes:

-- Avoid the temptation of pricing as if you had a larger place.

Joan McLellan Tayler, the author of several real estate books, tells the true story of a couple in their 40s with four children under the age of 10. They had a tight housing budget, but desperately wanted to live in a fancy suburb of San Francisco with top public schools.

To accomplish their goal, they found a reasonably priced yet tiny English cottage in their favorite neighborhood, a place with just two bedrooms. They bought the house and accommodated all their kids -- dormitory style -- in a single bedroom.

"The couple obtained the house for a fair price. Had it been overpriced, they could never have bought it, nor could others in the same price range. The sellers would have eliminated a lot of well-qualified buyers," says Tayler, who formerly owned a realty firm.

"Price too high and you'll be sorry, because you won't fool anyone. Don't forget that the defects really pop out in the overpriced house, giving people lots of reasons not to buy it," she says.

-- Give your front yard priority attention.

Though you can't list your property for as much as more spacious and better-appointed homes in the same community, Nash says you nevertheless need to make your turf look nearly as appealing.

"People are competitive, and ... a great yard is a status symbol for many folks," Nash says.

He recommends you hire a landscape designer to create an overall plan for your yard, emphasizing bushes and trees that flower when the season is right. Then to save money, you can do your own installation of the plants chosen by your designer.

In addition, make sure all your greenery, old and new, is pruned below window level, so as not to hide the intrinsic beauty of your home.

-- Focus on interior detailing.

Real estate agents rarely recommend major renovation work in advance of a sale. For example, they wouldn't say a petite house with only a very small den should have a large family room added on. The reason is that sellers usually don't recoup the cost of such a major remodeling job, even in a prestige neighborhood.

But Nash says you can better than recoup the money you spend on most interior detailing.

"Though your house is much smaller, you still want to give buyers the visual clues that it fits within your high- status neighborhood. Your buyers will be attuned to the right paint colors and specialty wallpapers," he says.

As sellers, he recommends you invest in quality workmanship for your interior finishes.

"Look for painters who do a superior job. When it comes to painting, the prep work is extremely important. To obtain the best results, the painter should do extensive preparation of walls and trim and use a primer, along with at least two coats of paint," according to Nash.

-- Invest in your flooring.

Many upscale homes -- including brand new properties -- still feature wall-to-wall carpeting in bedroom areas. However, Nash says homebuyers are increasingly likely to favor hardwood floors.

"Hardwood is elegant and architectural. In contrast, much wall-to-wall carpeting seems tired and dated," Nash says.

Nash urges sellers who already have hardwood floors to consider getting them refinished. Those living in upscale communities may even wish to replace wall-to-wall carpeting with new hardwood in very visible parts of their property.

-- Seek guidance through a design professional.

In attempting to improve the look of a home you're selling, you undoubtedly have the best of intentions. But Nash says few sellers have the good taste and skills to pull off the best possible look.

He recommends that sellers planning a redo seek help through the American Society of Interior Designers (www.asid.org). In many areas, interior designers are willing to work on an hourly basis, says Nash, who contends that getting professional advice to select the right fabrics and paint colors can make a major difference.

"Look for a designer who does a lot of business in your neighborhood. That way you'll not only enhance your house, but also find someone to talk it up to people hoping to live in your area," he says.

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

As the executor of a relative's estate, it fell to a busy middle-aged woman to oversee the sale of a ranch-style house near San Diego. So she flew there to meet with the real estate agent handling the listing.

"She was in a big rush and hoped to put the house on the market without doing any work to the place," recalls Jeff Dowley, the agent who handled the listing.

But Dowley -- who's sold homes since 2002 -- told the executor it would be folly to put the place up for sale without addressing at least a few basic cosmetic concerns to enhance its salability.

"The kitchen cabinets were chipped and badly needed repainting, along with new hardware. Also, the harvest gold stove -- which dated back to the 1970s -- was absolutely awful-looking and had to be replaced," remembers Dowley, who's affiliated with the Council of Residential Specialists (www.crs.com).

After a lengthy discussion, the woman accepted Dowley's logic. The total cost came in under $1,000, including just $1.15 for each new knob for the kitchen cabinets.

"Because of that work, the house sold in just a few days at full list price," Dowley says.

Dowley stresses the importance of making such improvements before putting a home up for sale, even though many sellers have to be talked into doing so. What stubborn sellers don’t understand, he says, is that very few buyers can imagine how well a property could look once the cosmetic work is completed.

Here are a few pointers for sellers:

-- Repaint brilliantly colored rooms.

Dowley says that in recent years many homeowners have become fans of home-decorating TV shows. Such shows embolden owners to experiment with their decor. For example, he's recently seen many rooms painted in robin's egg blues, eggplant purples, pistachio greens and fuchsia.

"The problem is that buyers can't get past your weird decorating to see how good your rooms would look in a light, neutral shade," he says.

Fortunately for those willing to do their own painting, Dowley estimates it typically costs no more than $200 for paint and other supplies to redo a mid-size room. And he says a professional contractor can be hired for that paint job for about twice that price.

"Painting over bright colors in a soft off-white tone can make a tremendous impact on your sale," Dowley says.

-- Consider doing a few minor bathroom improvements.

Improvements to the kitchen usually give sellers the greatest payback. But bathroom improvements also help homeowners maximize their potential gain from a sale, according to Sid Davis, a real estate broker and author of "Home Makeovers that Sell."

"Figure you'll get back at least five dollars for every one you spend in your bathrooms," Davis says.

For instance, for a small sum you can replace a dated-looking bathroom light fixture with a new one in a more contemporary style. Or you could replace a small mirror with a larger one that's more appropriately proportioned for your bathroom.

Davis also urges all home sellers to make sure they remove any mold that's accumulated in and around their bathroom tub or shower. If you're unwilling -- or unable -- to do this annoying job yourself, he says you should hire a professional tile cleaning company to do so.

-- Add luster to your laundry room.

"If you've got a dark, dingy laundry room with peeling paint and bad flooring, this leaves a terrible impression about the overall condition of the house," Davis says.

What are some low-cost steps that will make your laundry room more appealing? Davis recommends you hire a carpenter to install built-in shelving. Also, repaint the laundry room, replace worn flooring and upgrade the lighting.

-- Think of cleaning as your most cost-effective project.

You won't need a bundle of cash to achieve the kind of sparkling interior that can have a powerful effect on prospective homebuyers, Davis says.

"It's astonishing how many houses go on the market in an unclean condition, which is a massive turnoff for buyers. They'll assume the worst about your upkeep of the entire house if any part of it is filthy. Conversely, they'll think the best of sellers who've cleaned like crazy," he says.

If you're the sort of person who's oblivious to dust bunnies and cobwebs, you may need others to point out areas of your home that need cleaning.

"Invite a few relatives over. Ask them for a candid critique of your housekeeping," Davis suggests.

If your family members are harsh, which you want them to be, and say your place needs a major cleaning, don't hesitate to hire a professional company to do the work.

"It's not that costly to hire people who really know how to do in-depth cleaning. And it's always money well spent," Davis says.

-- Finish all your upgrades before hitting the market.

Many would-be home sellers assume it's fine to put their property up for sale while remodeling work is still underway. But Davis says you should wait until the painters' ladders and drop cloths are gone, the carpet has been cleaned and all the other projects are done.

"Until the dust settles, you don't want people trooping through. When work is still underway, people can't envision themselves living there," he says.

However, the minute the upgrades are complete, you and your agent should feel free to open your property to interested prospects.

"For most people, the smell of fresh paint is a positive, not a negative," Davis says.

-- Don't rule out borrowing for minor makeovers if you're tight on cash.

Does your home cry out for remodeling work, yet you lack funds for the improvements? If that's the case, Davis recommends you consider taking out a loan rather than trying to sell the property in "as is" condition. Though not ideal, he says it's better to borrow the funds than to put the property on the market without essential upgrades.

"A house that's offered for sale without important cosmetic improvements rarely attracts anyone but vulture buyers. And you can bet they'll expect to pay no more than a rock-bottom price for your house," Davis says.

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

With a law degree from Georgetown University, Rory O'Sullivan expected to be further along the economic spectrum by age 29. But his hefty load of student debt, coupled with his modest salary, means he may have to wait to actualize his desire to buy a home of his own.

"Our generation is optimistic, but we're in a pretty big hole. We've been struggling and stumbling since the dot-com bubble burst in 2000, and then we got hit by the recession, so we're not in a position to take on a big mortgage," O'Sullivan says.

As policy and research director for Young Invincibles, a nonprofit group promoting the interests of "millennials" -- young adults between the ages of 18 and 34 -- he's acutely aware of the economic challenges facing many in his age group. As he notes, this population cohort is saddled with more than $1 trillion in student debt and faces a high level of unemployment and underemployment.

"We've had to lower our expectations. But we're still optimistic we can reach the American dream," O'Sullivan says.

Despite the economic challenges facing them, many millennials at the older end of the age range can now afford to buy real estate -- but only if they're able to obtain a place for a very reasonable price, says Art Godi, the co-owner of a real estate brokerage that caters to young adults.

Godi, a former president of the National Association of Realtors (www.realtor.org), says the real estate hopes of young adults are no different than those held by their parents' generation at the same stage of their lives.

"They want the same good neighborhoods that are safe and close to good schools for their children," he says.

Having come of age during tough economic times, young adults are more conservative than their parents were in selecting the right starter home, according to Godi, who entered the real estate field in 1961.

"Because jobs have been so insecure -- and still are -- young people are used to belt tightening. They're a lot more cautious about how much they spend and the credit card balances they run up," he says.

On the plus side, this cautionary approach to financial matters has made many millennials very aware of the importance of maintaining a good credit score, which helps make them eligible for favorable mortgage financing.

"Many young buyers have very, very good credit scores," Godi says.

Although all homebuyers want a good deal, he says millennial purchasers -- with modest incomes and little savings for a down payment -- need an especially reasonable one. He advises those trying to buy their first home to think strategically. Here are a few pointers:

-- Target once overpriced homes that were converted to rentals.

Ashley Richardson, a real estate agent affiliated with the Council of Residential Specialists (www.crs.com), reflects on a pattern of behavior she's observed among some sellers whose inflated sense of their home's value causes them to overprice their property when it's first put up for sale.

"Because they shot too high, their house just sits and sits. Eventually, they take it off the market and try to convert it into a rental. But they soon get discouraged with renting and throw in the towel on that, as well," Richardson says.

After going through the trauma of renting, many homeowners put their property back on the market again -- this time for a faster sale at a more reasonable price -- and are much more willing to negotiate than they were the first time, Richardson says.

If you're a young buyer willing to purchase a house that's served as a rental unit, you could get a discount of as much as 5 percent off its market value, she estimates.

-- Consider a home with an out-of-date decor.

Money-tight homebuyers -- including first-timers -- may wish to consider a category of homes a notch above the fixer-upper. Typically, these are overall well-maintained properties with solid electrical and plumbing systems. But their owners, though conscientious in some respects, have neglected the cosmetic aspects of the interior decor, which may force them to sell at a price well below market value.

"If the kitchen appliances are still functional, some homeowners just hang onto them indefinitely -- even though they're in dated colors like avocado or gold. They also hang on to dated bathroom tile colors and fixtures," Godi says.

But he cautions against taking on a home that needs major infrastructure improvements.

"Most millennials are a lot more proficient at the iPad than with a hammer and nails. They're not very handy," Godi says.

He recommends a thorough inspection to determine whether a home has fundamental problems -- such as a crumbling foundation. These are far more costly to fix than an unappealing decor.

-- Search for highly motivated sellers.

When it comes to real estate -- as with many financial transactions -- time is money. Sellers who want or need to make a hasty move are generally more willing to let their property go for a bargain price.

As a young, first-time buyer searching for an affordable home, it's important to realize that you probably won't need to pry or do anything sneaky to determine the motivations of sellers, says Tom Early, a past president of the National Association of Exclusive Buyer Agents (www.naeba.org).

"In some areas, sellers still broadcast their desire for a quick sale in the ads put out by their listing agents. Perhaps their ads will read: 'Seller Motivated' or 'Must Move Quickly,'" Early says.

If the ads don't reveal the sellers' motivation, a few casual inquiries placed by your real estate agent -- to the listing agent -- could do so.

Early says a solid buyers' agent can be especially helpful in assisting first-time buyers to shape a bid in keeping with the sellers' timing preferences.

"Flexible buyers who've been preapproved for a mortgage and can move quickly --assuming that's what the sellers want -- are in an exceptionally strong position to nab a good deal," he says.

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