A woman owned a large colonial house close to Harvard University that she'd pampered for more than a decade. Among other features, she'd added a heated and air-conditioned conservatory. She'd also upgraded the kitchen with elegant limestone countertops.

When it came time to sell, the owner wanted a premium to reflect the exceptional condition of her house and its perfectly groomed gardens. And to the surprise of her listing broker, Fred Meyer, she soon received a bid offering every penny of that price.

"The over-the-top mint perfection of this house, along with its location, put it in a class of its own," he says.

Though the seller of this colonial was able to command a price higher than that fetched by other houses of comparable size in the area, Meyer cautions against seller hubris on pricing.

One way to get a handle on pricing for an exceptional property is to hire a real estate appraiser for an impartial evaluation.

The timing of your sale is another factor to consider when deciding how much to ask. Dorcas Helfant, a former president of the National Association of Realtors (www.realtor.org), says the owners of a showplace can be a bit bolder if they live in an area that currently favors sellers.

"But if you're selling a showplace in a buyer's market, I wouldn't go more than 3 to 5 percent above other homes of the same size in your area, even if your place is gorgeous," she says.

Here are pointers for sellers:

-- Don't assume you'll recoup every dollar spent on upgrades.

Many people who've been devoted to their properties have spent lavishly on improvements, and did so assuming they'd continue to live in the property indefinitely. Yet Helfant says sellers shouldn't assume they'll be reimbursed for every outlay they've made.

"You're especially unlikely to get all your money back for upgrades you've customized to your own particular preferences and taste," Helfant says.

"That's why builders outfitting a model home typically go for light, neutral features that appeal to the widest possible range of tastes," she says.

-- Look for a listing agent with a good eye.

"Visuals are especially important to show off a very good-looking house. These include photos for print advertising and video for online listings, including the 'virtual tours' now in widespread use," Helfant says.

She notes that an increasing number of agents are taking classes in digital photography and producing the sort of professional-quality visuals sellers need to compete.

-- Request a neighborhood-wide open house.

Some real estate experts downplay the value of an open house as a way to attract buyer interest. They say many open house visitors are either curious neighbors or wishful buyers who lack the money to go through with a purchase. In contrast, well-qualified buyers are typically guided through homes by their agents.

But Helfant says there's a way to increase the impact of an open house conducted for your showcase property: encourage other sellers in the neighborhood to hold open houses the same day, thereby increasing your potential draw.

Having multiple homes open simultaneously can be especially beneficial to the sellers of an attractive property. That's because buyers who visit multiple houses can easily make comparisons. And if your home is in superb condition, it will stand out from the pack.

-- Don't let owner pride cause you to back off from your selling plans.

Tom Early, a broker who was twice president of the National Association of Exclusive Buyer Agents (www.naeba.org), says pride is one characteristic many showplace owners have in common. As a result, they're often ambivalent about letting go and sometimes consider backing off from a planned sale.

But before retreating, Early urges you to look at the big picture -- taking into account the personal and financial implications of postponing.

"Granted, prices could rise in the future in your area. But you should factor in all the ways you could lose out by waiting," Early says.

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

Escalating home prices in many metro areas have brought new urgency to the quest for first-time homeownership among young adults who worry that, as renters, they're losing ground financially.

"The problem is there's a huge trend toward everyone wanting to live urban. Because of that, a lot of affordable housing is getting sucked out of close-in neighborhoods where young people want to buy," says Jane Fairweather, a top-selling real estate agent in the field for more than 20 years.

In especially popular urban neighborhoods, she notes, builders are even tearing down older homes to make way for new, higher-end properties.

"In many prime areas, the entry-level house is going away," she says.

One proven approach to housing affordability for first-timers is to accept a property in "as is" condition. The best choice is a place that requires only cosmetic improvements, such as painting, that buyers can do themselves immediately or minor improvements, such as new kitchen flooring, for which they could hire contractors in coming years.

"You may need to take a house you don't like now but that you can make into your dream place going forward," Fairweather says.

Here are a few other pointers for homebuyers:

-- Take your time before making a final selection.

Even an alluring, well-priced property isn't a good deal if it's poorly located, says Michael S. Knight, a longtime financial adviser affiliated with the Garrett Planning Network (garrettplanningnetwork.com).

Knight urges homebuyers to make sure they consider neighborhood alternatives before settling on one area or property.

"Often people select a neighborhood too quickly," says Knight.

To help with your due diligence, he says it's smart to talk with an agent who specializes in the sale of real estate in each neighborhood on your short list.

Which communities are most likely to hold or gain value in the future? Ashley Richardson, an agent affiliated with the Council of Residential Specialists (crs.com), says access to high-quality schools is one critical factor.

"Strong schools anchor property values," Richardson says.

What's more, she says buyers of all ages want to live in an area with quick access to stores and restaurants.

"Look for a neighborhood with a nearby Starbucks or other coffee shop. Many people love to take a Sunday morning stroll for coffee," Richardson says.

How can you quickly tell if an area you're considering is pedestrian-friendly? One way is to visit a website that rates communities with "walk scores." In many cases, this website will also give you a neighborhood's "transit score" and "bike score."

-- Hunt for a deal from sellers who are highly motivated.

Richardson recommends that buyers searching for a good deal consider homes that have languished unsold for multiple weeks, usually because they were overpriced when they first hit the market.

"After about three months, many people are exhausted with the selling process and the need to keep their place clean all the time. At that point, they become much more flexible on price," she says.

Some of the most motivated sellers are those who've already moved. If a property is nearly vacant, or there are no clothes in the closets, you can normally assume its owners have moved. To learn more, pose polite inquiries to neighbors living near the place.

"Stop by on a weekend when you're likely to find local residents out in their yards. Tell them you like their neighborhood and would appreciate knowing more about for-sale properties there. If you're polite, most people will try to help you," Richardson says.

-- Search for a property suitable for your future needs.

In some up-and-coming areas near vital cities or town centers, property values are ascending nicely. But even there, Tom Early, a real estate broker who was twice president of the National Association of Exclusive Buyer Agents (naeba.org), advises against buying for the short term.

"It's true that most real estate markets have strengthened in recent years. But from a financial standpoint -- and due to high transaction costs -- it's always safer to buy a place where you could live comfortably for at least five to eight years," says Early.

-- Check out nearby market values before committing to a purchase.

Once you've narrowed your focus to a single home in a desirable neighborhood, you may feel ready to make an immediate bid. But before doing so, Richardson says it's wise to obtain information on recent sales in the area.

"It's not only sellers who should review the numbers on comparable home sales. Buyers also need statistics about recent sales for like properties to avoid offering too much," she says.

To assess the current market value of a property you wish to buy, ask your agent to give you numbers on at least three similar homes in the same community that have sold recently -- the fresher the data, the better.

What if you're competing with others for a place in a highly desirable neighborhood? In that case, Richardson says you may wish to add a small monetary sweetener to increase your odds of beating rivals.

"Just $1,000 to $2,000 might make all the difference, and that amount will be inconsequential over time. But don't go overboard, or you'll regret it later," she says.

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

Not all young adults who could qualify for a mortgage wish to buy a home while still in their 20s or early 30s. More are now waiting until they're settled in their careers or married before seeking homeownership.

Because many young home purchasers are uncomfortable with debt -- and are often saddled with student loans -- Guy Cecela, a leading expert on mortgages, says they typically opt for shorter mortgages than the 30-year type that has been standard in recent years.

Keith Gumbinger, a vice president at HSH Associates, which tracks mortgage rates for consumers throughout America, says there are now fewer large banks active in the mortgage market than during the last housing boom. But many other players are returning to the market.

"Consider seeking your home loan from a credit union, a community bank or a non-bank lender. These smaller lending shops, especially the local ones, can be very competitive on pricing," Gumbinger says.

Here are a few pointers for first-time homebuyers:

-- Plan ahead for your mortgage search.

The mortgage market is always changing. That means that loan products are constantly evolving.

Mortgage innovations usually involve various types of adjustable-rate mortgages. But such loans can differ dramatically relative to their names, terms and conditions.

Gumbinger says first-time buyers need as much lead time as possible to educate themselves on mortgage basics, to sort through alternative home loan choices and to compare lenders and rates.

As a first step, buyers can inform themselves through online resources. For instance, Gumbinger suggests that mortgage shoppers seek consumer information through his firm's website (www.hsh.com).

Understandably, most buyers favor traditional fixed-rate mortgages. But Gumbinger says buyers who expect to stay in their new home for just a few years might also consider a so-called "hybrid loan," on which the interest rate stays firm for three to 10 years before adjusting to market levels.

"Suppose you plan to buy a small city condo where you'll live for just a few years before getting married and moving to the suburbs. Then a hybrid loan could be a good deal because the initial rate will be lower than for the classic 30-year fixed-rate loan," Gumbinger says.

-- Hold out for a lender offering both a good rate and quality service.

Gerri Detweiler, a consumer finance blogger and author of "The Ultimate Credit Handbook," encourages first-time buyers to seek a lender who will instruct them on the complexities of home loans.

"In just 30 to 60 minutes spent with a friendly lender, you can learn a lot about mortgage fundamentals and maybe even get help to identify and fix flaws on your credit reports," says Detweiler (www.gerridetweiler.com).

How do you find an empathic lender?

Gumbinger says real estate agents are often a good source of names. But he advises you to look beyond their suggestions.

"If you reach out in your office, you'll probably find someone down the hall who's bought a house or refinanced lately. You can also canvass friends and family," he says.

-- Make sure you arrive at your lender's office well prepared.

To save time, there's no substitute for gathering key documents in advance of your meeting. Ideally, these should include recent pay stubs, your latest W-2s and a couple of years' worth of federal tax returns, as well as bank and savings account statements.

"They're necessary to help your lender set the upper limit on how much you can afford, a process known as 'pre-approval,'" Gumbinger says.

Gumbinger says that an in-person tutorial will help you clarify the whole lending situation and bring it into sharper focus.

What if the lender you contact resists your request for a tutorial? In that case, he says you should move on.

"You deserve to have all your questions answered in plain English," Gumbinger says.

-- Investigate your credit standing to get the best available mortgage rate.

Under federal law, you're entitled to one free credit report each year from the three largest credit bureaus: Equifax, Experian, and TransUnion. You can easily request these online (www.annualcreditreport.com).

In addition to your credit reports, you'll want to access your "credit scores." Such scores -- which draw on data from the credit bureaus -- seek to provide lenders with a quantitative measure of credit risk. Most lenders still use FICO scores, pioneered by the Fair Isaac Corp.

Generally, you need to pay a fee for your credit scores. One way to obtain them is through the Fair Isaac website: www.myfico.com. You can also receive credit scores through the three large credit bureaus. FICO scores range from 300 to 850, and the higher the score, the greater your odds of getting the best available rate.

Once you've chosen the home you wish to buy, it's time to get serious about making your mortgage application. And with your credit scores in hand, you can easily start comparing available rates.

As Gumbinger says, you may want to begin the rate-shopping process with the lender who tutored you on the basics. But he urges you to extend your search beyond the first lender.

"The more the merrier when it comes to rate quotes. But always remember, you're looking for competent service along with low rates," Gumbinger says.

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