When Fred Meyer buys a new car, he takes a quick and systematic approach. First he browses a few dealers to pinpoint the exact model he wants. Then he requests price quotes from multiple dealers and takes delivery of the lowest-cost vehicle. That way he never overpays.

But when Meyer -- a veteran real estate broker and appraiser -- helps homebuyers decide how much to offer for a property, he does much more research on their behalf. He searches databases to see what homes in the same area have fetched recently. He also drives the clients by these closed sales to ensure they are truly comparable.

While a 2017 Honda Pilot is a generic purchase, a three-bedroom bungalow on Pine Street is not. It's not only that property values can vary widely due to differences in interior and exterior features. Values can also differ greatly due to locational differences. For example, a house on one side of a neighborhood could be worth significantly more than a very similar one on the other side because it's further from a congested roadway or closer to a neighborhood school.

"Determining the market value of a new car is absolutely not the same as figuring out the true worth of any given home. With cars you can have identical products. But nearly all homes are different," Meyer says.

Real estate pros say it's critically important for homebuyers to get a grip on local property values before they shape an offer.

"For buyers to depend on their hunches is a total mistake," says Tom Early, a real estate broker who was twice president of the National Association of Exclusive Buyer Agents (www.naeba.org). "If you overpay, you'll regret that for years."

Early says savvy buyers narrow their research to the precise area where they're looking. If you like a house on a certain street, you should focus there exclusively. Data gathered on state or national real estate trends will have little bearing on your situation.

In areas of the country where property values are high and still rising, it can be challenging for purchasers who've done their research to resist the urge to overpay, says Svenja Gudell, the chief economist for Zillow, the online real estate database group.

Here are a few pointers for buyers:

-- Look to the Internet for preliminary data on local valuations.

Early notes that several websites offer free information on property values and can prove a valuable resource. For example, he cites Zillow.com, which allows you to search data at either the property or neighborhood level.

However, he cautions buyers to keep in mind the limitations of such websites.

"The best they can do is point you in the right direction, getting you into the right ballpark," he says. "In many cases, these websites will either overestimate or underestimate values," he says.

Meyer says websites are no substitute for guidance from an astute real estate agent with a comprehensive knowledge of the area you're searching. Such a local specialist can often recite local property sale statistics from memory.

If you're considering purchase of an unusual, very upscale or one-of-a-kind property and are truly stumped about its value, Meyer recommends you consider hiring an appraiser.

"Appraising is an often forgotten profession, at least for homebuyers," Meyer says.

-- Take advantage of your agent's data sources.

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.

"In those few new neighborhoods where housing units are essentially clones of each other, this process is pretty straightforward. It's a lot tougher in a neighborhood of older homes, or where every property is custom built," Early says.

"Determining value is both an art and a science. Experience plays a big role," Early says.

-- Consider neighborhood economic trends before you bid.

At a time when real estate market trends are relatively uncertain, as they are now, you need to look beyond closed deals to see where values are heading, according to Early.

"It's highly unusual for home values to rise or fall sharply in a few days or weeks -- as do stocks or bonds. But local economic factors can be hugely influential over time," he says.

For example, in an area that's heavily reliant on a single employer -- such as a military base -- cutbacks by the Pentagon or other employers can have a major impact on property values in nearby neighborhoods. Values can also ascend or decline due to changes in school district boundary lines.

"It's almost impossible to overestimate how much influence schools have in determining property values -- as can the reputation of a neighborhood with a prestigious ZIP code," Early says.

-- Review inventory levels before crafting any offer.

The supply-demand ratio has everything to do with the bargaining power of purchasers, Davis says. Therefore, your agent should keep you abreast of changing inventory levels throughout your search period.

"In areas where bidding wars are a reality, it's always a good idea to recheck inventory levels right before writing up a contract offer for a dream property. Then you're be more likely to submit an offer that's competitive with other bidders," he says

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

A couple in their late 20s located in a city where rents were spiraling upward decided that homeownership would be a good financial bet. They selected a modest townhouse for a good price and were lucky to acquire the place with significant down payment help from their parents.

But what about marriage? Though in love, the couple in this true story is delaying any decision as to whether to make such a binding legal commitment.

Relationship experts don't oppose the idea of cohabiting couples buying a home. But they urge couples to sort through the financial and emotional implications of joint ownership before taking that step.

"Even if you can afford to buy a house together right now, don't rush into that decision. Also, don't make the mistake of thinking that buying a house is a surrogate for a full commitment," says Bryn Collins, a therapist and the author of such books as "How to Recognize Emotional Unavailability and Make Healthier Relationship Choices."

Collins encourages couples who are serious about homeownership to develop a financial plan that addresses how they'll divide their mortgage and utility payments and what they'll do about the property if their relationship falls apart.

"Remember, this is a business transaction as well as a personal one," she says.

Here are a few pointers for cohabiting couples considering a purchase:

-- Try to avoid maxing out on your house payments.

Mark Nash, a long-time real estate broker and author of "1001 Tips For Buying and Selling a Home," encourages all home-buying couples, whether married or not, to cap their mortgage payments at no more than a quarter of their income, so as to protect their relationship from budgetary stresses.

Setting limits on how large a mortgage you'll take is an especially good idea in an uncertain economy like the current one, given that unemployment is always a possibility.

"Ideally, if one person loses a job, you can still keep your payments current on a single income. That's a big plus for your financial security and peace of mind," Nash says.

-- Ensure that both you and your partner weigh in on the choice of a home.

Nash stresses the need for both partners to have an equal say in property selection. This is especially key for cohabiting couples, whose ties are more easily severed than are those of married people.

"If one person is shut out when the house is chosen, this can easily backfire later as resentments develop," Nash says.

He suggests that any couple planning a home purchase go through a simple written exercise. Each partner draws up a list of his or her five top priorities for the property. Then they compare the two lists to look for overlaps.

"If at least three of the five items on each partner's lists don't match, then you need to get together and come up with a combined list that reflects the compromises both of you are willing to make," Nash says.

-- Discuss how your mortgage payments will be apportioned.

"When couples who are in love go together to make a house purchase, the 'elephant in the room' is usually money. Because it seems unromantic to talk about money, neither partner mentions financial issues before they move in," Nash says.

But Nash says it's far better to discuss these issues prior to your purchase. That way the couple could decide, for example, that each person will contribute to mortgage outlays in proportion to his or her income.

You'll also want to pre-determine who will be responsible for covering routine utility costs, along with upkeep and repair costs.

Then, too, it's wise to agree on how you'd handle things should one of you lose your job or become disabled.

"You need a game plan. You don't want one person feeling ambushed by the other, should an unexpected situation arise," Nash says.

-- Don't rule out using a mediator to help you develop your agreement.

When it comes to relationships, many people assume that mediators deal primarily with couples heading for divorce. But they can also help couples establish the groundwork for a strong live-in relationship, whether or not that involves marriage.

"The idea is to discuss the issues with a skilled third party so they don't become problems later," says Stephen Erickson, a professional mediator affiliated with the Association for Conflict Resolution, which represents trained mediators.

Mediators can help couples develop a mutually acceptable arrangement for handling financial issues that might otherwise become landmines.

A skilled mediator can also help you formalize a smooth exit plan, should you and your partner break up while living in the home you own together. This agreement should spell out the terms by which one partner could buy out the other's stake, assuming that's feasible, or how any proceeds will be divided if the place is sold to a third party.

"For cohabiting couples with property, a breakup can sometimes be even more messy than a divorce. That's because there's usually no divorce court to intervene and divide up the property. So it's wise to plan ahead for this scenario," Nash says.

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

A retired receptionist in her 70s lived in a senior housing tower for people of modest means. But her fondest dream was to buy a house a short walk from where her only grandchild lived with his parents. Unfortunately, health issues and budgetary limitations kept that from ever happening.

The receptionist was hardly alone in her longing to purchase a property very close to her offspring, says Joan McLellan Tayler, a long-time realty company owner who's assisted many retirees in relocating near their grandchildren.

However, she cautions that some retirement relocation dreams prove disappointing as they play out. Sometimes living close to the grandchildren isn't enough to create the strong bonds older people desire.

"These days many parents are so tremendously busy with their work that they have little time left for family interactions. Another problem is that lots of kids are into technology and their grandparents aren't, which can make interactions boring for everyone," Tayler says.

Well before deciding to buy a home near your grandchildren, Tayler urges you to talk through your plans with their parents to ensure they're supportive of your goal of seeing the grandchildren more.

Here are a few pointers for retired homebuyers with grandchildren:

-- Disabuse yourself of the notion that you need a huge yard.

Tayler spends as much time as possible with her grandchildren, most of whom live in her immediate proximity. And although the condo she owns has only a small patio with a few flowerbeds, the youngest children always seem to enjoy visiting there.

Of course, as toddlers grow into school-age children they range more widely with their play activities. Even so, that doesn't mean you'll need a large yard to keep them happy. One good substitute is to buy a place within walking distance of a neighborhood park.

-- Find a house on a quiet street, if possible.

Tom Early, a veteran real estate broker who works exclusively with homebuyers, advises clients seeking to purchase a place near their grandchildren to think about the kids' safety when pondering the street on which to live.

"Consider buying on a cul-de-sac or dead-end street. If that's not possible, pick a low-traffic street with few cars passing through," says Early, a past president of the National Association of Exclusive Buyer Agents (naeba.org).

-- Find out if a community you're considering allows for extended visits.

Do you and your spouse plan to retire to an area far from your grandkids' home? In that case, Lee Tews, an independent real estate broker, says you'll want to be sure the community you choose allows for extended guest visits.

"Many new condo and townhouse communities, along with new detached home neighborhoods, limit the length of guest stays. And this can put a dent in family visits," he says.

"It's not unusual for all the restrictions to run 200 pages long. But before you buy into a community, you'll probably want to scan them for provisions that could hinder your lifestyle," Tews says.

-- Try to find a property with at least one extra bedroom.

If your married offspring live several states away, you likely hope to have as many lengthy and meaningful visits as possible from them. But will you have the accommodations to make them feel comfortable in the home you buy?

"For this purpose, it's wonderful to buy a house with an extra master suite that has its own private bathroom," Early says.

Perhaps you can't afford a home with such fancy guest quarters. But it would still be good to choose a place with an extra bedroom for family visits, she says.

"If your grown children and their kids are staying in a hotel, that means they won't integrate as well when the family gathers," Early says. "It's only natural that all the family members will want to stay close together -- not to have to go back to the hotel early for the children's bedtime."

An extra bedroom can also come in handy for retirees who live near their grandchildren.

"It's special for small children to have a room at their grandparents' place where they can keep their toys. But if you can't afford a dedicated room, at least create an area in your new place with a corner shelf where they can keep their things," Early says.

-- Don't assume that a resort area is your best choice.

Some grandparents pick a community that offers easy access to recreational magnets, such as ocean resorts, swimming pools or major amusement parks. Others move near cities that provide unusual sightseeing opportunities, like a large zoo. They hope such lures will cause their offspring to visit more often.

But Early says retirees shouldn't chart their move on the basis of exceptional tourist attractions. That's because most areas offer sufficient leisure activities to keep the children interested.

"Remember that it's vastly more important to have an intrinsically warm and loving relationship with the kids than to live near a beach or a glitzy theme park," he says.

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