Eric Tyson and Michael Crowley are both empty nesters, with offspring away at college. Both are owners of whopper-sized houses. But the two have very different visions of the best housing situations.

Crowley, a divorced real estate broker, lives alone in a 5,700-square-foot Victorian house with three family rooms, four bathrooms and six bedrooms. Most of the bedrooms are empty of furniture and never used. That's one reason he's looking forward to the day his son graduates from college. Then he'll sell the house and move to an 1,100-square-foot condo he already owns.

"I can't wait to be free of a mortgage and all that home maintenance so I can travel more," says Crowley.

Tyson, a personal finance author and the father of three college-age sons, owns a traditional 5,500-square-foot house. But he and his wife have no intention of downsizing. They admit to a sentimental attachment to the suburban property where they raised their children, and love owning a place with ample elbow space to accommodate visiting friends and family members.

Both Crowley and Tyson acknowledge that ownership of a huge house imposes a lot of costs in terms of time, money and energy. Both face high utility bills and rising property taxes. For Crowley, those expenses are a deal-breaker. Not so for Tyson, the author of "Personal Finance For Dummies."

At this point in the economic cycle, there are many crosscurrents of thought among Americans of different ages as to whether it's better to live small in a low-maintenance housing unit or to enjoy the benefits of a large property with less convenience, but loads of living space.

For buyers with the wherewithal to choose between ownership of a compact place or a big one, here are a few pointers:

-- Consider both the pros and cons of the two options.

Mark Nash, a longtime real estate broker and author of "1001 Tips for Buying and Selling a Home," says nearly all buyers face trade-offs.

"Making a priority list is the absolute key. You have to decide which features are the most important for each person in your household. Your best home-style is going to be determined by your lifestyle," he says.

If you're married or living with a partner, Nash recommends you sit down with the other person and each rank your housing priorities. Then compare notes and, if there are differences, compromise.

Though Nash is single, he faced his own set of trade-offs some years back when he decided to sell his fancy 3,200-square-foot house in an upscale city neighborhood in favor of a 1,000-square-foot condo-apartment in a middle-income suburb. He could have moved to a larger home, but his higher priority was to save enough money to also buy a modest lakeside getaway.

"By downsizing to the condo, I bought myself some breathing room financially. At the time, going smaller was definitely the right decision for me," Nash says.

His housing transition came with some sacrifices. Though he liked his neighbors in the condo complex, he missed the greenery that surrounded his city house. He also missed the privacy of a single-family property.

"Sometimes I wanted to be alone, but that was hard living so close to other people in a condo building. Every time I stepped into the hallway, people wanted to talk. I'd also hear noise coming from their apartments, which felt like a minor invasion of my privacy," Nash says.

-- Ask yourself how much space you truly need for entertaining.

Among those who hanker for a large home are buyers who love to throw parties, as well as people who believe that home entertaining is central to the fulfillment of their professional obligations.

"I know CEOs who think they must have a very big place to show off to clients or colleagues. They feel the need for this, even if their spouses don't want all the complications of big house upkeep," Nash says.

If home-based entertaining with large events is something you value highly and you're comfortable with the payments on a big property, why not go for it? But if you're interested in the financial benefits of living smaller, Nash suggests you consider some less expensive options for your parties.

"Why not take your guests to your favorite restaurant and rent a space for your parties? That could be a lot less expensive than maintaining a big house just for entertaining," he says.

-- Remember your storage needs before you buy.

Sid Davis, a real estate broker and author of "A Survival Guide For Buying a Home," says many homebuyers like big houses because they place a premium on having lots of storage space.

Assuming you can afford it, Davis says buying a large house for extra storage space could be a reasonable idea. After all, a large house could save you a significant sum over the rental expense required for the long-term use of a self-storage unit.

But he cautions against the assumption that ownership of a big house will let you keep accumulating ever more possessions.

"Face it, no matter how big your storage areas are, eventually you'll run out of space if you keep shopping without ever purging. So don't deceive yourself about that reality," Davis says.

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

A couple in their late 30s are in a state of panic. They've sold their three-bedroom townhouse, but can't seem to find the sort of affordable house they're seeking for their growing family.

"A shortage of inventory is their biggest problem. But they're also panicked about the potential for much higher mortgage rates, which would reduce their buying power in the future," says Ashley Richardson, the real estate agent working with the couple in this true story.

In many ways, buyers are now confronting a "perfect storm." In popular neighborhoods, affordable properties remain scarce. Meanwhile, federal spending projections for the incoming administration have led many economists to project the possibility of significantly higher future mortgage rates.

"This couple has just 40 days to be out of their townhouse," says Richardson, who's affiliated with the Council of Residential Specialist (www.crs.com).

For this couple and other wannabe trade-up buyers, she says the costs of delaying a purchase could be considerable. The expenses associated with a temporary rental can mount quickly, as can costs related to storing household items. And those who delay also face the possible risk of higher mortgage payments.

Tom Early, a veteran real estate broker, stresses that no one can be certain about the future trajectory for mortgage rates. But he says it could still be better to buy sooner rather than later, assuming you can find an available home that meets your requirements.

Here are a few pointers for buyers seeking a fair deal in the current market:

-- Educate yourself on local property values before you bid.

Eve Alexander, a longtime broker who works solely with homebuyers, says they need context on prevailing values to make certain they don't bid too much.

"For comparisons, try to identify five to 10 comparable properties that have sold recently in the area where you're looking," Alexander says.

If you're seeking to buy in a neighborhood with widely varied properties, it's helpful to compare the homes on your list on a price-per-square-foot basis. Then adjust for differences in size and home features, such as a larger garage or extra bathroom.

After estimating the current market value of the home you wish to buy, it's time to decide how aggressive an offer you want to make. Alexander says that will depend on how enamored you are with the home.

"It's always easier to negotiate without emotion if you can find second and third choice houses you also like," Alexander says.

Once you've made a firm decision on your bid, she recommends you attach a brief but friendly letter that explains your position and draws on comparable sales data to support it.

-- Don't use comparables from "market testers."

Eric Tyson, co-author of "Home Buying for Dummies," says in every market there are a few sellers who won't budge from an unrealistically high price.

Tyson recommends you ask your agent to find out if previous offers have come in on your desired property. If the owners have already rebuffed one or more decent offers without so much as a counterbid, this indicates they'll probably resist reason with you, too.

The good news for buyers is that information on past offers is often readily available through the listing agent.

While there's no harm in trying to reason with market testers, Tyson says you can waste a lot of time and energy trying to budge people who won't even entertain a fair offer. Better to look for someone truly anxious to sell, perhaps because they're making an out-of-state job move.

"Locating a really willing seller is the key to finding a fairly priced house," Tyson says.

-- Attempt to find out about the seller's equity position.

Are you seriously interested in a home, but have yet to submit an offer on it? If so, Alexander says it's wise to inform yourself on the sellers' ownership stake before you bid. As she says, those with more equity have more potential room for compromise.

"What you're looking for are insights into the mindset of the sellers," Alexander says.

One source of clues on the owners' equity position can be found by searching local government land records. At the minimum, these records (usually available online) should tell you when the current owners purchased the property and the original price they paid.

"If the sellers bought the house a couple of decades ago and haven't refinanced, they should have a lot more equity," Alexander says.

-- Request that your agent pose questions to the listing agent.

When owners have an urgent need to sell, it's normally against their interest for that information to be broadcast to the world because it could weaken their bargaining position. Even so, Alexander says many listing agents will readily divulge such client information in response to questions.

Another way prospective buyers can gauge the sellers' level of motivation is to ask nearby neighbors. Alexander recommends that the buyers pick a weekend time to walk through the community, chatting with a few residents about the pros and cons of living there. In the course of the conversation, they'll likely tell you what they know about why nearby homes are for sale.

"In many cases, well-informed neighbors will be happy to give you the inside story," Alexander says.

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

At a pre-retirement bash thrown for a columnist at a big city newspaper, the writer enthused about the travel he and his wife would start just as soon as they sold their big colonial. But it took them more than five years to get that house ready for market.

Why the holdup? Because the couple, ambivalent about leaving the place where they'd raised their children, sorted through their belongings at a glacial pace. The biggest barrier involved several dozen crates filled with the columnist's newspaper clippings.

"Those clips were very symbolic of my 30-year newspaper career. I clung to those as if my reputation depended on it," he explained.

It took a lot of nagging from the columnist's wife --along with a flood that ruined many of the clips -- to solve the purging problem. Yet once the purge was done, the house sold promptly, finally giving the couple the funds needed to fulfill their travel plans.

Dorcas Helfant, a veteran real estate broker, has worked with many would-be retirees who've found it equally difficult to prep their properties for sale.

"For lots of these folks, one big problem is the vast number of possessions they've acquired during their tenure in the property," says Helfant, a past president of the National Association of Realtors (www.realtor.org).

Donna Clark, a real estate broker affiliated with the Council of Residential Specialists (www.crs.com), says another issue that can slow the sale of a property involves older homeowners who push back against the need for upgrades and repairs.

People of retirement age often have a strong desire to sell yet a resistance to taking the necessary steps. Here are a few pointers:

-- Keep your eyes on the prize.

Retirement dreams vary widely. But staying focused on retirement plans should help keep your spirits up as you do the hard work of preparing your property for market. To maintain your focus, Sid Davis, a real estate broker and author of "Adding Value to Your Home," says you may wish to take a brief vacation to the area where you'd like to live, whether that's a foreign country or a nearby town. A less costly approach is to attach a photo of your ideal destination to your computer monitor where you can keep it in mind.

-- Visit a few model homes.

Have you lived in your current home for many years? If so, you're likely very comfortable with your interior design and see no need to update it. But that's usually a mistake, says Clark, who's sold homes for more than 30 years.

One way to picture the sort of decor that contemporary buyers prefer is to tour model homes in new subdivisions.

"This is a shortcut to seeing the kinds of colors and designs younger buyers look for. You'll also see how well a house can look when it's free of clutter," Clark says.

-- Itemize the improvements that could help you sell well.

Would-be retirees who are eager to sell their properties should view key improvements as a wise investment rather than a needless sacrifice, according to Clark.

"A house is like a business. Sometimes you have to put some money into it to get more money out of it," she says.

Obviously, you're unlikely to recoup your outlays for major improvements -- like putting on an addition or installing a new fireplace. But Clark says several less expensive upgrades could be extremely helpful in promoting the sale of your home.

For instance, she says you'll want to refinish hardwood floors if they're beat up. And you'll want to replace carpeting in an out-of-date color.

"I had some clients with bright teal carpeting in their living room. It was clean and perfectly serviceable. But buyers who looked at the house couldn't get past all that teal. After the owners replaced it with light taupe carpeting, their house sold right away," Clark says.

Likewise, she says most sellers with vibrantly colored walls are well advised to repaint them in neutral tones.

"Pink walls don't belong in any house you're trying to sell. Nor do walls in deep red, vivid green or periwinkle blue," Clark says.

-- Avoid playing pricing games.

Many people heading toward retirement and the proposed sale of their home reject the pricing recommendation of their listing agent. In pursuit of more money, they decide to "test the market" with a higher price than their agent has proposed. After all, they reason, they could always cut the price later if necessary.

But this seemingly logical idea usually backfires, Clark says, because most buyers are acutely sensitive to housing values. They respond negatively to an overpriced property and may become so annoyed they won't even visit the place.

"The first two weeks after you list your house are key. If you don't price it right from the start, possible buyers will lose interest. Then even after you drop the price you may have to wait a long, long time to get it sold," she says.

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