A retired army officer of 84 was thrilled recently with a couple of real estate transactions that allowed him to sell his 1980s era multi-level house for a strong price and then move up to a much newer place loaded with luxury features.

"He sold the old house at lightning speed and -- using all his equity -- bought a bigger, fancier one-level place that spares him the need to climb stairs. He couldn't be happier with the change," says Sid Davis, the real estate broker who represented the man.

The good news for sellers such as the one in this true story is that demand for property, such as the affordable multi-level place owned by the retired army officer, is very strong. But the bad news for those seeking to use the equity they've built up is that they, too, often face rival bidders in their pursuit of a more desirable home.

"Inventories of homes are very tight right now. That's because many owners are sitting tight out of fear they won't be able to find an available home they like better. There are shortages all the way up the line," says Davis, the author of "A Survival Guide for Buying a Home."

One explanation for the severe housing shortage is that there is relatively little new home construction underway. Meanwhile, many millennials -- those now in their late 20s to 30s -- are coming into their prime home-buying years.

"Inventory has been falling for years with supply no longer meeting demand," says Svenja Gudell, the chief economist for Zillow, the real estate database company (www.zillow.com).

Ron Phipps, a real estate broker and former president of the National Association of Realtors, says many move-up hopefuls are late-marrying couples age 30 to 50 who need more space to house their young children, along with young couples living in condos or apartments who hope to move to a nice suburb and start a family.

But as Phipps points out, few upwardly mobile people are willing to sell their home unless they're confident they can locate a better property. That's why he says it's important to check out the market before letting go of your current place.

Here are a few pointers for prospective move-up buyers:

-- Survey the new home market for potential move-up options.

To be sure, real estate markets are hugely variable. But one generalization seems to apply in many areas: some of the best deals are available in brand-new upscale subdivisions.

"Granted, there's not a tremendous amount of new home construction going on right now. But there are always builders out there who need to unload some houses to cover payments on their bank loans. This is most likely in new subdivisions at the upper end of the price spectrum," Davis says.

-- Look for a place with strong, long-term resale potential.

Many people on the lookout for a move-up property assume their next home will be the last one they ever buy. Yet the majority of homeowners sell sooner than anticipated, often by several years.

No matter how long you stay, you'll want a place that holds its value and eventually appreciates. That's why Phipps says it's smart to look for features that should gain value over time, like those that keep energy bills to a minimum. Look for a home with extra attic insulation, energy-efficient windows and high-efficiency appliances.

He also encourages buyers to consider a property's proximity to public transit and amenities reachable on foot. He suggests looking for open floor plans that will retain their popularity rather than homes that are chopped up into small, self-contained rooms in the common areas.

-- Consider buying an "over-improved" house.

A surge of home improvement work in recent years caused many owners to go to extremes. Drawing on easily available home equity credit lines, some spent lavishly to upgrade their properties. In doing so, many created what real estate specialists call "over-improved" homes, meaning they outstrip neighborhood standards.

For example, some owners added a fourth or fifth bedroom, even though they reside in areas with modest, three-bedroom homes. Or they overhauled their kitchens with expensive custom cabinets made from such woods as zebra or mahogany, though their neighbors have run-of-the-mill cabinets.

When first they venture into the market, the owners of an over-improved home typically strive to recoup every penny they've spent. But after their properties have languished unsold for an extended period, most are humbled into price cuts.

Once the discounts have been taken, over-improved homes are often well priced.

"Sometimes the over-improved house is the best value out there for your money," Phipps says.

But he cautions that move-up buyers should rule out any over-improved home located in an undesirable neighborhood.

"To identify the best possible neighborhood and house to buy, count on expert advice from a strong local real estate firm. There's no substitute for that," Phipps says.

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

A woman in her late 20s -- a graphic artist married to a marketing manager -- struggled through sleepless nights for nearly a week after the couple bought a townhouse in a hip city neighborhood.

Had the couple bought the wrong home? Would the place lose value? Would they fail to meet their mortgage payments and face foreclosure? All these questions plagued her mind in the middle of the night.

It was misery until she talked through the issues with a financial planner and realized that buying the townhouse was indeed a sound decision.

As this true story illustrates, suffering from sleeplessness due to home-buying fears can afflict anyone, says Dorcas Helfant, the co-owner of several realty company offices. With so much at stake, she says it’s not surprising that many buyers second-guess themselves about real estate.

Sid Davis, a longtime real estate broker and author of “A Survival Guide to Selling a Home,” says it’s not uncommon for sellers to suffer from insomnia while their property is on the market.

“Even in a hot neighborhood, where houses are practically flying off the market, some sellers get totally stressed out,” Davis says.

Financial fears, along with health concerns, are leading factors that are highly correlated to insomnia, says Dr. Lawrence Epstein, a physician specializing in sleep at the Harvard Medical School and co-author of “The Harvard Medical School Guide to a Good Night’s Sleep.”

Real estate issues are only one of many explanations for insomnia. Epstein estimates that about 10 percent of American adults experience a chronic sleep problem.

Are you having difficulty sleeping due to a significant real estate issue or for any other reason? If so, these few pointers could help:

-- Realize that medication is a short-term fix at best.

Colleen Carney, co-author of “Quiet Your Mind & Get to Sleep,” has no objection to the short-term use of sleep aids. For example, they could be appropriate for people in the midst of a stressful home-buying transition.

“Medications are a quick and inexpensive fix for people with temporary insomnia due to a stressful situation,” says Carney, a psychologist specializing in sleep.

But Carney cautions that the use of sleep medications for more than two or three months can be counterproductive and could actually hinder the efforts of insomniacs to obtain sounder sleep.

-- Try to take the time to wind down before bedtime.

As Carney says, human beings aren’t programmed to downshift suddenly from an excited or stressful state of mind to the kind of relaxation that’s conducive to sound sleep. For that reason, she recommends that those suffering from insomnia give themselves a “buffer period” before going to bed.

“You need at least an hour to wind down,” says Carney, who’s been involved in sleep research for well over a decade.

During your buffer period, try to avoid work-related activities or discussions which could provoke worry or anxiety. For example, don’t get into a heated conversation with your spouse about which home to buy or how to deal with an unsold property. Instead, limit yourself to quiet activities, such as reading or watching a calming movie.

“Don’t do anything before bed that could over-stimulate you and make it harder for you to produce sound sleep,” Carney says.

-- Track your sleep habits closely.

Sleep experts say the most effective ways to deal with insomnia involve behavioral changes that can’t be accomplished overnight. They require sustained effort over a period of time.

“It’s the bad habits that affect our sleep more than anything else,” Carney says.

Because it can take weeks to reverse sleep habits, insomnia experts recommend use of a sleep log that can be found in many books on the topic of insomnia.

“The idea is to track your sleep habits until you can change them in constructive ways,” Carney says.

One practical guide you can consult is “The Insomnia Workbook” by Stephanie Silberman.

-- Keep electronic devices out of your bedroom if possible.

It’s no secret that electronic devices such as cell phones, tablets and laptops are a primary source of information for those heading into the home purchase or sale. But using them at night for this or any other purpose can be counterproductive to restful sleep, especially for people prone to insomnia, according to Carney.

“Ideally, you’ll sleep in a bedroom without a computer, or at least you’ll shut it down before going to bed,” she says.

Carney and other insomnia specialists say an increasing number of people are hindering their prospects for good sleep by bringing electronic devices -- including laptops and cell phones -- into bed with them.

“You don’t want anything electronic in your bed. It’s also a good idea to avoid watching TV in your bedroom,” she says.

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

Competition for affordable entry-level homes in desirable neighborhoods remains intense, due to a shortage of available property. This has many first-time buyers very frustrated.

What’s worse is there’s no end in sight to the problem, says Svenja Gudell, the chief economist for Zillow, the real estate database company.

“Simple demographic change is contributing to incredibly high demand, as millennials reach their prime home-buying years and begin to enter the market in droves,” Gudell says.

Competition among rival buyers is prompting some young home-buying hopefuls to consider properties they would otherwise have ruled out -- like homes in rundown condition or those in neighborhoods not to their liking. But real estate experts fear this could one day lead to disappointment if they compromise too much.

“What’s the point of winning in a multiple bidding situation if you end up owning the wrong house? Errors in selection can be costly both emotionally and financially,” says Mark Nash, a longtime real estate broker and author of “1001 Tips for Buying & Selling a Home.”

Nash tells the story of one of his clients, a single man in his mid-30s, who bought a ranch-style house in the suburbs, against his inclinations.

The man was miserable with his choice. A property that would have been perfect for a family proved a poor pick for a man still on the dating circuit. Eating out, theater-going and sports bars had given way to home upkeep and garden weeding.

In despair, the bank manager phoned Nash, announcing his decision to sell the suburban house just two years after buying it.

Fortunately, the upswing in value on the suburban house allowed the bachelor to invest his equity in a condo-apartment back in the city. But he still regrets the two dull years he spent in the suburbs.

Nash urges novice buyers, or anyone considering a radical shift in housing style, to be especially cautious in selecting a property.

“Buyers operating outside their comfort zone can easily make a mistaken choice,” he says.

Here are a few pointers on finding the right property, despite competitive pressures:

-- Clear the air with family members about their expectations.

Many novice purchasers, especially those in their 20s and early 30s, accept parental gifts to help realize their homeownership goal.

“Often, there are a lot of strings attached when the family steps in. There are big control issues, and parental influence can lead to bad decisions,” Nash says.

He’s noticed that some parents, eager to boast that their children live in a prestigous neighborhood, will encourage them to buy beyond their self-imposed limits, which can put pressure on their marriages.

Before you accept family help, you need to know if your parents think this gives them veto rights over your home choice, Nash asserts.

“A heart-to-heart talk can really help you avert this problem before it arises,” he says.

-- Show your inquisitive side before choosing a property.

Buying a home is much different from buying a car. New Honda CR-Vs, for example, are all basically alike -- no matter where you buy one.

But each home is likely to have unique qualities. Even in brand-new subdivisions, floor plans and lot settings vary. And the disparities are still greater in older communities, where properties may have changed hands several times. Upkeep differs from owner to owner.

Of course, you’ll want to find a reputable home inspector to scrutinize any property you plan to buy. But even before you reach that stage, you should pose plenty of questions about the home and the community where it’s situated, says Merrill Ottwein, a real estate broker and past president of the National Association of Exclusive Buyer Agents (naeba.org).

“I always tell folks to walk the community before deciding whether you’d like to live there,” Ottwein says.

Local residents can forewarn you about the annoying freight trains that pass through or the jets with flight paths overhead. They can also tell you about unpleasant traffic problems and issues facing the local schools.

“Information is power, and that’s especially true when you’re selecting a home,” Ottwein says.

-- Don’t rush into property selection.

Some longtime renters get so keyed up at the idea of homeownership that they rush into the wrong purchase, according to Nash.

“With all this excitement and newness around their plans, they stop thinking straight,” he says.

To help guard against the tendency to plunge headlong into a purchase -- a temptation that’s especially strong in highly competitive markets -- Nash suggests that first-time buyers look at multiple properties during a shopping tour, even if they fall in love with the first place they see.

“And don’t work with any agent who pressures you into thinking that every house you see is a ‘home run.’ Think for yourself when choosing a place,” he says.

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