A decade ago, after the residential real estate market tanked, bargains were rife and qualified buyers had their pick of properties at reasonable prices. But now the picture is vastly different.

“Today, home prices are at or approaching record highs in many markets,” says Lawrence Yun, chief economist for the National Association of Realtors (realtor.org).

Yun forecasts that some of the nation’s most overheated real estate markets will experience sales slowdowns as 2018 progresses.

“Drops in home sales can be connected directly to supply shortages and corresponding price increases,” he says.

Buyers still determined to snag a decent deal in a popular neighborhood should consider what’s known as a “stale listing," according to real estate pros.

“Stale listings can be a treasure trove of good values,” says Stephen Israel, the president of a real estate firm affiliated with the National Association of Exclusive Buyer Agents (naeba.org).

What sets stale listings apart is that they’ve sat unsold for longer than the average selling time for their neighborhoods. But Israel cautions that selling times can vary widely depending on the popularity of a community and the local economy.

“Look at each home individually and find out its listing history. It may be the home was listed with a different agent before and then later relisted with a new agent. Because of that, you may need to dig to determine how long it’s really been up for sale,” he says.

Sid Davis, a real estate broker and the author of “A Survival Guide for Buying a Home,” says the most common reason a property goes unsold for a lengthy period is that it was overpriced when it first hit the market. Even after a series of price reductions, such a home typically retains its stigma, which continues to drive away potential buyers.

“The longer a house is on the market, the less it sells for. That’s one of the tenets of real estate,” Davis says.

Here are a few pointers for buyers:

-- Inform yourself about values in your target neighborhood.

Many who are open to the idea of buying a stale property are novice buyers on limited budgets. To navigate the market with confidence, Davis says they need to inform themselves about property values in the area where they’re searching.

“Do your homework before going out and making any offer,” Davis says.

Very often, the owners of a stale property will ratchet down the price in incremental drops. The key for a prospective bidder is to know when the sellers are approaching a realistic price point.

“You and your agent need to do a thorough analysis of the area so you’ll have a good feel for the true value of any house you like. That way, you won’t be flying blind when you venture a bid,” Davis says.

The key to determining market value is to closely examine the data on recently closed home sales on similar properties -- known as comparables, or comps for short.

“Make sure your agent shows you very recent comps that are really similar to the house you want to buy,” Davis says.

“When deciding how much to bid on a stale listing, don’t focus on the list price. Instead, orient your offer to what the market is really paying for that kind of a house in that neighborhood.”

-- Set up a system to ensure you’re alerted when price drops occur.

Have you found a home that’s appealing, but believe it’s significantly overpriced?

If so, Israel suggests you track that property closely, waiting for its owners to take a price cut that brings it closer to its true market value.

To stay alert to potential pricing changes for the property of your choice, Israel recommends you ask your real estate agent to keep you constantly updated by email or text.

“Ideally, you should be kept informed on a daily basis,” Israel says.

-- Seek to time your bid advantageously.

Are you focused on a particular property whose owners have finally agreed to a major price reduction after the place has lingered on the market for a lengthy time? In that case, you may be tempted to come in right away with your bid.

But Israel says it still could be wise to wait for a few days before bidding on a formerly overpriced place. That’s because typical sellers will wait a while after cutting their price before entertaining any offers.

“Of course, there are always exceptions. If you’re really in love with the house and think the sellers are finally realistic on price, don’t wait any longer. Bid right after the price drop or you could risk losing your dream house to another offer,” he says.

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

When it comes to housing trends, two are in near-perfect sync right now. Homebuyers suffering from sticker shock are increasingly interested in the price-per-square-foot advantage of choosing a townhouse over a detached property. Meanwhile, builders struggling with rising costs are increasingly favorable to townhouse construction.

Although townhouses now represent just 13 percent of all new single-family homes, their market share is gaining steadily, says Danushka Nanayakkara, a senior economist for the National Association of Home Builders (nahb.org).

“Millennials want median-density residential neighborhoods in walkable environments, where townhouses are more common. This is now the largest population cohort of homebuyers,” Nanayakkara says.

Though she notes that townhouses typically come with smaller yards than detached homes, this is acceptable to many first-time buyers in their 20s or early 30s. At the same time, developers save money when they build on the smaller lots that townhouses require.

Tom Early, a past president of the National Association of Exclusive Buyer Agents (naeba.org), says people pondering the purchase of a townhouse should seriously think through the trade-offs.

“Most townhouses are very vertical, and that translates to loads of stairs,” Early says.

And though townhouses often come with far less maintenance and upkeep demands than detached homes, there is a downside.

“Face it, because of all the rules, townhouses aren’t great for rugged individualists. For example, you’ll be barred from painting your front door fluorescent orange,” he says.

Here are a few tips for those contemplating a townhouse purchase:

-- Place a premium on location.

It can be tiring to hear that location should beat all other factors when it comes to choosing a home. But this principle remains true, says Eric Tyson, a personal finance expert and co-author of “Home Buying for Dummies.”

Tyson urges you to look for a neighborhood served by high-quality schools, even if you have no plans for children. Also, he encourages you to seek easy access to such popular amenities as movie theaters, cafes and stores. In addition, look for an area near well-rated public transit.

“Already, we’re seeing close-in communities appreciate faster than those far outside metro areas. This trend will only accelerate in the future,” Tyson says.

Even people who would prefer a detached house might consider buying a townhouse in a coveted neighborhood if that’s all they can afford there. That’s because over time, as Tyson says, you can anticipate that the townhouse in the premier area will be a better investment than a traditional detached home in a weaker area.

-- Look for a townhouse with an expansive interior.

Nowadays, most buyers strongly favor an open, airy, bright house. But many townhouses have relatively few windows, are narrow from side to side and deep from front to back.

“To get a more open feeling, try to find a townhouse that’s wider than average. Also, look for one where the rooms are square rather than rectangular and one with larger-than-average windows. But remember that big windows typically mean higher energy costs,” Early says.

Another way to obtain a more open, airy feeling in a townhouse is to buy one with high ceilings.

“Luckily, lots of new townhouses have ceilings that are at least 10 feet high or higher. That way, the rooms seem larger and people feel less cramped,” Early says.

-- Don’t trade off adequate parking.

New townhouses are typically built to give each unit a one- or two-car garage. That means your own parking needs should be met. But what about visitors to your home?

“Many people are unhappy after moving to any place that forces their friends and family to hunt and hunt for parking,” Early says.

He tells clients the best way to scope out the parking situation near a townhouse complex is to ask those already living there about their experience with parking in the common areas of the community.

-- Look for a harmonious community.

In nearly all townhouse communities, residents are bound together through a residents' association. As Early says, the quality of leadership in that group can make a major difference for residents there.

"Search for a community where people can reach consensus harmoniously rather than through arguments and petty disagreements,” he says.

Well-functioning associations set aside money for major expenses, like the replacement of a roof or renovation of a pool house. Otherwise, everyone living in the community could be hit with a special assessment -- which could mean a steep increase in your monthly association fees.

To investigate the operations of a townhouse association, Early suggests you ask for minutes of its last three meetings to see if major disputes are pending within the organization.

“Don’t move to a place where neighbors are squabbling or you’re at risk for a bad case of buyer’s remorse,” he says.

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

A couple in their 60s -- a psychiatrist married to an attorney -- began daydreaming about retirement the day their youngest child graduated from high school. They wished for the freedom to travel abroad and enjoy waterfront living in a low-upkeep condo overlooking Baltimore’s Inner Harbor.

After selling their large, upkeep-heavy colonial and buying a waterfront condo, the couple was pleased with their new digs and relished the freedom from maintenance chores, says Ashley Richardson, their real estate agent. What’s more, their downsizing maneuver yielded the pair a tidy profit, which is hastening their plans to retire.

“Older people who are open to change about moving are happier in the long run than people who can’t bear to move,” says Richardson, who’s affiliated with the Residential Real Estate Council (crs.com).

Natalie Conrad, a professional organizer and author of “Organize to Downsize,” a step-by-step workbook for those seeking to scale back, says many triggers prompt older owners to sell. One common impetus is a health setback, such as the need for a knee or hip replacement. This forces many owners to face their need for a one-level property that doesn’t require them to climb stairs to reach their bedroom or take a shower.

“Once people start having physical limitations, they begin seeing their big houses differently. Many people wish to live closer to their grown children or go to a retirement community,” Conrad says.

Some housing economists say an increasing number of older homeowners are now rushing to sell due to rising mortgage rates and economic uncertainty as to whether the current strong market is sustainable.

Lawrence Yun, chief economist for the National Association of Realtors (realtor.org), says the current picture for sellers is a mixed one.

“As long as economic conditions maintain current levels, there’s still a chance for sales to break out this year. However, with mortgage rates trending higher, it will only happen if supply levels improve enough to cool the speedy price growth in a majority of the country,” Yun says.

Here are a few other pointers for downsizers:

-- Search for a location that feels right to you for positive reasons.

Lin Schreiber, a life coach for retirees, says, “There comes a point in many lives when there’s a yearning to reorder priorities. People downsize for the chance to pursue other options.”

As they head toward retirement, many people focus primarily on the annoyances and aggravations they’ll escape once they’re liberated from their job. But in addition, Schreiber urges clients to concentrate on the options that await them as they reinvent their lives.

“For example, if you think you’d like to live in Costa Rica, travel there and talk to retired people about what life is like in that country. Give yourself permission to explore all the possibilities that interest you before making a decision,” Schreiber says.

-- Think through whether you’d like to live in a community with lots of rules.

Schreiber and her husband, a software specialist, once lived in a planned community where the homeowners association dictated many lifestyle rules. But after just three years there, they were so rattled by all the dictates that they moved to a more modest townhouse with friendly and easygoing neighbors.

Looking back on their experience, the couple wishes they’d investigated further before buying into the planned community, where Schreiber says neighborhood leaders proved bothersome and intrusive.

“People there were always quibbling over small disputes about the appearance and operation of the community,” she recalls.

Though she allows that some people appreciate a strict neighborhood association that can help protect their property values, she says others find life in such a community unpleasant.

Schreiber urges those making a major housing transition to ask questions about the internal culture of a community before they buy a home there -- to ensure that it’s in accord with the lifestyle they have in mind.

-- Think through the role you want your adult children to play going forward.

Lots of downsizers approaching retirement have children in their 20s or older. And according to Conrad, these retirees vary widely on the role they’d like their offspring to play in the next phase of their life.

“As they get older, some people become weary of the child-raising thing. Yet other empty-nesters feel a void in their lives and wish to see more of their grown kids and grandkids,” she says.

Those who want their adult offspring to play a major role in their lives are likely to be happier moving to a property with enough bedrooms to accommodate their kids during overnight visits. But those who wish to discourage their children from lengthy stays -- or from moving back home -- might prefer a small condo with just one or two bedrooms.

“This is a very personal choice, but one you should think through before moving,” Conrad says.

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