A couple in their early 30s have been renting a house in a charming historical neighborhood for several years. They’d love to buy a place up the street. But they fear that if the economy slides, their jobs might be at risk.

Fred Meyer, a longtime real estate broker and consumer advocate, says the couple in this true story are typical millennials in their views on home buying. They’re finally ready to own, and imagine their wedding in the backyard of the place they hope to buy. Yet they still have vivid memories of family members who lost homes to foreclosure after the last housing downturn a decade ago.

Should this couple buy or just keep renting? Meyer encourages them to make a purchase, assuming they’re in good standing at their places of work.

“For most young adults with salaried positions who are ready to settle down, buying a home is a much better alternative than renting indefinitely. You’re probably sick of paying rent. But you don’t want to set your course based on some economic forecast that could be all wrong,” he says.

Through the years, Meyer says he’s heard from a number of friends and acquaintances whose excessive caution kept them from buying a place when real estate was more affordable.

Of course, there are some employment situations which don’t lend themselves to financial stability.

Here are a few pointers for prospective first-time home buyers:

-- Make a sober assessment of your job stability.

Victor Hess, a veteran financial planner affiliated with the National Association of Personal Financial Advisors (napfa.org), urges those planning to buy a first home to take into account their level of employment certainty before making any final decisions.

“Jobs aren’t permanent anymore, so it’s smart to play it safe with all major financial decisions, including buying a house,” Hess says.

Nor should government workers become overconfident about keeping their jobs, he says.

“Government jobs -- whether at the local, state or federal level -- are still somewhat more stable than are corporate jobs. However, due to our changing economy, you can expect more job cuts in this sector, too,” according to Hess.

Your overall income stability depends on the demand for your skills and how sharp you’ve kept those skills, he says.

Hess, who’s both a CPA and a financial planner, generally advises his home-buying clients to spend no more than one-third of their gross household income on mortgage payments. But he allows that this rule of thumb may not apply to those who have set aside the equivalent of at least six months' worth of income in their savings accounts.

“You need to build a financial cushion to protect you if a job you’re counting on is lost,” Hess says.

-- Don’t depend on a mortgage lender’s word as to what you can afford.

Many would-be homebuyers emerge from their lenders’ offices preapproved to borrow more than they’d expected.

But should you rely solely on your lenders’ advice when deciding how much you can afford for mortgage payments on a home? Absolutely not, Hess says.

“Since they work on commissions, mortgage lenders are motivated to push you to the highest borrowing limit they can,” Hess contends.

Also, lenders may not take into account outlays you face on a regular basis. Would your lender know, for instance, that you’ve pledged large annual donations to your church or synagogue? Probably not.

-- Look to a neutral adviser for planning help.

Financial planners and tax accountants are generally not in a position to judge your job stability. But many can provide perspective on the potential cash flow implications of your home-buying plans.

“We can’t give you any guarantees. But we can give you guidance and insights,” Hess says.

Before you set out to shop for a home, he suggests you talk over the matter with a trusted financial adviser who charges by the hour.

“I can’t imagine this taking more than two to three hours,” Hess says.

The financial adviser you choose should be able to calculate the tax benefits available to you through your mortgage interest deductions.

“It’s not uncommon for people to overestimate these benefits when they’re buying a home,” he says.

-- Be especially cautious if you’re moving to a new city.

Making a long-distance move for work reasons always comes with a degree of uncertainty. Will you like both the new area and the new job? And will the new employer want to keep you on?

Until some of these questions can be answered, Hess suggests you consider taking a rental unit for a few months rather than buying a home immediately. That way you reduce the risk that you’d have to resell the place quickly and at a possible loss.

“I’m a huge believer that homeownership is the right choice. Usually, renting doesn’t make financial sense. But when you’re relocating for a job -- and there’s some doubt that your new situation will work out -- you may want to wait for six months to a year before buying that fancy house,” he says.

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

A single woman of 29 definitely plans to buy a city condo one day. But first she intends to get her career moving, travel abroad and pay back her nearly $200,000 in student debt.

Ashley Dixon, a certified financial planner for an advisory firm focused on millennial clients, isn’t surprised by the young woman’s intentions. Many of her clients in the same age group share her sentiments.

“Single millennials would still like to have that ‘forever home.’ But first they want to put all the loose pieces of their life together,” says Dixon, who’s affiliated with Gen Y Planning, an advisory firm focused on clients in their 20s and 30s.

Although many young adults delay a home purchase, she insists they’re just as motivated as their parents were to own -- particularly once they commit to a job and metro area they like. Research from the National Association of Realtors (www.realtor.org) indicates that many millennials aspire to own property as soon as they’re financially able.

Moreover, the association reports that the share of overall home sales involving first-time buyers is gradually increasing. In November, it rose to 33 percent, compared with 31 percent during the same month in 2017.

Dixon advises her single clients to be even more conservative than married purchasers with dual incomes. That’s because singles rarely have a second income to fall back on if they can’t meet their mortgage payments.

Here are a few pointers for single buyers:

-- Avoid maxing out on your mortgage.

Among homeowners who faced foreclosure during the downturn were many who used an adjustable-rate mortgage (ARM). At the introductory “teaser rate,” they were comfortable handling the payments on their home loan. But once their ARM adjusted upward, they were in trouble.

Merrill Ottwein, a real estate broker who specializes in relocations, says many past problems with ARMs were the fault of lenders who failed to fully explain all the terms involved. But in other cases, borrowers were to blame for overextending themselves. Either way, he says numerous owners might have avoided foreclosure had they simply taken a traditional fixed-rate mortgage.

“All ARMs introduce an element of risk. That’s why I never recommend taking one,” says Ottwein, a former president of the National Association of Exclusive Buyer Agents (www.naeba.org).

-- Consider a property a roommate might share.

You may be one of those young singles who longs to finally be free of roommates. Even so, Ottwein says it might still be wise to choose a property suitable for a rent-paying roommate, just in case.

“Just knowing you have the right sort of house to share can relieve a lot of homeowner anxiety,” he says.

Single buyers who wish to keep open the option of having a roommate should make sure they choose a property with an extra bedroom and at least two bathrooms.

“Location and floor plan are the key factors that determine if having a roommate is a realistic idea,” Ottwein says.

-- Look for energy efficiency in the place you buy.

Margaret Smith, a certified financial adviser who works on a fee-only basis, says that many young singles are unpleasantly surprised by the size of their utility bills in their new homes. But she says more young purchasers are now beginning to shop for energy-efficient housing -- the same way they’re choosing gas-saving vehicles.

To estimate the energy costs of a property, she recommends buyers ask the current owners for copies of their utility bills, ideally going back two years or more. Then factor in annual cost increases.

To educate yourself on the topic of energy-efficient housing, Ottwein suggests you go to the internet. One website he recommends for this purpose, energystar.gov, is sponsored by the U.S. Department of Energy, along with the U.S. Environmental Protection Agency.

Also, he recommends you ask your home inspector to assess the energy efficiency of any property you might buy. Have the inspector check for energy-efficient windows, as well as insulation throughout the home.

-- Keep your friends in mind when choosing a home.

If you’re like most singles, having a vibrant social life is a top priority. Smith says you don’t have to live in the same neighborhood as friends to stay in close touch. But you won’t want to locate yourself so far away that your only regular contact is through social media.

“There’s little worse than buying a home where you’re stuck out in the middle of nowhere, stranded from your network of friends,” she says.

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

A couple in their 40s -- an ophthalmologist married to a pediatrician -- were so preoccupied with their careers that they scarcely noticed how their four kids had outgrown the family's compact bungalow. It was only after a family member prodded them to seek larger quarters that they decided to sell.

Once in gear, however, they took a businesslike approach to hiring the best available listing agent. To expedite their transition to the more spacious Tudor house they'd picked out, they wanted a skillful agent who knew their neighborhood well and would recommend the right asking price. The keys to finding this person? Create a short list and then interview multiple candidates.

Eric Tyson, a personal finance expert and co-author of "House Selling for Dummies," doesn't know the couple in this true story. But he applauds them for their thoughtful selection of a qualified agent who helped price and stage their property correctly. In the end, the pair's bungalow attracted multiple offers and sold above the asking price in just three days.

"It's all too common for sellers to take a trivial approach to hiring a listing agent. In many cases, people just make a random selection of agents -- picking someone a neighbor or co-worker happens to know. But selling success depends on due diligence," Tyson says.

Granted, some owners do well on their sale without a highly qualified agent -- particularly if they're lucky enough to enjoy a robust seller's market. But real estate specialists caution against overconfidence -- especially at a time when there are crosscurrents in the economy, as there are now.

Ron Phipps, a real estate broker and past president of the National Association of Realtors (www.realtor.org), says more sellers are gradually getting the message about the importance of careful agent selection.

Here are a few pointers for sellers:

-- Make sure you interview at least two to four candidates.

"When you talk to several people, you'll get different perspectives on your sale," Phipps says. "Several opinions on pricing can be especially helpful."

He says you should be wary of any agent who suggests you list your place for more than 10 percent above what others say is its fair market value.

"Find out how they arrived at that higher price," says Phipps, noting that occasionally some agents may suggest an above-market list price as a way to flatter you into hiring them. This practice is known as "buying the listing."

-- Focus on local knowledge.

Your cousin or that highly recommended friend-of-a-friend might be an excellent real estate agent. But should you consider hiring this person if their office is located a significant distance away from your place?

Absolutely not, says Tyson, who contends that a faraway agent is likely to be much less effective in marketing your property than one who knows your local turf well.

"Anyone who works more than a 15-minute drive from your place is probably a very poor bet. Geography matters a lot," he says.

It's especially wise to have an agent close by if you're trying to sell a property in a city setting -- such as a condo in a high-rise building. In such a case, the ideal agent is typically someone with proven experience selling units in your same building.

"Agents with an intimate knowledge of the floor plans and sales history of your complex can hit the pricing target right the first time. That spares you the agony of multiple pricing adjustments later," Tyson says.

Realtors call the area where they most often sell homes their "farm." As Tyson says, agents who say they farm your area should be able to demonstrate this with a list of transactions they've done there recently.

-- Request information about a candidate's awards and honors.

How can you identify agents who have achieved an unusual level of expertise? Phipps says one way to distinguish among agents is to ask if they've been elected to positions of leadership within their professional groups.

"This shows they have a reputation for collaborating with other real estate people," Phipps says. That's important, he says, because real estate is a cooperative profession, and a successful sale typically involves more than one agent.

-- Pick an agent with a proven deal-closing record.

During boom times, most sellers feel home free once they've obtained a ratified contract -- meaning their deal has been agreed upon by both sides of the transaction.

But in a transitional economic period like the current one, many sellers are understandably nervous that complications along the way to closing might jettison their deal. That's because qualifying for a mortgage is trickier than it was prior to the last real estate downturn a decade ago. Consequently, more home loan applications are declined than before.

"Selling has become much more complicated. So it's smart to find an agent with experience handling many different kinds of transactions. Look for their record of closing deals, not just taking listings," Phipps says.

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