These days, wannabe homebuyers fall into two groups. One is spurred to action by dazzlingly low mortgage rates. The other is equally motivated but hesitant on timing, given indicators that could signal a worsening economy.

For undecided buyers, Kevin Simrin, the broker-owner of six realty offices in Oregon, offers sage advice.

“If now is the right time for you and your family to buy a first home or to step up to a better one, don’t let fear stop you. But be sure to use data and not emotion to avoid overpaying,” says Simrin, who’s sold homes since 1989.

Before committing to purchase any property, Simrin urges buyers to review data on comparable sales for similar homes in the same neighborhood that have closed within the last six or fewer months.

He’s also a big advocate for making any offer contingent on a thorough home inspection, which could allow you to back out of the deal should your inspector discover major issues that would be expensive to remedy. These could include significant plumbing, electrical or foundation problems.

“A really solid whole-house inspection can cost as much as $400 to $600. But it’s worth it because of all the protection it gives you,” he says.

Here are a few pointers for buyers:

-- Search for a neighborhood with positive appreciation potential.

To locate the parts of your metro area that have the best prospects for future home appreciation, Eric Tyson, a personal finance expert and author of "Home Buying for Dummies," suggests you start with a regional map. On this, pinpoint major employers, such as corporate headquarters and military bases, where jobs are expanding. Locate communities with top public schools. Also, identify areas served by popular public transit lines, including new light rail systems that cater to traffic-weary commuters.

“Meaningful local information, which you can find on the web, helps you ... spot neighborhoods where home prices should rise rather than fall in the years ahead,” he says.

-- Attempt to track the direction of your local market.

Comparable sales data won’t give you the whole story on property values. You also need statistics on the direction of the neighborhood market, whether prices are heading up, down or sideways.

Tyson recommends you ask your agent to give you statistics on the median price of a home sold in the past month versus the prior month. Also ask for median price comparisons on an annual and yearly basis. These statistics should give you a good feel for the trend. Then use these data when crafting a bid for a property you like.

Also, Tyson recommends you seek out a highly motivated seller.

“Despite strong demand for property in hot metro areas, it’s still possible to find sellers who have an urgent need to move, perhaps due to a job change, a medical reversal or some other imperative,” he says.

-- Factor in your “personal economy” before deciding what to buy.

Would buying a well-priced home in a strong neighborhood be a good financial bet for your household if your monthly mortgage payments are more than you can afford? Absolutely not, Tyson says.

Prevailing standards for mortgage approval remain rigorous. Yet it’s still possible for many buyers to qualify for a larger mortgage than their finances warrant, thereby placing them at risk of a future default. That’s because your lender doesn't have the full picture of your financial obligations and spending habits.

Before committing to any purchase, even to a small home bought at a bargain price, it’s always wise to review your budget and assess your level of employment security. Is your current job at risk? Do you have easily marketable skills that would allow you to quickly get another job if you had to?

“You probably have lots of job stability if you’re in a prime health care field. If you’re a doctor or registered nurse who loses one job, you’ll undoubtedly find another one quickly. But the picture is very different for people in many other fields, like retail sales,” Tyson says.

-- Don’t rush into a purchase under pressure.

Even today, there are neighborhoods where buyers were locked in fierce competition over available homes. Some properties are still selling just hours after going on the market. These are areas where offers are written hurriedly, perhaps on the hood of a car. In these select areas, it’s still common for sellers to receive multiple bids from buyers offering more than the asking price.

But in most places, buyers are gradually gaining bargaining power. And that spells opportunity.

“Impulse can be the enemy of an unenlightened homebuyer. Sure, you want to be competitive for a property you truly love. But always keep your hand on your wallet when you do,” Tyson says.

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

Many homeowners intent on selling a luxury residence in the near future are watching economic indicators nervously. They fear a possible recession could undermine their odds of a successful sale.

But housing economists offer calming projections for such sellers. They say it’s unlikely the next recession will cause home values to drop as they did during the Great Recession of a decade ago. The only impact would likely be to slow the velocity of sales.

Sarah Mikhitarian, a senior economist for Zillow, which tracks real estate markets throughout the country, has reassuring words for sellers intending to liquidate a luxury property in the near future.

“Yes, economists largely agree that a recession is on the horizon within the next year or so. But home values shouldn’t be heavily impacted this time,” Mikhitarian says.

The major reason the next recession will likely have less impact on housing is demographics. The millennial generation of buyers, who are now in their mid-20s to late 30s, are currently moving into their prime home-buying years.

Of course, relatively few young adults can afford a luxury property in a high-demand area. But those who can don’t have as many properties from which to choose as did upmarket buyers making a purchase prior to the last recession.

Still, Mikhitarian cautions luxury homeowners that it could take longer to sell their property in coming months, due to a weakening economy.

“Don’t stress out if your home doesn’t sell right away,” she says.

Here are a few pointers for those seeking to sell a high-end home in the near future:

-- Engage an agent who specializes in luxury home sales.

Many real estate agents have the expertise to market average properties. But fewer have experience selling upper-echelon homes, says Mark Nash, a real estate analyst and author of “1001 Tips for Buying and Selling a Home.”

In searching for an agent, he recommends you look for someone with a network of friends and associates who travel in affluent social circles.

“Word of mouth is a huge element of success when it comes to selling expensive property,” Nash says.

How can you find the appropriate agent to help sell your luxury house?

“There’s no substitute for strong referrals. Try to find people who’ve been successful selling a high-end home and ask who they hired to represent them,” Nash says.

After you’ve assembled a short list through references, he says you should do in-depth interviews with all the agents on the roster before making your final selection.

“Request details about their marketing plans and how they’ll follow through to close a sale,” says Nash, noting that buyers of high-end houses typically expect more help with their housing transitions than do average purchasers.

-- Evaluate various pricing opinions.

As a basis for pricing, the owners of any For Sale property should analyze the results of comparable recent sales. But home sellers in the upper echelon usually need to make more adjustments.

“Don’t just rely on your one agent for a recommendation on the appropriate list price. Ask the agent to draw colleagues from the same office into the discussion and maybe their broker, as well. That way you’ll get more of a consensus on the correct price,” Nash says.

If in doubt on the appropriate price for your luxury home, Nash says you should move to the lower end of the suggested range.

“Because of the changing market, you really have to resist the temptation to price high. The buyers of these houses may have money. But they always seek to negotiate a good deal for themselves,” he says.

-- Underscore the quality of your local schools.

Though it’s not universally the case, most luxury home communities are served by public schools with good reputations. Also, many are within a short drive of private schools that are widely admired.

Given that school quality is important to buyers in all income categories, make sure the marketing materials developed to sell your home highlight statistics that show the strength of the local schools.

“Also list the tuition costs for the nearby private schools to show potential buyers how much they’d save if they sent their kids to public schools. Many people appreciate a bargain in education,” Nash says.

-- Put a huge emphasis on curb appeal.

A handsome front door with polished brass hardware and meticulously pruned shrubbery are status symbols that matter for many high-end buyers.

Though no home seller should expend a fortune to make a property more appealing to prospects, a sizeable investment in curb appeal could help hasten the sale of a luxury home.

“In some rare cases, even investing in that circular driveway with the fountain in the middle could be justified if it gives your house killer curb appeal,” Nash says.

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

At age 30, Gabrielle Bosche and her attorney husband are content living in a rental apartment in Fairfax, Virginia, where they enjoy a handy fitness facility within their building. But like many young adults, they’re keen on homeownership and soon intend to buy a townhouse in the same area.

Bosche, who heads a consulting group on millennial issues, says that in their preference for an affordable townhouse over a detached property, she and her husband are typical of many in their generation who enjoy a more communal lifestyle than did their baby boomer parents.

“Millennials ... (are) steeped in social media but want authentic interpersonal relationships. That’s why living in a close townhouse community is very comfortable for them,” says Bosche, the author of “Five Millennial Myths.”

Marc Angelo, a real estate broker in Portland, Oregon, says his millennial clients would rather buy a diminutive townhouse in a lively city neighborhood than an equally priced but much larger detached property 10 miles outside the city.

“Young buyers want to live around people with energy and ideas, a place where they can walk to a grocery store and restaurants. To get all that at an affordable price, a townhouse can be the perfect solution,” Angelo says.

But he cautions buyers to make sure they don’t choose a city neighborhood that’s noisy and crowded on weekend evenings.

Here are a few other pointers for buyers focused on the purchase of an urban townhouse:

-- Screen for a townhouse with an expansive interior.

Nowadays, most buyers strongly favor an open, airy and bright house. But many townhouses, especially older ones, have relatively few windows and are narrow from side to side and deep from the front door to the back, says Tom Early, a veteran Ohio real estate broker.

“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, with larger-than-average windows. However, remember that big windows typically translate to higher energy costs,” says Early, a past president of the National Association of Exclusive Buyer Agents (naeba.org).

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

-- Don’t overlook the importance of ample parking.

Newer 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 the visitors to your home?

“It’s important for townhouse owners to feel confident that their friends and family members will not face lots of hassles when they come over to visit,” Early says.

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

“You should get unvarnished opinions about all the pros and cons of life in the community through informal conversations with the neighbors there. It can be particularly helpful to go back to the area without your real estate agent at your side,” Early says.

-- Search for a convivial townhouse community.

It’s a fact of life that in nearly all townhouse communities, residents are bound together through membership in a residents' association. As Early says, the quality of leadership in that group can make a major difference for residents.

"The point is to search for a community where people can reach consensus harmoniously, rather than through arguments and petty disagreements,” Early says.

Those who bond together in a well-functioning association 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 can mean a large addition to your monthly homeowners’ 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 brewing within the organization.

“The last thing you want is to live in a community where everyone is squabbling over minor issues or large ones,” he says.

-- Don’t sacrifice a good location when you buy.

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

What constitutes a location where you can reasonably expect strong or rising property values? Tyson urges you to look for a neighborhood served by high-quality public schools, even if you have no plans for children.

Even those who would prefer a detached house might consider buying a townhouse in a coveted city 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 single-family home in a weaker area.

“For real estate, one reality remains constant through time and economic cycles. That is that location tops all other factors in defining value,” Tyson says.

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