In many ways, real estate specialists say it’s both the best and most challenging of times for homebuyers.

“Mortgage rates are now almost unbelievably low, making it inexpensive to finance a home. Jobs are more secure, and people feel richer because their retirement funds are growing,” says Michael Crowley, a real estate broker working with buyers since 1992.

But given tight inventories of available homes in popular markets, he notes many purchasers still find it extremely stressful competing with other would-be owners.

“To win against other contenders, the urge to overpay is still there,” says Crowley, a past president of the National Association of Exclusive Buyer Agents (naeba.org).

The quest to own property is especially intense among potential first-time owners, who represent nearly a third of all home purchasers and were a significant factor pushing up overall sales in October, according to Lawrence Yun, chief economist for the National Association of Realtors (realtor.org).

When it comes to shaping an offer for a property you like, Crowley cautions against letting your emotions get the best of you, even if you’re enamored of the property and are competing with rival bidders.

“You can’t always count on appreciation to bail you out if you have to sell and move unexpectedly in two or three years. Remember too, there are high transaction costs involved in selling one house and buying another,” he says.

Crowley recommends that buyers set a ceiling on how high they’ll go and stick to that limit.

“Base your highest potential bid on both recent sales in the same neighborhood and what you can afford. Then put that top number on an index card and carry it in your pocket when you go to your agent’s office to write up any offer or counteroffer,” he says.

Here are a few other tips for buyers:

-- Plan ahead before zeroing in on a neighborhood.

Too many buyers let emotion dominate their decision on where to live, says Michael Knight, a financial adviser affiliated with the Garrett Planning Network.

“Many people pick a neighborhood too quickly,” says Knight, who recommends you compare several areas before making your pick.

“You’ve got to do plenty of research. Have an informal talk with a few knowledgeable real estate agents in any area you’re considering,” he says.

Which neighborhoods are most likely to hold or gain value in the future? Knight says top quality public schools are critical, particularly now that private schools are out of reach financially for many families.

Access to quality public transit is also high on the list.

When talking to real estate agents, ask them to show you the neighborhood’s amenities on a map. Also, ask them to assemble data for you on sales trends in the community -- including the median time it takes to sell a home there.

-- Search for sellers who are motivated to move.

As a would-be buyer, you may feel uncomfortable about seeking out owners who must sell quickly due to the loss of a job or mortgage payments that are too high for their income. But Crowley says you needn’t feel guilty about doing so.

“You could actually be doing the sellers a favor in such a case. Even if you buy at a discount off the current market value, the owners will likely do better selling to you than they would if the bank took away the house and ruined their credit in the process,” he says.

How can you identify highly motivated sellers before the foreclosure process begins? Obviously, your agent can often find them through the Multiple Listing Service. An additional approach is to walk around the neighborhood on a weekend, striking up informal conversations with residents there.

“On a Saturday or Sunday, you will likely encounter residents who are out walking their dogs or taking their kids to the park. If you’re friendly and express your admiration for their area, they’ll likely chat openly with you and tell you neighbors they know who intend to move soon and the reasons why,” Crowley says.

-- Research property values in the area where you wish to live.

Once you’ve chosen a neighborhood where property values are solid and you’ve found your dream home there, you’ll want to carefully assess its true current value before formulating a bid.

“With rumors about a potential recession in the near future, it’s vitally important you obtain a true ‘opinion of value’ to ensure your bid is at the right level,” Crowley says.

To help develop a realistic estimate of the worth of the home you wish to buy, ask your agent to provide you with statistics on properties that have sold in recent weeks -- the fresher the data, the better. Make sure this analysis takes into account any likely “distress sales” that have occurred lately, which often come at a sacrificial price for the sellers.

“Even if we face a recession, it’s unlikely that prices will plummet in coming years. Still, it’s a very good idea to resist overpaying, even if you love the house. Should you have to walk away from one house you like, I guarantee you’ll find another one that’s an equal or better choice. All that it may take is your patience,” Crowley says.

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

Rental rates are rising ever higher, especially in popular metro areas where young adults wish to live. That’s tempting more boomers on the verge of retirement to postpone the sale of their home in favor of renting it out.

At CoreLogic, a think tank that tracks housing markets nationwide, principal economist Mary Boesel says rents are ascending most quickly for entry-level properties.

“Low rental supply coupled with ongoing demand is pushing up rents compared with a year ago,” Boesel says.

Mark Nash, a longtime real estate broker and analyst and author of “1001 Tips for Buying and Selling a Home,” says boomers who are uncertain where they’ll wish to settle after retirement are sometimes well advised to delay liquidating a family home. That way they could try out a new locale with a short-term rental of their own.

Another reason some boomers are postponing a home sale is that the real estate market -- always slower in winter -- looks more uncertain than usual for 2020.

Todd Teta, a senior official at Attom Data Solutions, says that despite low mortgage rates, the pace of home price increases could slow next year due to fears of a possible recession and political uncertainties.

But real estate specialists caution that converting your family home into a rental can bring unpredictable complications. Here are a few pointers:

-- Take into account all the expenses associated with a rental.

Most homeowners want to ensure they would make money on their rental. They want to be certain their rental income will more than cover their monthly mortgage payments, taking into account their property tax and insurance charges.

When assessing the financial impact of converting your place to a rental, even a temporary one, Nash says you should be sure to factor in the expense of home upkeep.

“Remember that if the bathroom plumbing develops problems, you’ll probably need to pay a plumber rather than fixing it yourself as you might have done when you lived in the house,” he says.

As Nash says, you’ll also want to consider the tax implications of a rental. To do so, he recommends you call or visit an accountant for advice.

-- Realize you’ll likely need to empty your place of tenants before you sell.

As real estate agents attest, it can be tough to sell a home while tenants are living there.

“As a rule, tenants don’t care if you sell. They might even become annoyed and block showings. Or they could deliberately leave the house like a pig pen -- with dirty dishes in the sink and unmade beds -- so you won’t be able to sell and they won’t have to move,” Nash says.

To avoid this potential problem, he recommends you plan to have the property vacated of tenants for at least a month before it goes up for sale and while the place is being shown. With the tenants gone, you can ensure that any cosmetic or repair issues are resolved.

“Among other things, you’ll probably want to do some interior painting and get your carpeting thoroughly cleaned,” Nash says.

-- Consider hiring a professional manager to handle your rental.

Perhaps you’ve decided it’s a smart choice to rent out your place for a year or so before selling it. Yet you don’t want all the headaches of dealing with landlord issues on a day-to-day basis.

In such cases, Nash says it’s sensible to consider hiring a professional manager to deal with tenants, sparing you the need for direct contact. You’ll still have to pay the repair bills, of course. But you won’t need to take those late-night calls from irate renters.

“You’re faced with demands you can’t push off onto someone else, unless you have a property manager,” says Nash, who’s long owned rental property.

-- Attempt to damage-proof your place before tenants move in.

When they sell their home, most people cut the emotional cord and move on psychologically. Not so when the owners are merely renting out the property.

“So long as they continue to own a place, most people are still territorial about it,” Nash says.

There are no guarantees your home won’t sustain serious damage while it’s rented. But Nash advises you to take several steps to minimize your risks. Repaint walls covered with flat latex paint with an easy-to-clean semi-gloss finish. Seal your hardwood floors with two or more coats of protective coating. And replace valuable light fixtures with inexpensive ones purchased at a home center store.

“Keep your eye on the ball. With a short-term rental, your goal is not to become a professional landlord. The idea is to keep your options open until the timing and circumstances are right for you to move back in or sell,” Nash says.

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

As a potential first-time homebuyer, Daryl Fairweather had every reason to feel confident. She had a solid job, a Ph.D. in economics from the prestigious University of Chicago, and a mother with a background in real estate to help her navigate through the buying process.

But when it came time to close on her purchase of the small Spanish-style house she’d selected in San Diego, she felt the gravity of her decision.

“Taking out a 30-year mortgage felt like a huge step toward adulthood and a very big decision, like getting married,” says Fairweather, who now serves as chief economist for Redfin (redfin.com), a national real estate company.

Fairweather ultimately made the leap. But her hesitations are shared by many of her generational cohort.

Art Godi, the broker-owner of a realty firm in California, says that unlike Fairweather, a surprising number of longtime renters who are motivated to buy a home remain stuck in their rental units because of fears about moving forward. Here are a few common homebuying fears and how to address them:

-- Fear of embarrassment about your credit history.

“Going to the lender’s office for preapproval can be a big breakthrough. People are often pleasantly surprised by what the lender tells them,” says Godi, a former president of the National Association of Realtors (realtor.org).

Of course, many prospective homeowners have flaws on their credit reports that must be fixed before mortgage approval is possible. Still, as Godi says, mortgage brokers and lenders often prove much more supportive than loan applicants anticipate.

“Call it jaded, but mortgage lenders have seen it all when it comes to credit reports. They aren’t going to be shocked or surprised no matter what your credit history reveals,” he says.

Some would-be mortgage applicants, especially those with modest incomes, worry they’ll feel shame when lenders look at their pay stubs or federal tax returns.

But most mortgage lenders rely on commissions and don’t get paid unless their clients get approved. This gives them a strong incentive to take the time and effort required to help rectify their clients’ problems.

-- Fear of selecting a property without the support of your family.

Many would-be first-time buyers are in their 20s or 30s. On financial matters, they still look to their elders for direction and, not infrequently, for cash subsidies as well.

“I can’t tell you how many times buyers crave the support of wise family members when it comes to buying their first home. It’s a new experience that can feel exciting yet incredibly scary,” says Merrill Ottwein, an Illinois-based real estate broker and past president of the National Association of Exclusive Buyer Agents (naeba.org).

There’s nothing inherently wrong with seeking help from relatives. But Ottwein says you should request their involvement early on, not when you’re about to sign the papers to buy a place.

“Your family could be caught off-guard by a late-stage request for guidance. They might be needlessly negative and counsel you against a particular purchase in an attempt to shield you from an error,” Ottwein says.

If you’re afraid to go forward without your relatives’ guidance, but don’t want them to mess up your plans, he suggests you bring them along on all your house-hunting trips. That way they can compare various alternatives and are likely to give you more objective advice.

-- Fear you will suffer from “buyer’s remorse.”

Given the stakes, many prospective first-time buyers become highly risk-averse, worrying they’ll select the wrong home.

“For beginners, there’s a strong tendency to over-research the market; to gather more and more facts before making a commitment,” Godi says. “Psychologically, it’s an easier, safer course to keep searching for additional information than to make a decision.”

But waiting for absolute certainty can have its penalties. Even in a market where buyers have the upper hand, purchasers can forfeit the chance to buy the home of their dreams simply because they obsess too long over the details.

“Through the years, I’ve seen many offers by first-time buyers turned down by sellers because they procrastinated on a decision,” Godi says.

Second- and third-time homebuyers don’t agonize as much over the fine points, he says. “You soon realize there’s no such thing as a perfect house, even if you have it custom-built.”

-- Fear of coming up short on the funds to close a home deal.

Granted, it can be costly to make a housing change at any stage of your life. But many first-time buyers overestimate their need for cash to go through the transition. They fail to take into account the reality that there are a multitude of low- to no-down-payment mortgage programs available to them.

Ottwein says first-time buyers are well advised to explore these options as soon as they decide to make a purchase, rather than waiting until their savings accounts are brimming with funds.

“Before you head into a huge savings campaign, call an experienced mortgage lender. It’s possible that you may not need as large a down payment as you imagine,” he says.

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