In neighborhoods everywhere, would-be homebuyers are wrestling with a question key to their financial future. Should they join the frantic race to buy this spring or delay their purchase plans in hopes of a potentially less frenzied housing market?

On this thorny question, COVID-era buyers are of two minds. On the one hand, they now have access to phenomenally low mortgage rates. They’re also experiencing a burning desire to leave cramped quarters. Their urge is for a residence with ample space for a commodious home office and perhaps a dedicated room for exercise.

But on the other hand, a severe shortage of available properties means home prices are high. In popular areas where listings are scarce and competitive bidding is rampant, buyers who attempt to play are facing sticker shock. Yet given the uncertain economy, potential purchasers are pondering the prospect that prices could moderate or even decline slightly later this year or in 2022.

Take the case of a 30-something architect married to a therapist of the same age. Working remotely for the better part of a year, the couple are now feeling squeezed in their slender two-bedroom city townhouse built more than a century ago. They’re longing for a newly constructed suburban place with larger rooms and at least one acre of land where they can grow vegetables. But every time they’ve attempted to bid, they’ve been aced out by other millennials.

Ryan Fitzgerald, the broker-owner of two North Carolina realty companies, doesn’t know the couple in this true story. Yet he’s well aware that would-be buyers all over the country are now greatly troubled by rising prices and scarce supply.

One advantage of acting immediately is the certainty of capturing a low-rate mortgage, which enhances buying power. Obviously, you can obtain more house for the money if your financing costs are lower. Buying promptly also allows you to actualize your lifestyle plans more quickly.

No one knows for sure whether mortgage rates will rise significantly by 2022. But real estate specialists expect prices will continue to rise in coming months, given the strong demand from many millennial-age buyers.

“This spring market will be the most competitive market of all time. Supply is the lowest ever. Demand is at an all-time high,” Fitzgerald says.

One factor in favor of delaying involves the potential expiration of the federal moratorium on foreclosures. After this occurs, likely later this year, numerous homeowners who are delinquent on their payments may sell rather than face foreclosure. That could increase the supply of available homes.

Though many wannabe homeowners are now struggling with the issue of timing their purchase plans, most ultimately opt for immediacy rather than delay.

“As all we humans know -- and especially so in the midst of a pandemic -- life is not a dress rehearsal. Therefore, the idea of postponing seems very unappealing,” says Tom Early, a veteran Ohio real estate broker.

Rather than delaying a home purchase, he advises clients in ultra-competitive markets to use other strategies to find a property they could plausibly afford.

“Resourceful buyers sometimes find opportunities -- even in the most torrid market,” says Early, a past president of the National Association of Exclusive Buyer Agents (naeba.org).

Here are a couple of pointers for those plotting a near-term purchase:

-- Search for eager sellers.

The loss of a job is one common reason homeowners must sell; divorce is another. Also, an increasing number of older baby boomers would like to sell and downsize as they head into retirement.

As a potential buyer, you might feel awkward seeking out owners who are under pressure to sell or who simply want to do so to move on with their plans. But there’s nothing unethical about doing this, according to Early.

“Owners whose houses have long been languishing on the market, usually due to overpricing, might be extremely ready to negotiate,” he says.

How can you identify those who are highly motivated to sell? Early suggests you ask your real estate agent to draw up a list of properties in your favored area that have been on the market for an extended period. Also, he recommends you go to the neighborhood where you’d like to buy and talk informally to residents.

“Tell the local residents how much you appreciate their neighborhood and they’ll be more likely to open up with you as to which houses could soon hit the Multiple Listing Service,” Early says.

-- Research any neighborhood you’re considering.

Early says many novice homebuyers let emotion dominate their thinking about where to live. But he strongly recommends that you also factor in some statistical measures before finalizing your neighborhood choice. This should increase your odds of choosing an area where prices are likely to rise in the future.

One way to help identify highly motivated sellers is by crunching numbers. Ask your real estate agent to determine the average “days on market” (from list to sale) for properties in the area you’ve chosen. Then look for homes in that price range that have been sitting unsold for a longer-than-average period.

“In this head-spinning market of high demand, you’re not going to get a steep discount on any property in any popular neighborhood. But at least you can hope to be competitive with other bidders and stand a chance of success in fulfilling your dreams,” Early says.

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

For years, a couple in their late 30s -- an actor married to an environmental consultant -- nurtured dreams of leaving their cramped one-bedroom rental for a property of their own. Their quest for more space took on urgency with the birth of their second child.

Unfortunately, the couple’s attempts to find an affordable home became an agonizing and seemingly futile struggle as each place they bid on was snatched up by rival buyers willing (and able) to pay well over the asking price.

“This nightmare went on endlessly until we turned to my dad for financial help. We hated to ask but had no alternative,” the actor says. With a substantial grant from the man’s father, the couple bought an elegant but dated-looking 90-year-old place with three bedrooms, bay windows and intricate crown moldings.

George Ratiu, a senior economist for Zillow, the national real estate company, doesn’t know the couple in this true story. But he’s not surprised that out of frustration they felt compelled to turn to the actor’s father for a financial assist. Indeed, Zillow research shows that more than half of first-time buyers now rely on funds gifted or loaned from family or friends to score a deal in popular markets where properties are scarce.

“The dwindling supply is driving prices almost 14% higher than they were a year ago,” Ratiu says.

Of course, considering the economic challenges facing the country and the high level of joblessness, relatively few parents can now write checks to help offspring buy a first property. Hence, many young buyers must rely on their own savings or lower their housing expectations.

Here are a few pointers for buyers:

-- Search for a modest-sized house with a big house feel.

If you’re like many people, your preference is for a home as large as you can possibly afford.

But for first-time buyers, compromise may be needed to purchase any property at all. And accepting a small home could be one of your least unpleasant alternatives.

“Settling for less space doesn’t have to be so bad. Maybe you could find a new and well-designed townhouse that has 9-to-10-foot ceilings and a two-story entryway. That kind of place could seem much bigger inside than does a tired-looking little ranch house built 30 years ago,” says James W. Hughes, a housing analyst at Rutgers University in New Jersey.

-- Look for a cosmetic “fixer” property.

Sid Davis, the author of “A Survival Guide for Buying a Home,” doesn’t usually recommend that money-pinched purchasers take on a true “fixer-upper” -- a home with serious structural or mechanical issues.

Far from being a bargain, such a property could prove to be a genuine money pit, requiring vastly more funds to make it habitable than you’re able to spend. On the other hand, a home with decorating problems or superficial neglect could be a very good deal. Davis calls such properties “beater-uppers.”

“It’s like buying a car with a few dings versus a bad transmission,” says Davis, a veteran real estate broker.

Davis tells the true story of a young couple of modest means who purchased a “beater-upper” as their first home.

Choosing a home with a bizarre decorating scheme and worn carpet let the young couple break into the housing market. They got a 12% discount off what similar homes were selling for in the same community.

The buyers of the multi-color house were undaunted by its decor issues. Before moving in, they took a week off work to repaint every room in neutral tones and to replace worn carpet.

“The house looked great and the buyers were thrilled with their find,” Davis says.

Besides a home with decor problems, other properties that offer the possibility of a discount include places that turn buyers off due to an unpleasant odor, poor furnishings or overgrown landscaping.

-- Consider properties that have lingered too long on the market.

Even in neighborhoods where multiple bids are common, some houses can sit unsold for weeks or even months. In most cases, the reason is that the abode was substantially overpriced from the beginning.

But eventually, even the most deluded sellers get the message that they must cut their price or give up selling entirely. This reckoning often occurs when the sellers’ listing agreement with their agent expires.

“Sellers who’ve been on the market for many days or weeks are often discouraged or even desperate,” Davis says.

He says many savvy buyers ask their agents to keep a close eye on listings that are about to expire and make sure their agents keep them posted on such listings whenever they surface.

“The idea is for you to be the first one to swoop in when the seller is finally ready to get serious about a deal,” Davis says.

Lucky purchasers can sometimes get a home under market value as a listing approaches expiration. Moreover, those who seek a property that’s gone stale on the market are unlikely to face rival bidders.

“The only catch is that for this strategy to work, you have to be patient and time your offer perfectly. To pull off this strategy, look for an agent with sharp timing and super negotiating skills,” Davis says.

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

Economists who track home price appreciation are stunned by the statistics for 2020. Even in outlying suburbs and semi-rural areas, prices for large, detached houses have escalated dramatically since COVID started.

“Strong demand drove intense competition among buyers -- causing homes to fly off the market. Housing market gains were the biggest in 15 years,” says Zillow economist Treh Manhertz.

Moreover, housing analysts predict that given the severe shortage of available properties, the price increases will only accelerate this year. That’s one reason more house-hungry buyers are now pushing the geographical limits in search of a spacious property they can afford.

“COVID is causing many young families to change their priorities. People who once craved city living are now open to owning in the deep suburbs if they can find a huge ‘forever house’ with all the bells and whistles,” says Stacy Berman, a veteran agent who’s sold property since 2002.

One reason families now wish to upsize is that during the pandemic they’ve experienced the space constraints involved with crowded family living.

“Many parents are now working from home. In addition, the kids are home all the time, with the older ones attending school from their bedrooms. Space and privacy are very limited, which is frustrating,” Berman says.

The closure of many gyms during the pandemic has caused more people to develop home-based fitness routines. Also, many families have recently adopted a dog, which calls for a large yard where the pet can romp.

Eric Tyson, a personal finance expert, says buyers considering properties in outlying areas are also looking for affordability.

“Typically, the further outside a metro area that you buy, the lower the cost per square foot of living space. That’s what real estate agents mean when they say buyers 'drive until they qualify,’” says Tyson, co-author of “Home Buying for Dummies.”

In the COVID era, he says many families want to upsize their housing with a spacious place that features an oversized kitchen, multiple bedrooms for home offices and a yard large enough for weekend volleyball.

Berman tells the true story of a couple in their 20s with a young baby who recently retreated from an urban lifestyle in Manhattan to buy a farmhouse in rural upstate New York. Despite the major change, they’re assuming the new lifestyle will please them indefinitely and that both parents will be permitted to continue working remotely for their New York-based companies.

But Berman cautions buyers against short-term thinking.

“Before you commit to a house in an outlying area, make sure your employer will let you keep working remotely after COVID. Otherwise, your commute could prove impossible,” she says.

Here are a few other pointers for pandemic-period buyers:

-- Commit your lifestyle plans to paper.

Where you choose to live has countless implications, says Doro Kiley, a certified life coach who’s helped a number of clients navigate real estate transitions. She urges clients to make a home choice within the context of their overall life plans.

“Always begin by thinking about the end product -- what you’d really like as opposed to what you would settle for,” Kiley says.

Once you have a clear vision of your ideal home and location, you can begin taking into account such practical realities as financial limits and commuting distances.

Kiley recommends that couples planning a home purchase first write down their respective visions of a dream house -- including both location and home features. They should then share their visions, combining the key elements of both into a single statement.

-- Factor in the realistic demands of a large lot.

Many people with young children hang on tightly to the hope that their kids will have a large backyard where they can play, just as they did years ago. This aspiration can influence them to pick an outlying area at the expense of their convenience and commuting time.

But are the tradeoffs necessary to acquire a large piece of land always worth it? Not necessary, says Merrill Ottwein, a Coldwell Banker broker, noting that in the post-COVID period, children will likely spend more time in organized athletic and recreational activities than did their parents.

-- Take your time when selecting a property.

Nowadays, those seeking a home in many popular areas face fierce competition from other bidders. They feel pressured to act quickly, lest they lose out to a rival. In the process, Ottwein says some buyers are now taking regrettable shortcuts -- rushing into a purchase without analyzing whether the property they buy truly matches both their primary wants and needs.

“With so much at stake, it’s a horrible idea to buy any house before you’re really ready. Don’t let your competitive instincts trick you into the wrong choice,” he says.

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