After hitting 65, a divorced doctor in a New York City suburb began ruminating about the possible sale of the spacious Tudor where she’d raised her two children.

“With my kids grown and away, I’m rattling around in this big place, which I could sell in a flash. But the hard part is figuring out where to move next and the economics of making a move,” the doctor says. “I’m still working and traveling the world, so the notion of hunkering down in a retirement community leaves me cold, as do lots of condos. What I’d really like is a small single-family house nearby with a little garden. But there are zero such available listings in my local area,” she says.

Jeff Tucker, a senior economist for Zillow (zillow.com), doesn’t know the doctor in this true story. Yet he’s not surprised that her attempts to find housing have been frustrating.

“Home shoppers picked the shelves clean this December, leaving fewer active listings than ever before in the U.S. housing market,” says Tucker, noting that limited supply continues to push up prices.

Though the doctor is one empty nester who’s emotionally ready to list her big family home, other seniors are more ambivalent about downscaling, especially because the oversized family homes they occupy continue to gain value.

“The fact is that indecision about whether and where to move is paying off for people who are torn on selling,” says Eric Tyson, author of “Personal Finance After 50 for Dummies.”

After their children leave home, many homeowners find it emotionally difficult to let go of a property so laden with memories. He says this is a good time to take stock of your housing needs and overall financial situation, though many fail to seize that opportunity.

Cary Carbonaro, a financial planner with more than two decades of experience, says it’s not up to those in her profession to go beyond their role as advisers to clients struggling to make the right housing choices.

“Where they live is really a personal decision. I wouldn’t want to tell clients what to do,” Carbonaro says.

Here are a few housing-related pointers for empty nesters:

-- Think through the pros and cons of selling your current home.

As Carbonaro points out, some parents of children who have grown up and left home wish to hang onto the large family property because they want to take advantage of the extra space in new ways.

“They turn their kids’ rooms into fun rooms for themselves -- media rooms, hobby rooms or exercise rooms,” she says.

Nonetheless, Tyson cautions homeowners -- especially those with a sentimental streak -- against clinging to the big house with the uncertain hope that it will become the hub for many extended family gatherings.

Perhaps your children will marry and move to a distant state, coming to visit you only occasionally during summer vacations or possibly at Thanksgiving. “Do you really want to carry the costs of a house that’s too big for you just so you can entertain your kids there a few days a year?” Tyson asks.

-- Consider seeking expert financial advice.

“Most financial planners aren’t set up to deal with specific issues, such as what to do with the family house when the kids have moved away. They’re more focused on creating a comprehensive plan for allocating their clients’ investment funds,” Tyson says.

However, by going through a professional group such as the National Association of Personal Financial Planners (napfa.org), you should be able to locate a planner you can hire for just a few hours to discuss your empty-nest housing issues.

Additionally, Tyson recommends that you seek out advice through a certified public accountant who has also been trained as a Personal Financial Specialist (PFS). The American Institute of Certified Public Accountants awards this designation. You can locate a PFS in your area by visiting the group’s website: aicpa.org.

-- Include retirement planning in your housing analysis.

Obviously, many people reach the kids-are-gone stage with years left in their careers and a strong desire to continue working. But that doesn’t mean they can afford to be oblivious to their future needs for retirement income.

“A fair number of boomers have under-saved for retirement,” Tyson says.

If you’re in this category and your home has appreciated substantially, selling could open the way for investments that are potentially more lucrative.

“I’m talking about freeing up money from your current house by moving to a property that has a smaller mortgage and is less expensive to maintain,” he says.

-- Start making your housing plans sooner rather than later.

Some people appreciate the expanded freedom that comes with an empty-nest life. But others are depressed after the last child leaves.

“A lot of times people are in denial. They run away from making hard choices, such as whether to sell the big house and move,” Tyson says. He says those in a funk about their new status as empty nesters can squander several years failing to explore and consider alternatives to staying put in their current home.

“You don’t want to rush into a decision, but you shouldn’t dawdle either,” Tyson says.

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

Many renters in their 30s have been struggling to buy a house since the pandemic hit in 2020. This was the year they hoped for relief. Yet, affordability challenges keep mounting.

“First-timers feel the real estate market is ganging up on them, and unfairly so. It’s not just rising home values and short supply. Now they’re scared by jumps in mortgage rates,” says Mark Nash, the author of “1001 Tips for Buying and Selling a Home.”

But despite their aggravation, housing analysts say would-be homeowners are as determined as ever to finally reach their goal this year.

“With more sellers expected to enter the market as buyer competition remains fierce, we anticipate strong home sales growth,” says Danielle Hale, who heads the economics team at Realtor.com, a California-based property listing company.

Given their financial challenges, many home-buying hopefuls must rethink their aspirations, says Stacy Berman, a veteran real estate agent who sells property in the Washington, D.C., suburbs.

“To afford a place now, lots of purchasers must widen the scope of their search and consider neighborhoods not previously on their radar screen,” Berman says.

To win in a bidding contest, buyers must also take a strategic approach when crafting an offer. That means tracking local pricing trends in the area where they’re looking and learning about the seller’s motivations.

Here are a few pointers:

-- Inform yourself on local property values before you bid.

Eve Alexander, a Florida-based real estate broker who works solely with buyers, says buyers need context on prevailing values to make certain they don’t offer too much.

“For comparisons, try to identify five to 10 comparable properties that have sold recently in the area where you’re looking,” Alexander says.

If you’re seeking to buy in a neighborhood with widely varied properties, it’s helpful to compare the homes on your list on a price-per-square-foot basis. Then adjust for differences in size and home features, such as a two-car garage versus a one-car garage.

After estimating the current market value of the place you wish to buy, it’s time to decide how aggressive an offer you want to make. Alexander says that will depend on how enamored you are with the home.

“You won’t want to push the limits if you’ve fallen in love with the property and feel it’s a ‘do or die’ situation,” she says.

On the other hand, you might choose to make a lower offer if there are other available homes in the area that would meet your needs equally well.

“It’s always easier to negotiate without emotion if you can find second- and third-choice houses you also like,” Alexander says.

-- Avoid relying on comparable sales from “market testers.”

Eric Tyson, co-author of “Home Buying for Dummies,” says in every market there are a few sellers who won’t budge from an unrealistically high price.

“It’s a given that some supposed sellers aren’t really motivated to make a fair deal,” he says.

How can you tell which sellers are merely testing the market and will never negotiate seriously with anyone who bids less than their lofty list price?

Tyson recommends you ask your agent to find out if previous offers have come in on the property you want. If the owners have already rebuffed one or more decent offers without so much as a counterbid, this indicates they’ll probably resist reason with you, too.

The good news for buyers is that information on past offers is often readily available through the listing agent.

“Agents are inherently outgoing people. Some have very loose lips and will talk candidly about their clients’ negotiating position,” Tyson says.

-- Investigate the seller’s equity position.

Are you seriously interested in a home, but have yet to submit an offer on it? If so, Alexander says it’s wise to inform yourself on the sellers’ ownership stake before you bid. As she says, those with more equity have more potential room for compromise.

“What you’re looking for are insights into the mindset of the sellers,” Alexander says.

One source of clues on the owners’ equity position can be found by searching local government land records. At the minimum, these records (available online) should tell you when the current owners purchased the property and the original price they paid.

“If the sellers brought the house a couple of decades ago and haven’t refinanced, they should have a lot more equity,” Alexander says.

-- Ask your agent to pose questions to the listing agent.

When owners have an urgent need to sell, it’s normally against their interest for that information to be broadcast to the world, as it could weaken their bargaining position. Even so, Alexander says many listing agents will readily divulge such client information in response to questions.

“You’d be amazed how much listing agents will tell all to a buyer’s agent,” she says.

Another way prospective buyers can gauge the sellers’ level of motivation is to ask nearby neighbors. Alexander recommends that the buyers pick a weekend time to walk through the community, chatting with a few residents about the pros and cons of living there. In the course of the conversation, they’ll likely tell you what they know about why nearby homes are for sale.

“In many cases, well-informed neighbors will be happy to give you the inside story,” Alexander says.

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

For many would-be homebuyers, 2021 was exasperating beyond belief. Especially frustrated were those who lost out to other buyers in round after round of bidding wars.

“Last year was the Wild West for buyers. Competition was fierce, and property values kept rising. It was the worst year I had ever seen,” says Mark Goldberg, a veteran real estate agent in Maryland.

The theory is that 2022 should be better for those still struggling to buy a first home. Even so, housing analysts note that the financial barriers to entry into homeownership remain high.

“The average wage-earner can still afford the typical home across the United States. But the financial comfort zone continues to shrink as home prices keep soaring and mortgage rates tick upward,” says Todd Teta, a senior executive at Attom Data, which tracks property markets throughout the country.

Although mortgage rates are still hovering near historic lows, they have increased in recent weeks due in large measure to steps taken by the Federal Reserve to combat inflation. Moreover, economists foresee further rate increases as the year progresses.

Of course, homebuyers able to secure a property are always well advised to shop for the best available mortgage rate and terms. To do this, Richard Harty, a realty company owner in the Chicago area, advises buyers to consider local lenders.

“If you are buying your first house, it’s a great idea to meet with the lender, whether by Zoom or in person. It is always good to put a name and a face together,” says Harty, president of the National Association of Exclusive Buyer Agents (naeba.org).

Alex Margulis, a vice president at Cross Country Mortgage, an Ohio-based lender, urges borrowers to consider more than one company before going through the formal mortgage application process.

“Once you’re ready to commit, compare rates with all the lenders on your short list and reach out to all of them on the same day for rate quotes. The market moves very fast, and you want to be sure you’re comparing apples to apples,” Margulis says.

He also advises borrowers who “don’t have a stomach for volatility” to consider locking in the rate they are offered at the time of application rather than letting their rate float -- especially if they believe rates are likely to rise in coming days or weeks.

“Rates go up like a rocket and drop like a feather,” Margulis says.

Here are a few other pointers for mortgage borrowers:

-- Rely on referrals to select a high-quality lender.

Guy Cecala, the CEO of Inside Mortgage Finance, a financial publisher that tracks the lending industry, says real estate agents are in a good position to know which lenders will offer the smoothest and swiftest loan processing. After all, agents work with lenders year after year and need to identify those most likely to get their deals to the finish line on time.

Though mortgage brokers, who shop your loan application to multiple lenders, are now fewer in number, many home loans are still being made by financial institutions.

“Contact at least three different types of lenders before making your selection. Try to include on your list one mortgage broker, one major bank and one smaller bank or credit union,” Cecala says.

-- Wait to provide your Social Security number until you’re ready to apply.

Of course, no quality lender will guarantee that your mortgage rate has been locked in without first pulling your credit scores. But that doesn’t mean you should give out your Social Security number (the key to pulling your credit scores) while you’re still doing comparison shopping.

“If you walked into a supermarket and the grocer wouldn’t tell you the price on a can of peas without your credit score, you’d walk right out the door. That shouldn’t be any different with a mortgage,” says Keith Gumbinger, a vice president at HSH Associates, which follows the mortgage industry.

-- Attempt to avoid paying excessive lender fees.

There are several costs and fees involved in mortgage processing, but only some of them are imposed by lenders. These lender-based fees include the cost for a home appraisal and a copy of your credit report. Also, other charges -- informally known as “junk fees” -- are imposed by the lender.

To better protect consumers, the U.S. Department of Housing and Urban Development (hud.gov) tightened the rules to let borrowers compare lenders based on their charges. As a result, HUD now requires lenders to give borrowers an early and accurate listing of their closing costs.

But Gumbinger says it’s up to consumers to carefully compare a lender’s charges before deciding whether to proceed. To do this, it’s important to study a copy of the lender’s estimate of closing costs. This should list all the fees you’d pay at closing, with a very small margin for changes. The lender must give you this estimate shortly after you apply for a mortgage.

By carefully reviewing your estimated fees, you’ll have a chance to ask for lower charges or to change lenders to get a better deal.

Though mortgage lenders face ever stricter disclosure requirements in recent years, their fees have also climbed because of their heavier workloads, according to Gumbinger.

“Remember that what constitutes a junk fee -- versus a legitimate business charge -- is always in the eye of the beholder,” he says.

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