A 59-year-old lawyer owned an impressive Victorian house in a close-in suburb of Washington, D.C. Her exquisitely furnished place was widely admired by family and friends. But the woman yearned for something different.

“She dreamed of a big place where she could raise baby chicks, have an apple orchard and ride a giant tractor,” says Stacy Berman, the veteran real estate agent who helped the lawyer fulfill her dream lifestyle.

Berman found the lawyer a 10-acre place in a semi-rural area well beyond the Capital Beltway, the 64-mile roadway that encircles Washington. There, the attorney is thriving, hosting wedding receptions and apple-picking parties for family and friends.

“She’s in heaven in her renovated antique farmhouse built in the 1850s,” Berman says.

Buyers are increasingly eclectic in their preferences. The pandemic has encouraged a greater range of housing choices. One reason is that more time at home has emboldened buyers to personalize their lifestyles. Another is that telework -- a major factor for the lawyer -- is now more widely accepted.

Faced with rising mortgage rates and a limited supply of available properties, more wannabe owners are now squeezed out of the market entirely, making musings about their ideal lifestyle a strictly academic exercise.

“The Russia-Ukraine war and escalating fuel prices have contributed to further housing unaffordability for buyers,” says Lawrence Yun, chief economist for the National Association of Realtors (nar.realtor).

Still, an increasing number of dogged buyers are persevering in their quest for ownership by expanding their search criteria to encompass more distant locales -- what analysts call “cross-market home shopping.”

Joel Berner, a senior economic analyst at Realtor.com, the home listing service, has researched this growing trend through the analysis of web traffic and other statistical measures.

“As nationwide listing prices continue to rise and remote work policies are made permanent by many employers and preferred by many workers, homebuyers are seeking out listings in more affordable areas where they may not have had the flexibility to live before,” Berner says.

One minor but increasingly important factor related to the pandemic is that more would-be owners are now seeking larger out-of-town properties to accommodate their pets.

A new survey from Zillow, the national real estate marketplace, shows that pets are increasingly influencing home-buying decisions among those living in rental units.

“We saw pandemic pet ownership soar among renters, which has impacted their home preferences,” says Amanda Pendleton, Zillow’s home trends expert. She says many renters with dogs are looking for a place with sufficient space for a fenced backyard and doghouse.

Where you choose to live has countless implications, says Doro Kiley, a certified life coach who’s helped numerous clients navigate real estate transitions. She urges clients to make a community selection 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.

Here are a few pointers for buyers:

-- Compose wording to describe your ideal lifestyle.

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.

Written statements help people clarify their thinking and refine the details of their plans as they move through successive drafts. They’re also a way to help reconcile differing views, she says.

Merrill Ottwein, a Coldwell Banker broker and former president of the National Association of Exclusive Buyer Agents (naeba.org), suggests that home-buying couples try to resolve their differences by distinguishing between “wants” and “needs.”

-- Factor in the implications of a lengthy commute.

One of the most wrenching trade-offs many families face is between a larger, newer house with a longer commute and a smaller, older place that’s closer to a city center.

Buyers who consider an outer-tier suburb are often driven by the desire for a larger property or what they perceive to be better schools.

“Unfortunately, good schools often correlate with newer suburbs rather than older areas that are close in,” Ottwein says.

But before you opt for a distant suburb, he strongly recommends you do morning and afternoon rush hour test drives. This way, you’ll know more precisely what sort of traffic to expect if you buy there, he says.

-- Take into account the demands of a large yard.

Many people with young children hang on tightly to the hope that their kids will have a large backyard where they can frolic. This aspiration can influence them to pick an outlying suburb at the expense of their convenience and commuting time.

But are the trade-offs necessary to acquire a large piece of land always worth it? Not necessarily, says Ottwein, noting that today’s children often spend much more time in organized athletic and recreational activities than did their parents.

-- Avoid rushing into the selection of a property.

Nowadays, those seeking a home in many a popular neighborhood still 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.

“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.)

Far fewer homeowners are now tapping their equity through a cash-out mortgage refinance than just a few weeks ago. That’s despite the fact that since the pandemic began, owners have built up equity at a breakneck pace and a cash-out refi would let them draw out funds.

The obvious reason for far fewer cash-out refis is that mortgage rates have risen as the Federal Reserve tries to tamp down inflation through monetary policy moves. “When interest rates rise, of course you have to pay more to borrow against your house. That makes homeowners a heck of a lot more cautious,” says Keith Gumbinger, a vice president at HSH Associates (HSH.com), which tracks mortgage markets across the nation.

Granted, cash-out refinancers are typically far less rate sensitive than those who refinance to cut their monthly payments. Home renovation is one major reason many turn to a cash-out refi.

“People hankering for that dream kitchen redo or the addition of a first-floor bathroom to spare them climbing the stairs don’t want to heap all those expenses on their high-rate credit cards,” Gumbinger says.

Likewise, some owners prefer to finance their renovation with a cash-out refi rather than a home equity line of credit, also known as a HELOC. With such loans, borrowers bear the “huge risk of rising rates,” he says.

Due to the recent rise in mortgage rates, overall refinance demand has dropped 68% within the last 12 months. That’s why qualified borrowers interested in doing a cash-out refi can now expect a cordial reception from the lending industry, which has lost business due to rate rises.

“There’s no doubt lenders are hungrier now. Customers aren’t coming through the doors and windows like two years ago,” Gumbinger says.

Here are a few pointers for those pondering a cash-out refi:

-- Investigate your credit worthiness as a first step.

Clearly, lenders are much more risk-averse than they were before the financial downturn of 2008. They’ll want to see strong income (preferably on a W-2 statement) balanced against a low level of personal debt. They also want essentially good credit.

“You don’t need pristine credit, but you’d better not be subprime or no one will want to make you a loan now,” says Eric Tyson, author of “Personal Finance for Dummies.”

Before you shop for the right lender, he says it’s smart to review your credit picture to see if flaws or mistakes pop up. Under federal law, you’re entitled every year to one free credit report from each of the three large credit reporting bureaus: Equifax, Experian and TransUnion. To obtain these, just go to this website: annualcreditreport.com.

To know if you’re likely to qualify for the best available mortgage rates, you’ll also want to access your credit scores. Such scores, which draw on data from the credit bureaus, provide lenders with a quantitative measure of a person’s credit risk. Most lenders use FICO scores, pioneered by the Fair Isaac Corp.

Usually you need to pay a fee to obtain your credit scores. One approach is to buy these through a Fair Isaac website: myfico.com. You can also receive credit scores through the credit bureaus.

There are multiple reasons to examine your credit before shopping for a mortgage lender. The most important is that this will spare the lending institutions the need to run their own credit checks on you, which could potentially cost you points on your FICO score. Then only the lender you ultimately select will then need a firsthand review of your credit.

-- Exercise caution when considering online lenders.

Tyson says it’s not impossible to find online lenders who offer both good rates and excellent service. But he urges you to be careful if you choose this avenue to refinance.

“Some online lenders will only communicate through email. They won’t take phone calls. This can be very limiting if you have questions or run into complications,” Tyson says.

Another possible issue, he says, is that any out-of-town lender -- whether online or not -- could potentially undervalue the property you’re seeking to refinance.

“A lender who doesn’t catch the nuances of your marketplace could appraise your property for less than it’s worth, making it tough for you to do the cash-out refinance you’re seeking,” Tyson says.

-- Request referrals from local real estate agents.

Seasoned real estate pros in your community can be very helpful in suggesting the names of good mortgage lenders.

“Using word-of-mouth in the real estate community is always a great first step,” Gumbinger says.

However, he suggests you ask questions about the names given to you by a real estate agent. For instance, you’ll want to know if the lenders were recommended on the basis of their low rates or smooth customer service or both. You shouldn’t have to sacrifice either.

-- Tap other business professionals for referrals.

“Ask accountants or lawyers in your area. Also, ask neighbors, friends or colleagues,” Tyson says.

In addition, he says you may also want to call credit unions in your area. These are not-for-profit financial cooperatives owned by their members. If you don’t already have access to a credit union through your workplace, you can likely find one that’s open to anyone in your geographical area. One way to do this is by visiting the Credit Union National Association website: cuna.org.

-- Don’t give out your Social Security number prematurely.

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 grocery store and the cashier wouldn’t quote you the price of a quart of milk without your credit score, you’d walk right out the door. That shouldn’t be any different with a mortgage,” Gumbinger says.

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

After retiring from their middle management jobs with a health insurance firm, a Colorado couple had one aspiration topping their bucket list. They wished to acquire a second home in downtown Chicago, the city where they grew up.

“They wanted to live in a spectacular condo with breathtaking views of Lake Michigan and Millennium Park, a super-popular urban space with multiple art venues. This was their passion and dream,” says Rich Harty, the real estate broker representing the pair.

Harty found them just what they were seeking: a three-bedroom apartment atop the Legacy, a 72-story skyscraper within the famed Chicago Loop. There they chose a $1.1 million unit with a professional kitchen featuring huge windows.

“The deal almost fell through, until they saw those drop-dead gorgeous views from the kitchen,” Harty says.

Despite fulfilling their longtime quest for a place in Chicago, this couple insisted on retaining their big family house in Colorado. That’s because their grown children and grandkids still live nearby.

“It was only because they’d been savers who invested wisely through the years that they were able to consider purchasing an expensive second home,” Harty says.

Of course, relatively few seniors can afford ownership of two properties. Yet some who are affluent see the advantages of two-home housing in retirement.

“Retirees have more leisure time than younger people to benefit from the contrasting settings and climates afforded by dual-home ownership. Take the classic case of ‘snowbirds,’ who spend their winters in sunny Florida or Arizona and summers in cooler northern states,” says Mark Nash, the author of “1001 Tips For Buying and Selling a Home.”

But Nash cautions all seniors to think through the many implications of taking on ownership of a second home in their retirement years.

“Those who buy a second property with a fixed-rate mortgage know their principal and interest payments will stay constant for the life of the loan. But they also need to anticipate potential increases in utility expenses and insurance. Also, condo fees and homeownership charges can skyrocket,” he says.

Here are a few pointers for second home buyers:

-- Consider the upkeep burdens associated with two-home ownership.

Margie Casey, an experienced real estate broker based in the Florida Keys, says that wherever they choose to live, most retirees want low maintenance. Ideally, they like all exterior upkeep to be provided through a condo or homeowners’ association.

“People want the total freedom of ‘lock and leave’ homes,” Casey says.

Though they’re determined to retain their Colorado house, Harty’s clients had to face squarely the reality that their home has many deferred maintenance needs. Hence, they made sure they included these expenses into their housing budget.

-- Take note of the financial implications of your plan.

Casey reviewed numerous retirement communities on the website she founded: realestatescorecard.com. This helped her realize that any seniors considering two-home ownership should first discuss the financial implications with a professional adviser.

“A planner can help you calculate what you can afford and give you a second opinion on your plan,” she says.

Property taxes are also a big factor, especially if local jurisdictions are running budgetary shortfalls and may have to raise taxes.

“Once you investigate the taxes, you may decide to buy one state away from your grandchildren, assuming that lowers your cost of living,” Casey says.

-- Try to determine if condo living would suit you.

Michael Crowley, a Spokane, Washington, real estate broker, says buyers considering the purchase of a condo should exercise caution before making this choice.

“After living in a house for many years, residing in a condo is a monumental change,” says Crowley, who entered the real estate field in 1993.

To illustrate, he tells of a married couple he advised on the purchase of retirement property in Hawaii. The couple chose a condo development that seemed attractive. Before they concluded a purchase there, however, they rented a unit as a trial run.

“After a brief time renting, they realized they hated condo living. It felt way too crowded to them,” Crowley recalls.

Those contemplating a dual-home retirement plan should be doubly cautious about buying two condos at once.

“For Pete’s sake, don’t buy two condos if you’ve never ever tried living in an apartment. There’s too big a risk of disappointment,” Crowley says.

-- Review your transportation options before buying a second home.

Many a retiree has selected an ideal setting without taking into account airport access, which Casey considers a major mistake.

Relying on an out-of-the-way airport makes it harder to travel to distant locations for vacation or to see your children. It can also add to your air transportation bills, which are already rising steeply in the post-pandemic period.

“Try to live near an airport that’s a hub for one of the major carriers. That can save you a ton on air travel costs,” Casey says.

Another transportation factor to consider is proximity to major interstate roadways.

“Most retired people want to live within a two-hour drive of their grandchildren,” Casey says.

-- Lower your expectations for visits with your offspring.

Living near grandchildren is the No. 1 priority for many retirees. But Casey cautions those choosing a retirement habitat to be realistic about their expectations for how often they’ll see family, no matter how close they live.

“Your kids have busy lives. Sure, you can hope to see them often. But don’t focus your whole retirement lifestyle on seeing family. First and foremost, choose the lifestyle that works for you,” Casey says.

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