A married couple of hotel managers in Reno are extremely motivated to buy their first home. They won’t settle for less than four bedrooms, a three-car garage and a spacious kitchen. Plus, they want an impressive mountain backdrop.

“We’re already in our 40s, and have built up lots of savings for a down payment. We’re ready to move this spring for sure. Still, we refuse to fall for an overpriced house,” the husband says.

Though they’ve never been homeowners in the past, the pair are hardly naive about real estate values.

“In Nevada especially, values remain in turmoil due to the lasting impact of the pandemic, which hurt employment badly. But we want a fair deal on an exceptional place ... without becoming house-poor,” the husband says.

The hotel managers are like many would-be homeowners who’ve been waiting on the sidelines for a lengthy period in hopes of falling mortgage rates. Rates remain higher than they’d like, yet they’re still determined to soon actualize their plans.

Skylar Olsen, chief economist for Zillow, the national realty firm, doesn’t know the hotel managers in this true story. But she says they’re typical of many would-be buyers who’ve resolved to make a purchase next year.

“Buying a home in 2024 was surprisingly competitive, given how high the affordability hurdle became. More inventory should shake loose in 2025, giving buyers a bit more room to breathe,” Olsen says.

The expectation of rising inventory means that buyers should gain more bargaining power in coming months. That’s why it’s more important than ever for purchasers to educate themselves on home values in their local marketplace.

“It’s obvious but worth remembering that smart homebuyers should always look into pricing trends in the neighborhood they’ve chosen,” says Eric Tyson, author of “Personal Finance for Dummies.”

Here are a few pointers for buyers:

-- Never forget that all housing market trends are local.

“To estimate home values properly, you have to go neighborhood-by-neighborhood,” Tyson says.

Indeed, houses could be worth a good bit more in one pocket of a neighborhood than another, due simply to differences in, say, housing styles.

A basic knowledge of property values in the specific section where you plan to buy will allow you to craft an offer linked to the local market, thereby reducing your odds of paying too much.

-- Consider free websites, but as a starting point only.

Several free sites provide information on property values and can prove a valuable resource. One example is Zillow.com. Another is redfin.com, which is offered by the national realty firm bearing its name.

“These sites are a great beginning point. At least they can get you into the right ballpark on price,” Tyson says.

But keep in mind that websites are no substitute for guidance from an astute real estate agent with an in-depth knowledge of the local turf.

-- Look to your agent’s database for clues.

The classic method used by real estate professionals to reach an estimation of value for a property is known as a “Comparative Market Analysis.” This technique is grounded in data on recent sales of similar homes to the one being judged.

“If you’re seeking a property in a community with lots of look-alike houses, these comparisons should be quite straightforward. It’s much tougher if most homes in the area are custom built,” Tyson says.

In any case, your real estate agent should find at least three transactions that are at least roughly comparable. Then the agent should add and subtract value based on differences between the home you like and the others.

Real estate pros are the first to admit that their judgments on the value of any given property are based on more than statistics.

“Anyone telling you that valuing property is a perfect science doesn’t know what they’re talking about. Assigning value is absolutely a judgment call. For instance, a house with great curb appeal and beautiful landscaping could be worth more than a very plain house with the same square footage,” Tyson says.

-- Investigate neighborhood economic trends before you bid.

At a time when real estate markets are relatively volatile, you need to look beyond closed deals to see where values are heading.

“It’s unlikely that home values will rise or fall suddenly in any given neighborhood, the way stock prices fluctuate. But across time, local economic factors can have a huge impact,” Tyson says.

In a town that’s heavily reliant on a single employer, for example, a surge in hiring could significantly impact home prices.

“School quality is especially important to many purchasers. One example could be a neighborhood that’s been redistricted into a top-rated high school. In this case, the redistricting could put extra money in the pocket of sellers,” Tyson says.

-- Factor inventory levels into your analysis.

At present, some highly desirable neighborhoods still have a shortage of available properties. That means demand for housing there is likely outstripping the availability of homes.

Because the supply-demand level has everything to do with your buying power as purchasers, it’s wise to stay abreast of inventory levels throughout your search period.

“Before you close on a purchase, make sure you check and recheck your local inventory numbers,” Tyson says.

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

Before COVID-19 hit the U.S., Stacy Berman, a seasoned real estate agent, worked exclusively from an office in a Maryland suburb. Meanwhile her husband, a trade association director, commuted to downtown DC by subway on a daily basis.

But all that changed abruptly in March 2020 when both spouses started working from home -- competing for space at the dining room table of their two-story colonial house. In addition, their two teenage offspring began taking all their classes via Zoom in a small rec room in their place.

With the pandemic behind them, the teenagers are off to college, and their parents have returned to their respective outside offices. Still, the pandemic left a lasting mark on their lifestyle preferences. More than ever, they still want lots of bedrooms in place.

“Although COVID is no longer a factor in our lives, my husband and I still want our private spaces. In particular, he wanted a private space where he could have his two huge computer monitors. So we converted several additional rooms into bedrooms. At this point, we’re not going back again to scrambling for privacy,” Berman says.

As with many Americans, Berman and her husband’s lifestyle preferences were changed by COVID. Like many homeowners, they’ve discovered multiple uses for bedrooms, what she calls “think spaces.”

“People still want plenty of separate rooms for countless activities. Some people want alone space for emailing or personal finance. Others want to scroll YouTube videos, write fan fiction, do sports gambling or work on their photos or scrapbooks. The possibilities are endless,” Berman says.

Why are more bedrooms such a hot ticket? Those who track homebuyer preferences say one major factor is the current popularity of an old-fashioned idea: the rise of multi-generational living.

“Due largely to high housing costs, we’re seeing many more multi-generational households everywhere in America,” says Eric Tyson, co-author of “Selling Your House for Dummies.”

Here are a few pointers for buyers seeking a property with a high bedroom count:

-- Plan ahead to the future needs of your household.

Maybe you’re expecting your first child in two or three years. In this case, Jon Boyd, a past president of the National Association of Exclusive Buyer Agents (naeba.org), says that purchasing a place with a bedroom that could serve as a nursery is a better bet than changing houses after the baby arrives.

“Ideally, you’ll want to hold the house you buy now for a period of at least four or five years before you move again,” Boyd says.

Buyers with teenagers should also be aware that the kids may need housing even beyond their date of graduation from college or another postsecondary education program.

-- Remember that room-sharing can be a viable option for large families.

By the time they reach kindergarten, if not before, most children yearn for a bedroom of their own. Yet if your family is large or you hanker to convert at least one bedroom into a home office, it may not be possible to furnish each child with a private bedroom.

Still, Boyd says buyers needn’t worry if the house they purchase has too few bedrooms to meet their children’s wishes. He sees some benefits to room-sharing, especially for preadolescent children.

“My two daughters shared rooms until they were 12 or so. That way they learned to make compromises and to get along,” Boyd says.

-- Think ahead for a first-floor master suite for an elder parent.

Boyd estimates that at least 20% of all homebuyers “are now talking about an elder parent moving in with them at some point in the future.”

If this is a possibility in your case, he says you should consider buying a one-level, ranch-style home or a place with a first-floor suite, complete with a private bath.

Even if your parents can easily scale the stairs now, they might find it a lot harder later. Having easy access to a bedroom with a full bath can be especially important to those who are elderly or have a disability.

“Because of the aging population, a first-floor master suite can also be a plus for resale,” Boyd says.

-- Be sure that any room counted as a “bedroom” fits the definition.

Given the popularity of properties with plenty of bedrooms, Boyd says it’s not unusual for home sellers to sometimes stretch the definition when counting their bedrooms.

On occasion, for example, some sellers will place an armoire and a bed in a small den or another spare room and then will call it a bedroom. Or they’ll count a sitting room off a master suite as a bedroom. But Boyd says buyers shouldn’t be fooled by these falsely named bedrooms.

“Some people try to pass off a small den or extra bonus room as a bedroom. But if the room lacks a built-in closet and/or a window or door, it’s not really a bedroom. Ditto for any room that can only be entered through another bedroom. Neither one of such rooms could count as a true bedroom when it comes time for you to sell your house,” he says.

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

As they approach their 40s, a Los Angeles couple -- a musician partnered with the manager of a farmer’s market --have become focused on escaping their one-bedroom rental to buy a modest detached home in an L.A. suburb.

“The simple truth is that we’re tired of being pushed around by our landlord. Every year the rent rises, and we have zero to show for it. We gain neither tax relief nor equity from all those rent receipts,” the musician says.

The couple’s housing requirements are few. They’d settle for a small house with no garage so long as the place is a detached single-family property with at least two bedrooms and a tiny yard where their goldendoodle could play.

The musician’s parents are happy to help offset the high cost of the couple’s down payment. But even so, volatile mortgage rates and high housing costs are huge barriers facing the pair. Also problematic is the shortage of available properties in the couple’s price range in the Los Angeles area, where they work.

“We’ve been struggling so long and hard to make our housing plan happen. It’s very discouraging, but no way will we give up,” the musician says.

Lawrence Yun, the chief economist for the National Association of Realtors, doesn’t know the wannabe homeowners in this true story. But he’s optimistic about their odds of scoring their housing goal.

Yun insists that the worst of the nation’s housing inventory shortage is coming to an end, including in California, and that mortgage rates are stabilizing.

“Directionally, I think there’s going to be roughly a 10% boost of existing home sales in 2025 and 2026,” Yun says.

Here are a few pointers for first-time buyers with affordability issues:

-- Look to young friends and family members who’ve achieved homeownership.

Tom Early, a past president of the National Association of Exclusive Buyer Agents (naeba.org), says that when it comes to financial decisions, people in their 20s and 30s are heavily influenced by their social circles. So once one friend buys a house, others in the same group are often motivated to do the same.

When it comes to home-buying, Early doesn’t agree with Shakespeare that jealousy is “a green-eyed monster that doth mock the meat it feeds on.” In fact, he says jealousy can be a positive force that spurs some to action.

“Some discouraged buyers gain new energy for a home purchase once their friends reach that goal,” Early says.

Besides the problem of affordability, many would-be buyers in their 20s and 30s are held back by a fear of commitment signified by the traditional 30-year mortgage.

“It’s important to realize that your first home doesn’t need to be your forever home. It can be a steppingstone to a larger property in the years ahead,” says Tisha Janigian, an L.A. real estate broker who heads a firm with 10 agents.

As Janigian tells her young clients, the beauty of a fixed-rate mortgage is that their mortgage payments will stay constant, even as their incomes likely rise.

“Eventually as the years go on, your house payments will seem to shrink as your home’s value increases,” Janigian says.

-- Begin your home-buying campaign by visiting a mortgage lender.

Are you a potential homebuyer whose credit reports were tarnished by a poor history of paying credit card bills while still in college? At the time, your grades and social life may have seemed more important than your credit standing.

Regrettably, youthful financial indiscretions have a way of lingering on your record long after people stop asking about your GPA.

While there’s no quick fix for a poor credit score, Janigian says your standing can be restored over a period of weeks or months through methodical effort.

“Find a mortgage broker or lender who really listens to you and helps you get on track with your home finance. Ask your real estate agent for the names of several lenders in your area with whom your agent has worked. Agents know who provides excellent service to their clients,” Janigian says.

She says there’s no point to touring potential properties until you’ve set your price ceiling and have ironed out any credit wrinkles.

-- Contain your spending habits until you buy a home.

Suppose that while you’re still a renter, you’re invited to a housewarming party at the home of friends who’ve obtained the status that comes with homeownership. Part of you likes seeing your friends successful, but another part feels diminished by comparison.

In this situation, Early says some renters resort to the short-term gratification of making other prestige purchases that are easier to obtain than a home. They may buy a luxury car or an apartment full of new furniture, financing their purchases with credit.

Such purchases weaken your chances of achieving your ultimate dream, Early cautions, because you may not be able to obtain as large a mortgage as you’ll want or need.

“In rare instances, some discouraged homebuyers in high-cost areas seek to lift their mood with an extravagant vacation. But in the end, this is self-sabotaging behavior if your actual dream is for homeownership,” he says.

When it comes to your finances, your best bet is to think long-term.

“Running up your credit card balances in advance of a mortgage application is truly a misguided approach. It might make you feel good in the short term, but it can bring on misery if your home-buying goal keeps getting delayed year after year,” Early says.

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