A young doctor at Cleveland Clinic has just taken a staff position there. Finally, he’ll make a substantial enough salary to afford a house of his own. After years as a renter, he’s elated at the prospect. But the path forward in his favorite Cleveland neighborhood of University Circle is rougher than expected.

“For months, friends all over the country have been telling me this is a great time to get a deal on a house. They say prices are falling and countless unsold homes are sitting. But none of that is true in University Circle,” the doctor says.

Indeed, a new report from real estate giant Zillow that covers the nation’s 50 largest metros cites Cleveland along with four other cities as places where home values are continuing to rise.

Kara Ng, a senior economist for Zillow, says that within the last year, home values in Cleveland rose 4.7%. They increased 4.5% in Hartford, 3.9% in Louisville, 3.8% in Detroit and 3.7% in Buffalo.

Of course, as Ng notes, “these gains are modest compared to the rampant double-digit growth seen three or four years ago,” when pandemic-era housing demand greatly outstripped supply.

Florida and Texas, former hot spots with sellers’ markets and skyrocketing prices, are areas where values are now falling. In specific, Ng singles out Tampa, Austin, Miami, Orlando and Dallas as metros where values are gradually declining.

Despite the fact that buyers are gaining leverage in many metros, where sellers are cutting prices, affordability remains the paramount challenge.

According to Ng, home values rose over last year in 25 major markets, mostly in the Midwest and Northeast. Demand is high -- especially in affordable areas -- but building restrictions put a damper on new and higher-density projects. Sellers have few options to move up to, and existing inventory is still below pre-pandemic averages in many metros.”

Despite the statistics, the Cleveland doctor hasn’t given up his quest to buy his first house in University Circle, where available properties remain scarce. But he acknowledges the need to compromise on home features and square footage to buy in that culturally rich and convenient part of town.

“Home shopping around University Circle is teaching me that both patience and compromise are essential to get the most for my money,” he says.

Here are a few pointers for buyers facing difficult trade-offs:

-- Do a love-hate analysis of your current housing.

Michael Crowley, a longtime real estate broker in Spokane, says he’s been struck by the intensity of peoples’ feelings about the place where they live.

An assessment of these feelings is a good jumping off point for setting priorities.

“As a starting point, write down the positives and negatives of your present residence. Then make a list of features you’ve got to have, would like to have or are willing to give up,” says Crowley, a past president of the National Association of Exclusive Buyer Agents (naeba.org).

Suppose the townhouse where you’re living leaves you feeling extremely crowded. Then you may decide that owning a detached property takes precedence over owning a townhouse that offers you more square feet for the same amount of money.

“Most buyers have a strict affordability ceiling. So they need clarity on what’s vital for them versus what’s just nice to have,” Crowley says.

-- Choose features early when buying a brand-new home.

If you decide to buy in a new subdivision, you’re likely to be faced with lots of tradeoffs before your contract is even written.

“Locked inside the builder’s standard price are likely to be lump-sum allowances for anything ranging from kitchen appliances to lighting fixtures and landscaping. Go over those allowances and you’ll be charged extra,” Crowley says.

These choices should be made before the sales contract is written -- not under pressure from a hurried salesperson.

Money-constrained buyers who confront hard choices may wish to delay those items that can be readily installed later, such as upgraded landscaping.

-- Think seriously before buying a fixer-upper.

Given your budget ceiling, you may think purchasing an older home in poor condition is a smart way to shoehorn yourself into a prized neighborhood or to obtain the largest possible property with limited funds.

But Crowley cautions that fixer-uppers often require vastly more money and effort to repair than their would-be buyers believe.

“Maybe you only see problems on the surface that you figure you could easily fix. But investigate what’s going on behind the walls, where there could be hidden defects,” Crowley says.

Crowley urges that money-strapped purchasers get reliable estimates on the cost of restoring a property to its former glory before committing to a purchase. For bids on the work, your real estate agent should be able to help arrange for contractors.

Planning to tackle the home improvement work yourself? If so, you may wish to canvass friends who know you well, Crowley suggests. Ask them if they think do-it-yourself work is a realistic option for you -- both from the point of view of your skill and available time.

“Taking on a fixer could be a mammoth commitment. So it’s essential to know what you’re getting yourself into,” Crowley says.

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

A 38-year-old accountant in Jacksonville, Florida, is the oldest of six siblings in her family. But until recently she’d been repeatedly frustrated in her attempts to raise the cash to purchase a house of her own. The same goal has defied all five of her brothers and sisters.

“Our folks always told us you’ve got to have a 20% down payment. That seems impossible because of inflation and the high cost of living. This explains all the setbacks in our planning,” the accountant says.

But given her expertise with numbers, the accountant challenged conventional wisdom on the necessity of 20% down. Jessica Lautz, deputy chief economist for the National Association of Realtors, says the accountant has a point. Indeed, Lautz notes that the need for 20% down is a widespread misconception among buyers.

“When we look at successful first-time homebuyers, they’re getting in with that typical down payment of 9%. So just knowing that data could make that potential homebuyer say,´Oh, maybe this is within reach to me, as opposed to feeling deflated when you think about those outdated numbers’,” Lautz says.

Why is the 20% down myth so prevalent among first-time buyers? Lautz says this is largely due to outdated advice from older family members. She estimates that a majority of young buyers consult parents and other older relatives for advice.

Given the high cost of housing and stubbornly high mortgage rates, Lautz notes that 20% down is a significant hurdle for wannabe homebuyers to reach.

The true story of the Jacksonville accountant’s quest for ownership has a happy ending. In late September, she will close on a three-bedroom house with a large landscaped yard and an oversized kitchen.

“I ran the numbers and looked at comparable sales. It’s clear that this house is fairly priced. Plus the HOA fees are unusually low,” the accountant says.

Now the accountant is advising her younger siblings on the art of homebuying.

“I tell them not to wait for the perfect moment to pursue their homeownership dream. Instead, seek out current opportunities as they present themselves. For example, right now there are an abundance of available homes in Florida, and sellers are willing to compromise,” she says.

Here are a few pointers for first-time buyers:

-- Line up all your financing paperwork in advance.

Mark Nash, a real estate analyst and author of “1001 Tips for Buying and Selling a Home,” says those contemplating a home purchase should check in with a reputable lender to gain preapproval before heading out to look at property. Preapproval means the lender has verified their credit and income before setting a ceiling on their borrowing capability.

“You’re in a much, much stronger negotiating position if you have that valuable preapproval letter,” Nash says.

-- Don’t rule out properties that have long lingered on the market.

“In many cases, you can get an exceptional deal on houses that have been sitting unsold for a few months or longer,” Nash says.

Buyers have long been counseled to avoid making ridiculously low offers on real estate lest they insult the homeowners’ pride. While this remains true, in many neighborhoods, would-be purchasers can now be somewhat more daring when submitting bids on shopworn property.

“If you’re dealing with worn-out sellers who’ve had little activity on their property in weeks, you can afford to be a bit more audacious. This is especially true if the property has already become vacant or its owners are under pressure to move soon,” Nash says.

As he notes, the agent working on your behalf can often get a good sense about the sellers’ level of motivation to move by simply asking their listing agent to inquire.

-- Look into places being sold due to divorce.

Some first-time buyers are reluctant to consider a property that’s being sold because of a marital breakup. They fear getting caught in the middle of the emotional drama underway between the partners. But Nash says it’s very possible to avoid this outcome and still get a good deal from such sellers.

“For every estranged spouse who wants to sabotage the sale, there’s another who wants it done and over with so they can move on with their life. Also, many couples must sell due to the mandate of the divorce court,” he says.

Real estate specialists say that buyers who enter into negotiations with divorcing couples should be careful to avoid doing anything that might cause an emotional reaction on the part of the sellers.

“Keep it all businesslike. This isn’t the time to be writing the sellers a folksy letter about how much you and your kids would love to live in their place,” Nash says.

-- Concentrate your bargain hunting on promising segments of the market.

Granted, there are some bargains available among the thousands of properties in areas like Jacksonville, where the supply of property now exceeds demand.

“You could also be wasting your time if you go searching for bargain homes that are marketed as “fixer-uppers,” Nash says. Properties that have been subjected to abuse because of deferred maintenance or sheer neglect can often suffer from serious and potentially expensive problems with their plumbing, electrical, heating or air conditioning systems.

“Before you get roped into a property on the basis that it’s priced cheaply due to supposedly superficial problems, make sure a home inspector checks it over carefully. Otherwise, your purported bargain could prove to be a very expensive piece of false gold,” Nash says.

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

Two sisters from Austin, Minnesota, both in their late 20s, have long pondered a move to Florida to escape the harsh Midwest winters. Given that they’re in customer service, they can telework from anywhere. But when it comes to homebuying, affordability remains a major issue -- even in Florida, where prices are gradually slipping and buyers are gaining the upper hand.

“Obviously we’re not making a fortune from our jobs. So we need an excellent deal to fulfill our dream. Also, we want at least a two-bedroom house with no homeowners association fee. In addition, because of our age, we don’t want a senior community,” says the older sister.

On a recent exploratory vacation to Florida, the sisters discovered the inland town of Ocala, which claims the title “Horse Capital of the World.” Not only are they attracted to an equestrian lifestyle, but they love the city’s laid-back vibe.

The sisters are now targeting for purchase an Ocala property that features vaulted ceilings and a spacious split floor plan. It also features two large bedroom suites, each with its own walk-in closet. There’s only one catch: The place has been serving as an investor-owned rental for more than a decade -- one factor accounting for its low asking price.

The property is within the sisters’ reach financially. But they’re worried about buying a rental unit. Their real estate agent is reassuring, yet the sisters want to be certain.

Here are a few pointers for purchasers in their position:

-- Plan your visit for when the renters are absent.

Though there are exceptions to the rule, those living in rental homes are usually unhappy when they learn that their landlord plans to sell and make them move.

“Many renters are angry their place is being sold. They may even try to undercut the sale through snide remarks about the landlord,” says Mark Nash, author of “1001 Tips for Buying and Selling a Home.”

Moreover, some tenants make derogatory comments about the condition of the home, exaggerating minor issues and sometimes even claiming problems that don’t exist.

“Don’t be surprised if the tenants rail about every little thing that’s wrong -- like a burned-out light bulb in the attic or a roof they falsely claim is leaking,” Nash says.

He recommends that buyers try to schedule a visit to see a rental property for when the tenants are absent. That way you can more effectively scrutinize the place.

“It’s a bad idea to visit when the tenants are following you around and disorienting you or your agent from really examining the property,” Nash says.

-- Make doubly sure you obtain an in-depth home inspection.

Many rental properties are overseen by professional management firms. Even so, they rarely receive the same level of attention as homes occupied by their owners. That’s why it’s important to make any bid conditional on a satisfactory home inspection.

“It’s essential that you find a truly professional home inspector -- a person with years in the field. Otherwise, you can’t be sure you’ll avoid facing horrific bills due to a failed roof or heating or cooling system. Every house needs a comprehensive inspection. But that need is all the greater if tenants have been living there,” says Dorcas Helfant, a past president of the National Association of Realtors (nar.realtor).

To find a qualified home inspector, she recommends you ask your real estate agent for the names of at least eight to 10 candidates. Then interview at least three on the phone before selecting the best one.

“I would urge you to avoid any inspector currently in the home improvement business. That represents a major conflict of interest -- especially if the inspector is offering himself to do the repairs,” Helfant says.

-- Make sure you obtain cost estimates for potential repairs.

Many real estate agents own rental properties. Their experience as landlords teaches them that tenants often fail to tell the owners about issues with a home until the problems become serious.

“Maybe the heating system has malfunctioned for many months. But the landlord has never heard about the problem until a home inspector determines that the heating system has failed and must be replaced,” Nash says.

He says the prospective buyer of a rental property -- or any home, for that matter -- should determine how much needed repairs will cost. He recommends you get estimates for all the repairs on your inspector’s list before finalizing a deal. Then be sure these expenses are factored into the price you negotiate.

-- Look for hidden value in a home with cosmetic issues.

In an increasing number of neighborhoods -- especially in the South -- sellers now outnumber buyers and bargain properties aren’t hard to find, says Helfant, adding that those willing to consider a rental unit could score a particularly deep discount.

“There’s a fairly big stigma attached to buying a rental unit. You need to get beyond that stigma when you’re seeking a wonderful deal. In some states, including Florida and Texas, there is a strong buyer’s market out there for many rental houses,” she says.

The key to finding a true bargain in a rental unit is to carefully consider each property on the basis of its own merits and deficits -- rather than lumping them all together.

“Get beyond its bargain status to view the property with both your mind and heart. Forget such superficialities as dirty towels in the bathroom. Instead, think about the bones of the house and whether you really love it,” Helfant says.

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