A Pennsylvania woman of 68 recently lost her husband to colon cancer. The experience was so upsetting she’s vowing to soon sell the stone colonial where the couple lived for more than three decades.

But the widow’s real estate agent had strong words of advice: Either undertake some updates to modernize the property or prepare to accept a steep discount.

Dorcas Helfant, a past president of the National Association of Realtors (nar.realtor), doesn’t know the woman in this true story. But she agrees it will be essential to upgrade her property to make the most of her sale.

“The baby boomers of the world need to wake up to the current market. With inflation and higher mortgage rates, there are now fewer buyers out there than last year. Sellers can’t afford to be complacent,” says Helfant, the broker-owner of several Coldwell Banker realty offices.

The big picture for U.S. real estate is brought into focus by Gary Engelhardt, an economist at Syracuse University who just completed a major study of housing demographics titled “Who Will Buy the Baby Boomers’ Homes When They Leave Them?”

Engelhardt’s study helps explain why the widow will likely end up selling her stone house to purchasers who are much younger.

“America is growing older, with baby boomer homeowners totaling 32 million as of 2019 and increasingly becoming a larger source of existing homes for sale,” he says. Meanwhile, many in the rising millennial cohort are in desperate need of housing.

“There is enough homebuyer demand to meet most of the existing inventory that will come onto the market over the next decade and beyond,” says Engelhardt, whose study was commissioned by the Mortgage Bankers Association (mba.org).

Sellers who adapt to contemporary decor preferences are rewarded, says Amanda Pendleton, a home trends specialist for Zillow (zillow.com), the national real estate company that surveys buyer preferences.

“Research shows how seemingly minor home improvements can make a big difference in the way a potential buyer views and values a home,” she says. For instance, a home with a front door painted slate blue will obtain an estimated $1,537 premium over a place with a pale pink door.

The good news is that many key updates are relatively inexpensive.

“Don’t be intimidated by the changes you need because most are quite easy and cosmetically based,” says Ashley Richardson, an agent affiliated with the Long & Foster realty firm.

Having an updated kitchen is one key to attracting young buyers. It’s rarely necessary to do a major kitchen remodel to sell well. Still, it could pay to have any dark wood cabinets repainted in white to brighten this space.

Many older homes have wall-to-wall carpet, another turnoff for young buyers. Yet if you don’t want to spend what it costs for new hardwood, replace dark-colored carpeting with a lighter, neutral shade.

Before sellers decide where to invest in pre-sale home improvement, Richardson suggests they ask their agent for a checklist of cost-effective projects. Often some of the least costly improvements can have the biggest impact.

Here are a few other pointers for sellers:

-- Remove traditional furniture.

Though it’s unlikely you’ll sell your furnishings along with the house, it’s important to adapt your interior decor to the tastes of younger people -- most of whom favor contemporary furnishings.

“They’re not revolting against tradition. But they don’t want to be reliant on tradition, either,” says Jeffrey Levine, an architect who works with both residential and commercial clients and heads his own Washington-based firm (levinedesignstudio.com).

To get a feel for the sort of room layouts that typical young buyers like, Levine suggests you visit the website of IKEA (ikea.com), the Swedish home furniture retailer with a customer base heavily weighted toward young singles and families with school-age children.

At a minimum, you’ll want to remove bulky, old-fashioned pieces, such as large recliners, before your place goes up for sale.

-- Uncover your windows.

If you’re an older owner who’s lived in your domain for a long while, you may still have the window coverings you acquired years ago.

But Levine recommends that sellers trying to appeal to young buyers -- who like light, bright rooms -- remove all their heavy draperies.

Another key step to bright rooms is to thoroughly clean your windows, says Sid Davis, a real estate broker and author of “A Survival Guide for Selling a Home.”

“A dirty house -- including one with dirty windows -- is the kiss of death for anyone trying to sell,” Davis says.

-- Redo your bathroom lighting.

In their bathrooms, many older homes still feature Hollywood-style lighting with globes set on a chrome bar. But Davis says such fixtures seem dated to many young buyers.

“Look for bathroom lighting with a fresher, more current look. It shouldn’t cost too much to replace bathroom lights. Often you can replace any bathroom fixture for under $100,” he says.

As to the look of bathrooms, Richardson advocates replacing the kind of pink tiling in many homes built in the 1950s. Though the retro look appeals to some, it’s unlikely your young buyers will share this devotion.

-- Remove personal photos and other memorabilia.

There’s nothing that will date your place faster in the eyes of young buyers than personal photos taken decades ago.

Davis says any personal photos can make it psychologically difficult for young buyers to picture themselves living in your property.

“A fresh start is what people of any age want when they buy a house. They lose the concept of a blank canvas when they see all your memorabilia,” Davis says.

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

Before the housing crash of 2008, a pediatrician from Los Angeles accepted a lucrative job offer in Phoenix. The same day, he bought a stately Spanish-style townhouse in his new city, paying a high price for the newly constructed property.

But the doctor’s plans didn’t play out as expected, mainly because the Arizona job wasn’t to his liking. Then, regrettably, the townhouse dropped in value, falling into negative equity. Hence, he spent several years renting out his place, with mixed results.

With the last tenant gone, the doctor is finally ready to sell. But despite the relative strength of the Phoenix market, his listing agent is cautioning against an overly ambitious asking price.

“I believe my agent when she tells me selling this summer is a different ballgame than last year, when cutthroat bidding wars were the norm. The reason is that much higher mortgage rates have really hurt buyers,” the doctor says.

Fred Meyer, an independent real estate broker and appraiser, doesn’t know the doctor in this true story. But he says this seller is wise not to push the pricing on his townhouse.

“This isn’t the time for greed. The market is in a cool-down. Buyers are scared and tired. It’s not just mortgage rates but overall inflation on gas prices, food and everything,” Meyer says.

Unfortunately, not all sellers are facing the facts so squarely, says Robin Spangenberg, an agent with Redfin.

“Many sellers have it stuck in their heads that homes are selling a certain amount above asking. Or they think they can underprice their home to try to generate a bidding war. But that strategy isn’t working anymore,” she says.

To determine the fair market value of their property, some homeowners are turning to neighbors and friends who’ve sold property in recent years. But instead, Meyer recommends sellers seek counsel from agents and appraisers who know their area well.

“This is a time to be very analytical and not emotional about your real estate decisions,” he says.

Here are a few other pointers for sellers:

-- Get real when setting your list price.

As always, a minority of real estate agents might try to flatter you into hiring them by suggesting your property is worth more than it truly is, says Dorcas Helfant, a former president of the National Association of Realtors (nar.realtor).

“You don’t want a fantasyland answer about your home’s value. You want your agent to be brutally honest -- to give you ‘tough love’ when it comes to the value and condition of your place,” says Helfant, the co-owner of several Coldwell Banker realty offices.

One way to increase the odds of finding a realistic listing agent is to interview at least three prospects. Ask each to do a “comparative market analysis” on your property, using recent data from simil;ar home sales in your neighborhood as a basis to set the appropriate list price.

“Think twice about hiring any agent who comes in with a proposed list price way above the other agents you’ve surveyed,” Helfant says.

-- Count on statistics to calculate your sales prospects.

Besides the location and condition of your home, another factor could strongly influence how much cash you’ll receive if you were to sell: neighborhood competition.

“Statistics on inventory levels are a meaningful way to determine the strength of demand in your neck of the woods,” Helfant says.

For instance, if there’s a three-month supply of unsold homes currently for sale in your market, you can expect to wait longer (and receive less in proceeds) than if there’s only a one-month supply.

Helfant recommends you ask your listing agent to give you a graphic showing fluctuations in inventory levels for your immediate area over the last six to 12 months. Also, ask for a similar chart showing what percentage of list price, on average, sellers have been receiving.

“In a strong seller’s market, you should expect to get at least 95% of your asking price, and this gap should be narrowing rather than widening,” Helfant says.

-- Cast your housing plans with your long-term goals in mind.

As always, the real estate market is buffeted by economic trends related to both supply and demand for property and local employment conditions. Prices fluctuate continuously. This causes some potential sellers to delay their sale in hopes of a greater reward at the bottom line.

The current period, when consumer sentiment has somewhat deflated, may not be the ideal time to put your place up for sale. Yet there are no guarantees that the timing will be better in coming months.

Those who’ve worked in the real estate field for many years know it’s tricky to time a home sale to advantage and that a delay could hurt you on price as well as help you, should the economy slow.

“Like timing the stock market, trying to outsmart the real estate market is extremely difficult to do. Rather, think about the pros and cons of selling in the present market and then seek the housing transition that best suits your personal plans and preferences,” Helfant says.

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

Right after the pandemic hit, a married couple in their 30s began searching for their dream property: a semi-suburban house in turnkey condition on a three-plus acre plot where they could start a nursery business and raise vegetables. Their timing couldn’t have been worse.

“Trying to fulfill our housing vision during the pandemic was pure torture, with all those high-speed bidding wars. We lost all those battles, despite our strenuous efforts,” says the husband.

But the couple, an architect married to a nurse, have persisted in their quest. A month ago, they discovered the perfect property: a contemporary house in a bucolic five-acre setting. Though the place is priced slightly above their range, they have reason for hope, as no other bidders have emerged in more than two months. What’s more, the owners are about to relist at a lower price.

“As our agent tells us, this property has become a ‘stale listing’ because it was overpriced when it first came on the market and now carries a stigma. So, our strategy is to wait for the right moment and then to jump in with a fair bid,” the architect says.

Tom Early, a past president of the National Association of Exclusive Buyers’ Agents (naeba.org) doesn’t know the buyers in this true tale. Still, he applauds them for their strategy of targeting a so-called “stale listing.”

“Dramatically higher mortgage rates are bad for buyers. But because of that, the out-of-control seller’s market is cooling down a bit. Now, more sellers are surfacing. In many -- but not all -- areas that’s slightly lessening competition among purchasers and adding to the supply of available homes -- one of several silver linings for buyers," Early says.

Danielle Hale, chief economist for the home listing service Realtor.com, estimates that active inventory is now 17% higher than last year.

“Rising inventory will eventually cool home price growth,” Hale says.

Here are a few pointers for would-be buyers who wish to make the most of the changing market:

-- Exercise caution in timing your bid for a “stale listing.”

As Early says, the best moment to make an offer on a stale property is shortly after price cuts occur. Another element of good timing is to put forth your offer when the sellers are under pressure to move.

“Very often, your buyer’s agent can find out from the listing agent whether the sellers must move soon due to divorce, a financial setback or a job transfer," according to Early.

Early says that during vacation periods many “test-the-market” sellers -- including retirees free from pressure to move -- take down their For Sale signs. Most who are left are highly motivated to cut a deal.

If your agent can’t determine the seller's level of motivation from conversations with their listing agent, you can often obtain clues by talking with neighbors.

-- Don’t rule out buying a brand-new place from a builder.

Early, who’s sold homes since 1982, says he’s helped many purchasers score a good deal on a brand-new property that the builders constructed without specific buyers in mind. These are known as “spec” properties.

Though many such homes have already been snatched up by eager buyers, Early says there are still more available for those who hunt them down.

“Look for builders who still have several ‘spec’ houses in their developments. They need to sell these homes to pay off the bank for their construction loans. Their urgency could result in a decent deal for you,” Early says.

During the worst of the pandemic, many builders had a hard time keeping up with intense demand. They’ve also been troubled with supply chain problems, especially involving lumber and other building materials. But these issues are gradually resolving themselves.

-- Recognize the limits on your leverage in the current market.

Although there are several silver linings for buyers in the current market, Early seeks to disabuse buyers of the belief that the strong seller’s market is over entirely, particularly in popular metro areas, where multiple-bidding situations still abound.

“This is not a period for bottom fishing or bargain shopping. This would not be the right time to come in with an insultingly low bid for a solid house that is already appropriately priced,” he says.

Buyers can sometimes look back with regret when they fail to act aggressively enough to obtain a place they adore. There’s no shame in offering list price or slightly more in a hot area, assuming you’ve done your homework and are convinced you’re not paying more than a couple of thousand dollars over true market value.

“You can’t let emotion cloud your judgment. But if you’ve found a house you dearly love, years from now you won’t regret that you ran that extra mile to make it your own,” Early says.

-- Don’t procrastinate once you’re sure you want to buy.

Despite their recent ascent, mortgage rates remain near historically low levels. But will rates continue to rise in coming years? That seems likely, given that the Federal Reserve has announced its intention to raise interest rates in order to combat inflation. Meanwhile, there’s no guarantee that home prices will dip in the near future, considering that many millennials in their home-buying years have yet to buy their first home.

“In most popular areas, renting isn’t that much cheaper an option than buying. In addition, rental rates could rise significantly in the future. That’s why I caution a lot of frustrated buyers not to back off from their home chase and delay further,” Early says.

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