In the dozen years that Kate Foster-Bankey has been selling homes, she’s seen many properties that have been allowed to deteriorate.

“We see a ton of leaky roofs. If they’re slate or asphalt roofs that have gone through storms, often there are a lot of tiles or shingles missing that haven’t been replaced,” says Foster-Bankey, an agent with the Compass Realty company.

For run-down homes, other common problems include rot on exterior woodwork, along with peeling and chipping paint both on the interior and exterior.

Given the dearth of available properties in many popular neighborhoods, it’s logical to assume that prospective buyers would be willing to accept a fixer-upper. But Foster-Bankey says many purchasers are frightened of taking on the cost and responsibility of any place that needs extensive renovations.

“Fear is a huge driver of this reluctance. Buyers often overestimate the expense of home improvement work. Also, right now, there’s a severe shortage of contractors because so many homeowners -- people sitting on a lot of equity -- are doing home renovation work for their own enjoyment,” she says.

As wannabe sellers of a run-down house, you have two potential presale alternatives. Either you can sink your funds into needed improvements or you can attempt to market the place in “as is” condition.

“If you let your home decline, you’ve got to face the writing on the wall. You could take a beating on concessions when you sell,” says Sid Davis, a Utah real estate broker and author of “A Survival Guide to Selling a Home.”

Why are some sellers with a property in poor condition unwilling to do the work necessary to maximize their profits?

“Some folks are stubborn about spending money on a house that’s functioned OK for them. Besides seniors, it’s not uncommon for people getting a divorce to refuse to lift a finger to get their house ready for sale,” Davis says.

In addition, those confronting serious health issues are understandably more focused on their ailments than on keeping up their property. Moreover, cash-strapped owners of all ages who have to sell for financial reasons often lack the available cash to make a property show-worthy.

Ashley Richardson, a real estate agent affiliated with the Residential Real Estate Council (crs.com), says owners facing foreclosure sometimes become so disheartened they can’t muster the will to improve their home.

“When their finances fall apart, some people just give up hope and their coping skills decline. They default on an emotional level,” Richardson says.

In some cases, she contends that spending a significant sum to prep a house in poor condition for sale is a bad idea, especially for people who must make a quick exit.

“You should limit your spending to high-visibility projects that give you the best return on investment. These include minor upgrades to your front entrance, kitchen and bathrooms,” Richardson says.

Here are a few pointers for sellers:

-- Look to a seasoned listing agent for candid advice.

Are you stressed out by the prospect of overseeing all the work that must be done to get your home ready for sale? If so, you’d be wise to seek a listing agent willing to serve as a project manager, says Eric Tyson, a personal finance expert and co-author of “House Selling for Dummies.”

“For fear of offending you, not all agents will tell you the truth about all the work needed to make your place look good. Yet that’s information you really need in order to make the right decisions,” Tyson says.

As Richardson says, a reputable agent shouldn’t only give you a list of tasks worth doing but also tell you which upgrades wouldn’t warrant the expense.

“For instance, it’s usually not smart to replace high-end cabinets in a run-down house. But you might want your current cabinets repainted,” she says.

As the preliminary step in the agent-selection process, Richardson recommends you interview three candidates. Ask each to analyze your property and tell you which cost-effective steps would make it more saleable.

“Look for an agent willing to give you the real story, no matter how hard it is to hear,” she says.

-- Seek help to hasten your decluttering process.

Sorting through clutter is an especially daunting prospect for seniors or those with health problems.

“People who aren’t in a position to undertake all this work themselves should try to recruit help from friends or family members,” Richardson says.

If no volunteers step forward, she suggests that sellers attempt to hire students or others seeking a temporary, part-time job.

Richardson recommends you give the person you hire a series of well-defined tasks.

“Ask them to pack up the contents of an overloaded bookshelf or a china closet. Once the boxes are packed, tell them to stack them neatly in your garage,” she says.

-- Help buyers envision your property’s potential.

Although many sellers of run-down homes can’t afford to do cost-effective improvements, Richardson says it’s still critical they make their property look at least minimally appealing.

“If (buyers) don’t like what they see on the internet, they’ll never go see your place in person,” she says.

She recommends that the owners of a run-down house give visitors mock-ups and contractors’ estimates for needed improvements.

“The best approach is to do the cosmetic upgrades yourself before the house goes on the market. But if that’s impossible, use any strategy you can to help buyers to at least realize the potential of your diamond in the rough,” Richardson says.

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

For much of this summer, homebuilder sentiment was riding high. That’s because so few existing properties are available for sale, causing many buyers to seek out brand new construction instead. As a result, the stock of homebuilding companies temporarily rose in value.

But relentlessly higher rates on home mortgages, now firmly over the 7% mark, have even dampened the outlook for these stocks. As investors are well aware, ever more Americans are being priced out of many desirable homebuying markets. Compounding the problem is that so few homeowners are now willing to sell.

“The supply shortage is making many listings feel hot. This means buyers who are in the market now are duking it out for a very small pool of homes, preventing home values from plunging,” says Chen Zhao, who heads economic research for Redfin, a major realty brokerage.

The explanation behind the dearth of available properties is that many owners with low-rate mortgages are understandably resisting relocation if that means taking on a pricier mortgage to buy their next abode.

“Roughly 9 in 10 homeowners with mortgages have a mortgage rate under 6%. Tons of homeowners scored an incredible deal during the pandemic: a 3% mortgage rate for the remainder of their 30-year loan,” Zhao says.

The happiness felt by many homeowners with low-cost mortgages contrasts sharply with the psychological pain experienced by so many now seeking to buy their first home.

Lawrence Yun, chief economist for the National Association of Realtors (nar.realtor) says that nearly 60% of metro areas posted price gains during the second quarter of 2023.

“Home sales were down due to higher mortgage rates and limited inventory,” Yun says. Still, he notes that there are some metro areas where home prices are now sliding. These include such high-cost cities as San Francisco and Los Angeles.

Would-be homebuyers have other reasons to feel somewhat hopeful, according to Nicole Bachaud, a senior economist for Zillow, a national real estate firm.

“As summer winds down and kids head back to school, home shopping gets put on the back burner. Traditionally, buyers who remain in the market get a bit more bargaining power heading into the fall,” Bachaud says.

Here are a few pointers for buyers:

-- Seek out overpriced properties after price reductions are taken.

In an area where the market is beginning to shift slightly in favor of buyers, it sometimes takes sellers time to adjust their thinking.

“Some sellers have an entitlement mentality and cling to overly high expectations about the value of their property,” says Sid Davis, a Utah real estate broker.

Have you targeted a neighborhood where you have a strong interest in one or more homes that you and your agent believe are priced well over market value? Davis suggests you may wish to wait until the sellers come down on their own before you start bidding.

A significant price drop is often a signal that once-stubborn sellers are ready to bargain in earnest, maybe because they face a deadline of their own.

“Perhaps the sellers have moved out of town to take a new job, and their old property has gone vacant. Then, as soon as they have to start carrying two mortgages, they become much more eager to bargain in earnest,” says Davis, author of “A Survival Guide for Buying a Home.”

The key to a wait-for-a-price-drop strategy is to keep a close eye on a home of interest so you can submit your bid at the opportune moment and not lose the property to another purchaser.

“Make sure you stay in close touch with your buyer’s agent so you’ll know the minute a price drop occurs. It’s also a good idea to set up an alert to notify you by text or email that a price drop is occurring,” Davis says.

-- Don’t waive your right to a home inspection needlessly.

In strong sellers’ markets of past years, would-be buyers who had to contend with rival purchasers often waived their right to a home inspection to increase their appeal to sellers.

But Tom Early, a veteran real estate broker, says inspections are nearly always a vitally important idea --especially for those planning to buy a property that’s over 15 years of age, which could have serious problems.

In most cases, inspectors don’t find serious shortcomings. Still, Early says that many lesser issues that are found can be used to the buyers’ advantage in gaining concessions.

Suppose, for example, that your inspector projects that the roof on the house will likely fail in three to five years. With this information, you might convince the sellers to cover part or all of the cost of a new roof.

-- Avoid insulting the owners of any property you’d like to own.

In areas where rising inventories are giving buyers more power, Davis says some prospective buyers try to take liberties that can backfire.

One common mistake involves any statement you might make that wounds the sellers’ pride in their home. Another misstep involves making a ridiculously below-market bid which so stuns the owners that they may refuse to deal further with you.

“People who make ludicrously low offers are often the victims of their own folly,” Davis says.

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

Last February, an 83-year-old geophysicist lost his wife when her decade-long battle with cancer came to an end. After his grievous loss, the man resolved to sell the five-bedroom Virginia house where the couple had raised their children. The only question: Where to move next?

To assist with his search for the best available retirement community, the geophysicist engaged Anna Novak, the founder of Simply Downsized, a small enterprise focused on helping seniors make sound housing transitions. Recently, the man chose a nearby continuing care community that overlooks the Potomac River near Washington, D.C. The place offers a range of services from independent living to memory care.

“Some older people wait too long to leave a big house they can no longer handle. Still, those who do move are definitely happier if they find a community that’s a good fit. It’s much better to move before a health crisis hits,” Novak says.

There are now around 70 million in the baby boomer population cohort, born between 1946 and 1964. Though most are empty nesters, many in this age group still own large family homes. Moreover, many have substantial equity and could afford to sell and move to more accommodating housing. That would free up properties for younger generations now facing tight-inventory markets. But they’re stumped about how to proceed.

“For many seniors, downsizing means letting go of 80% of their belongings,” Novak says.

More entrepreneurs are entering the business of “senior move management.” One major organization in the field, the National Association of Senior & Specialty Move Managers (nasmm.org), has affiliates throughout the country.

The task of clearing through years of accumulations can seem overwhelming to seniors. But move managers can hasten the laborious process by helping clients cull through and dispose of their possessions. Move managers also assist with logistics for the actual move.

“When you’re going to a smaller home, you must decide which things have the most meaning for you,” says Beverly Coggins, the author of “Three Steps to Downsizing to a Smaller Residence.”

A professional organizer since 1995, she says she’s learned it’s best for those downsizing to break the work into chunks rather than attempt marathon sessions.

“Downsizing means making decision after decision after decision. People who try to do this full-time quickly get physically and emotionally exhausted,” Coggins says.

To avoid excessive fatigue, she encourages downsizers to focus their work on the times of day they have peak energy. Also, she recommends they spend no more than four or five hours on these tasks at any given session.

Here are a few pointers for those facing a senior move:

-- Clear out excess furniture early in the process.

For most people, one major step toward downsizing involves dispensing with large pieces of furniture. Beyond family heirlooms and precious antiques, many find this process relatively easy because they don’t have sentimental attachments to most furniture.

Sid Davis, a longtime real estate broker and author of “A Survival Guide to Selling a Home,” suggests one way to clear space and furniture quickly is to put it up for sale. He says many of his home selling clients find they can quite quickly sell superfluous items such as sofas, recliners and dining sets through the websites of local newspapers. However, you’ll likely want to sell antiques through a reputable dealer.

“There’s always a good market for furniture. And moving out all those extra pieces makes your house more saleable because your rooms look larger,” Davis says.

He says downsizers often make enough money selling oversized furniture to buy new, more appropriately sized pieces for their smaller home.

-- Try to avoid renting a storage unit.

Many downsizers succumb to the temptation to place their belongings in a storage unit before they move. But Coggins strongly advises against this course if you can avoid it.

“Storage units are expensive. And for most people, they’re just an excuse to postpone making decisions on stuff they need to eliminate,” she says.

When working with downsizers, Coggins encourages them to free themselves of many items, including clothing that no longer fits, especially if they haven’t worn such apparel for a year or longer. The same applies to numerous household items.

She says many people feel especially anxious about letting go of things given to them as gifts from relatives or close friends. But she says such feelings are needless.

“It doesn’t mean you love the person any less because you can’t keep everything they give you,” she says.

To be sure, you’ll not want to cast off items with unusual meaning to you, like family pictures and love letters. But unfortunately, you may not be able to take everything you value to your new, smaller place. In such cases, Coggins suggests you take photos of the treasured items that can be framed and hung up in your new domain.

-- Seek out a charity with pickup services.

Many downsizers find it easier to let go of extra belongings if they know they’ll be put to good use. That’s why Coggins and other professional organizers often advocate contacting nonprofit organizations interested in collecting serviceable items.

Very often, charity groups will pick up items from your home, a convenient way to eliminate excess belongings. Also, with a pickup appointment you’ll have a definite deadline for your work, which can serve as a motivating factor.

The Salvation Army, for example, offers pickup services in many areas. To learn more or schedule a pickup, contact your local branch.

-- Attempt to stay focused on the positives in your future.

Coggins notes a central benefit of downsizing. With fewer home upkeep demands, you’ll have more time to focus on the people most important to you.

“When they downsize, many people realize more fully that it’s relationships, not stuff, that bring happiness,” she says.

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