A doctor in his early 70s has relished the midcentury modern house he’s owned for decades. He loves the gourmet kitchen with its granite countertops, as well as the extensive great room where his art collection is on display. But his most treasured setting is the expansive patio surrounded by elaborate gardens and a koi pond.

Still, the doctor is surprising himself with the decision to relinquish the cherished property where he and his ex-wife raised their two sons.

Why now? The doctor cites two factors prompting him to sell. One is that he has a new relationship in another city that makes him happy. The other is that he believes the four-bedroom abode would be appreciated by younger owners. Hence his plan to downsize.

“Why should I hog all this space when I know full well my place could be put to better use by young owners? Also, I believe I’ll get a better price this year than I would in the future, especially if a recession occurs and prices drop,” the doctor says.

He lives in a coveted neighborhood with a top-rated elementary school. Available homes there are in short supply because many other boomer owners are clinging to the low-rate mortgages they obtained through refinancing during the pandemic. But the doctor is mortgage-free and hopes to put any extra proceeds from his sale into a college fund for his grandkids.

Peter Walsh, an expert on downsizing and the author of “Let It Go,” doesn’t know the doctor in this true story. But he credits him for facing squarely the highly emotional task of leaving a property so full of memories.

“Sorting through a lifetime’s worth of accumulated possessions can be a daunting and stressful process that millions of Americans confront each year,” Walsh says. But he notes that many downsizers experience a feeling of liberation after a shift in living space.

Ashley Richardson, a longtime real estate agent based in the doctor’s area, says it’s imperative that the doctor not only declutter the property but also update his place before it goes on sale. That’s because millennial buyers --born between 1981 and 1996 -- now make up the largest cohort of purchasers. And they’re very visual.

“These buyers are extremely tech-focused. I can’t imagine them taking the time to visit any house that doesn’t show well on the internet,” Richardson says.

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 Richardson, who’s affiliated with the Residential Real Estate Council (crs.com).

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

Before sellers decide on presale home improvements, Richardson suggests they ask their agent for a checklist of cost-effective projects. Often some of the least costly improvements, such as painting, can have the biggest impact.

Here are a few pointers for sellers:

-- Seek to 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 over traditional ones.

“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, D.C.-based firm.

To get a feel for the sort of room layouts that typical young buyers like, Levine suggests you visit the website of IKEA, 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.

-- Think carefully about your window treatments.

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

But Levine recommends that sellers trying to appeal to young buyers should remove all their heavy draperies. Often, the only rooms that need window coverings are bedrooms and bathrooms and even there, simple shades should suffice for privacy.

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

-- Refresh your bathroom lighting.

Many older homes still feature Hollywood-style bathroom 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,” he says.

As to the look of bathrooms, Richardson advocates replacing the kind of pink tiling still present in many homes built in the 1950s. (Though the retro look of pink bathrooms appeals to some who relish midcentury modern architecture, it’s unlikely your young buyers will share this devotion.)

-- Take away family 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.

“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.)

A nurse just discovered she’s pregnant with her third child -- a welcome surprise for her and her husband, a software developer. But in planning for a larger family, the couple feels the urgent need to leave their tiny gray bungalow in favor of a much more spacious house.

“We have a narrow galley kitchen, a little one-car garage, no playroom and three tiny bedrooms -- including one we use as a home office. Our two little boys are super active, really climbing the walls. We have no idea how we’ll accommodate the baby girl who is due to arrive this summer,” the nurse says.

She and her husband bought their gray bungalow back in 2018, before the pandemic hit. They’d hoped to transition to a much larger place before now, but with the rise in mortgage rates, the math didn’t work for them. Only recently, with a moderation in rates, did the numbers convince them they should get off the sidelines.

“Our hope is we can move to a much larger space within the same neighborhood. Our kids are thriving in the schools here, and the neighbors are friendly. That’s why we’re focused on finding a big family property we hope some empty-nesters will sell,” the nurse says.

From a housing standpoint, the couple -- both in their early 30s -- say they are at a crossroads and must move in 2024. The same is true of many other young families who have outgrown their homes. Economists now predict a rise in home sales this year, up from the low volume registered last year.

“The latest month’s sales look to be the bottom before inevitably turning higher in the new year,” says Lawrence Yun, chief economist for the National Association of Realtors (nar.realtor).

Dorcas Helfant, a past president of the association, doesn’t know the couple in this true story. But she says this could be an excellent time for them to fulfill their vision.

“For years, many suburban areas have been extremely short of the kind of houses young families desperately seek. Older houseowners, especially those locked in with low-cost mortgages, have long faced an undersupply of inventory. But that’s gradually changing as more baby boomers are downsizing,” Helfant says.

Here are a few pointers for young families aspiring to increase their living space:

-- Shop for highly motivated sellers.

Though it comes as a surprise to some move-up buyers, the owners of large properties are no different from any other category of sellers. Some are a lot more driven to sell than others.

Some owners have no particular timeline pushing them out the door. Such discretionary sellers would like to liquidate but are willing to delay their plans in hopes of obtaining a better price later.

Conversely, motivated sellers have well-defined reasons for moving. Besides financial and health issues, there are positive reasons people must sell quickly. Perhaps they’ve gotten a better job in another city or are transitioning to a custom-built home.

As a move-up buyer, why should you care if the owners of a home you like are in a rush to sell? Because hurried sellers are much more likely to negotiate in earnest.

If you question sellers on their reasons for moving, many will give you or your agent candid answers to polite inquiries.

Helfant says it’s often pointless trying to negotiate with sellers who convey a couldn't-care-less attitude about their timing. You’re much more likely to strike a favorable deal with people who truly wish to move.

-- Don’t exclude from your search properties that have gone “stale.”

On occasion, genuinely motivated sellers hold out longer than they should -- reducing their overly high list price only after becoming desperate.

“Even in premium neighborhoods, people who overshoot on price and then fail to sell for many months can be forced to drop their price below market value after buyer interest drops off,” Helfant says.

Their problem is that homes which linger too long on the market become stigmatized.

“It can take a while for some otherwise motivated homeowners to realize they’ve been asking way too much. But if you’re willing to wait, you might be rewarded for your patience,” Helfant says.

-- Consider a counteroffer if your budget allows.

Multiple offers are still common in popular communities -- where buyers continue to rule. But Helfant says you can usually be more aggressive when negotiating with sellers in an area with lots of homes for sale.

“You’ll do better if there’s a great deal of inventory, which translates to more competition for the sellers,” she says.

-- Stay focused on your long-term goal.

Among those hoping to take advantage of more moderate mortgage rates to better their housing situation are affluent people. Such buyers often want such luxury features as elaborate gardens, at-home fitness centers and large, customized garages to house motorcycles and sports cars.

Getting a good deal is always a positive for buyers. But for wealthy buyers of any age, acquiring the exact place they want can be even more important.

“Remember, when you trade up, you’re buying for lifestyle. You’re looking for that perfect location, that perfect view or that perfect refuge from the world where you can find peace. So it’s more than just the price that counts,” Helfant says.

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

Two trends are converging to impact the 2024 home sales market. One is that many young adults are fed up with renting, even though rent costs are moderating in many communities. The other is that more baby boomers are letting go of their oversized houses due to health concerns.

Take the true story of a retired 3M engineer in his early 70s who’s married to an artist of the same age. For decades, the couple relished their expansive lakeside home in exurban Minnesota. From a financial standpoint, they could have stayed indefinitely. But the artist’s worsening arthritis and the husband’s cardiac concerns made clinging to the property unwise. So instead, they found a highly recommended listing agent, sold their cherished place to a young family and moved to a brand-new retirement community nearby.

“With no mortgage, we made a pretty big profit on the house -- much more than expected. We walked away with a large pot of money. That was a good thing because our fancy retirement community -- with lots of bells and whistles --costs more than $8,000 a month,” the artist says.

It's no secret that many boomers, born between 1946 and 1964, have few financial incentives to let go of their large houses. A new report from Redfin, the national realty company, underscores this reality. It notes that empty-nest boomers owned nearly 3 in 10 large homes in the United States. That’s twice as many as millennials with kids, who own just 14.2% of the country’s large homes.

“Boomers don’t have much motivation to sell, financially or otherwise. They typically have low housing costs, and the bulk of boomers are only in their 60s, still young enough that they can take care of themselves and their home without help,” says Redfin senior economist Sheharyar Bokhari.

Even so, he says that “logically, empty nesters are the most likely group to sell big homes and downsize. They no longer have children living at home and don’t need as much space.”

Also, when health concerns arise, boomers who had long planned to age in place through their lifetime can suddenly face an urgent need to move to more accommodating living quarters.

“Even unexpected surgery for a knee or hip replacement can convince an older person with a very vertical house that they’d better move to spare themselves the pain of climbing stairs,” says Tom Early, an Ohio-based real estate broker.

Here are a few pointers for home sellers:

-- Realize the vital importance of picking a strong agent.

Karen Rittenhouse, author of “The Essential Handbook for Selling a Home,” urges sellers to exercise extra caution when choosing a skillful agent.

“You need to ask for referrals, check references and interview every agent you’re considering,” she says.

Many successful agents hire assistants to handle much of their routine work, and Rittenhouse doesn’t necessarily disapprove of this practice. But she says it’s important that your primary agent handle such core functions as negotiating on your behalf when an offer comes in.

“Good agents perform the key functions themselves,” she says.

Eric Tyson, a personal finance expert and co-author of “House Selling for Dummies,” says it isn’t always easy to determine whether an agent will give your listing the attention it deserves.

“The last thing you want is an agent who disappears the day after landing your listing. So before you sign a listing agreement, you’ve got to investigate,” Tyson says.

-- Look at a potential listing agent’s track record.

Maybe the agent you’re considering is a superstar --having won numerous awards for sales volume. Even so, this could be the wrong one for you.

“Just because the agent is a ‘big producer’ in sales volume doesn’t mean they have expertise selling in your specific area or your type of house,” Tyson says.

He and his co-author for “House Selling for Dummies,” Ray Brown, urge would-be sellers to get an “activity list” from any agent they’re considering. This should itemize all sales closed in the previous 12 months and show the property locations, as well as the list and sale prices.

“You can’t beat this raw data when you’re sizing up an agent,” says Tyson.

-- Ask the agents you interview about their vacation plans.

Obviously, agents like to pull away for vacations from time to time. But realty experts caution against hiring one who plans to head for vacation during the early weeks of your listing period. That could hinder your sale at the time when buyer excitement about your place is high.

Often agents rely on backups when they’re away. But Tyson says this is a poor option for clients, especially if the agent is gone for more than a couple of days during the period when offers are most likely to come in.

-- Consider the implications before hiring “partner agents.”

Some agents, including married couples, like to work as a professional team. They bill themselves as two interchangeable parts of a qualified whole.

“In theory, such a partnership has big advantages for clients, because you get a doubling-up of talent,” Tyson says.

However, in practice the two-agent arrangement is only advantageous to sellers if both partners are truly committed to their work.

“Sometimes the two halves don’t equal a whole and the clients are shortchanged,” Tyson says.

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