For years, a retired home improvement contractor considered selling his house in a leafy Baltimore suburb served by a top-rated elementary school.

What caused him to delay his sale? Living solely on Social Security, he lacked savings for essential repairs to his run-down place. For instance, he couldn't afford to replace his leaky roof and malfunctioning heating system.

But after stern warnings from a few local real estate agents, the contractor recently sold his place for a sacrificial price $200,000 below what his place could have fetched in good condition. The agents convinced him that waiting until next year wouldn’t have helped him at the bottom line.

Eric Tyson, a Connecticut-based personal finance expert, doesn’t know the contractor in this true story. But he says the man likely made the right decision.

Tyson, co-author of “House Selling for Dummies,” says that in many neighborhoods, sellers are gradually losing the upper hand as buyers gain somewhat more leverage. What’s more, he contends that in most areas this trend will likely intensify next year.

At CoreLogic, an economic think tank, CEO Frank Martell says the seller’s market is gradually weakening due to rising mortgage rates and affordability concerns on the part of potential purchasers.

“Our consumer research indicates younger millennials want to purchase homes, but the majority of them consider affordability a key obstacle,” Martell says.

A new report by the U.S. Commerce Department also reflects a possible slowdown ahead for real estate. In October, sales of newly built homes fell 8.9 percent, tumbling to their lowest point in more than two years. New home prices also slipped.

No owners want to sell their property for a sacrificial price. But if your place is in run-down condition and you lack savings for major repairs, you might have only enough money for cosmetic fixes.

Here are a few pointers for the cash-tight sellers of flawed homes:

-- Seek guidance from a seasoned real estate pro in your area.

Ashley Richardson, who sells homes through the independent Long & Foster realty chain, says a solid agent will give you a realistic list of doable tasks.

“For example, you wouldn’t want to put high-end cabinets into the kitchen of a house that’s in overall poor condition. But you might want to have your current cabinets repainted,” she says.

As the first step in the agent-selection process, Richardson recommends you interview three candidates, asking each to critique your home and itemize low-cost steps that would make it more saleable.

“You want someone who will look you straight in the eye and tell you the truth -- not someone who just tries to flatter you into giving them the listing,” she says.

-- Look for assistance in the decluttering process.

As Richardson says, many longtime owners trying to sell a home in poor condition feel overwhelmed by the sheer magnitude of the tasks that face them. Decluttering is an especially daunting prospect for those with health problems.

“Sellers who can’t do this work themselves should ask family members and friends to help,” she says.

But what if no volunteers step forward? In such cases, Richardson suggests owners may wish to hire students or others looking for temporary, part-time work.

Richardson recommends you give the person you hire a series of manageable tasks.

“For example, tell them to pack up the contents of your china closet or an overloaded bookshelf. Tell them to put the packed boxes in your garage in neat stacks,” says Richardson, who’s affiliated with the Residential Real Estate Council (crs.com).

It may seem counterintuitive for the owners of a home priced for an “as is” sale to bother with the removal of clutter. But Richardson says it’s imperative.

“No one will buy a house if they can’t even see how large its rooms are,” she says.

-- Help buyers imagine your home’s possibilities.

Though many owners of property in poor condition lack the funds for major improvements, Richardson says it’s important that they make their place at least minimally appealing.

Besides clearing out your clutter, you’ll want to remove any outdated furnishings and drapes that make your home seem dark or drab. In their place, your agent might lend you a few attractive pieces to make your place look better.

“Realtors sometimes have a stock of good furniture, rugs and lamps that clients can use during the showing period,” Richardson says.

Besides adding cosmetic touches, she says the owners of an “as is” home should give visitors mock-ups and contractors’ estimates for needed improvements, like the replacement of a worn-out deck or the renovation of a bathroom to replace broken ceramic tile.

“The truth is, most people have a terrible time envisioning the potential of any house in poor condition. You’ve got to get them excited about the possibilities,” Richardson says.

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

Under heavy pressure from her grown daughters, a Baltimore woman in her early 70s suddenly sold her huge Tudor house. Once widowed, living alone in the property wasn’t a viable long-term option.

But what followed the sale was a hurried and ill-conceived property purchase recommended by the two daughters. This involved a three-level townhouse in the same neighborhood. This proved a mistake because, like the Tudor house, the new place requires the widow to climb stairs -- a painful ordeal given the arthritis that afflicts her knees.

For seniors, protecting the knees is not only a matter of comfort. It’s also a key health and safety priority, says Dr. Michael Nevitt, an expert on osteoarthritis at the University of California, San Francisco.

Nevitt says every year an increasing number of seniors suffer from a dangerous fall due to knee buckling and poor balance linked to weak muscles or osteoarthritis. Such falls are especially likely to occur when older people descend stairs.

Of course, moving to a high-rise apartment building with an elevator solves the problem of stair use for numerous seniors. But many longtime homeowners fear the loss of autonomy that comes with apartment living. They’d rather move to a smaller, one-level detached property if they can find one in their price range.

Unfortunately, in communities where one-level homes are scarce, those seeking to downsize pay more per square foot than they would for a multi-story property, especially a very vertical townhouse.

Sandy Jurich, a longtime real estate agent in Michigan, says that soaring land costs explain why multi-story homes are generally less expensive than similarly sized single-level homes.

Still, for those who can afford it, there are a number of advantages to a single-story house. Chief among these is efficiency of movement. You can go from room to room without climbing stairs, sparing yourself time and exertion.

“There’s a lot to be said for convenience. For instance, it’s a lot easier to clean a single-level house,” Jurich says.

Mark Nash, a real estate broker and author of “1001 Tips for Buying and Selling a Home,” says senior buyers should think seriously about the purchase of a multi-level place before they commit.

Here are a few pointers for older buyers:

-- Select your next place with an eye to the future.

Whether you’re 29 or 69, it can be hard to picture your future housing needs. Yet no matter your age, projecting into the future is important.

Nash recommends that buyers look at least three to five years ahead.

“Planning for the future is especially important if you’re approaching your late 50s and anticipate retiring in the next few years. In this age range, health or mobility problems can start to develop at any time,” Nash says.

However, not all seniors find stairs to be problematic. Indeed, some who are especially physically fit may actually prefer to remain in a multi-story house because stair climbing gives them a form of daily exercise.

-- Factor in the advantages of a second-floor “hideaway area.”

During your retirement years, do you intend to launch a home-based business or start writing that romance novel you’ve planned for years?

If so, Nash recommends you consider the advantages of an out-of-the-way second-story office where you can concentrate with few interruptions. Likewise, many homeowners enjoy an upstairs bedroom where they can pursue a hobby.

“Sometimes, it’s nice to have a getaway place in your home, where you can leave a project all spread out and go back into that ‘cave’ when you want to. For example, this would be good for someone embarking on a family genealogy project,” he says.

Another less obvious advantage of an upper-level retreat: You’re further from the temptations posed by food in your kitchen.

-- Rule out a property that would require an addition to be livable.

Some budget-minded seniors consider purchasing a traditional two-story place with the intention of building on a first-floor master suite later.

That’s usually a poor idea, Nash says.

“Sometimes, real estate agents encourage clients to buy a house that needs an addition. But getting an addition done is expensive and can take six months or longer. And remember, it’s not your agent’s time or money at stake,” he says.

-- Don’t necessarily duplicate your relatives’ lifestyle.

After their children are grown, it’s customary in many families for the elders to surrender their large homes and move to much smaller quarters with fewer upkeep demands, such as an apartment or a townhouse. Perhaps your parents, aunts or uncles made such a move after they reached the age of Social Security eligibility.

But Nash says that just because your relatives were happy with their late-in-life moves doesn’t mean you should replicate their thinking.

“There’s no such thing as a one-size-fits-all housing choice. How you live is an intensely personal decision,” he says.

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

A federal employee in his early 30s just signed a year-long lease for an upscale apartment near the National Mall in Washington, D.C. For a two-bedroom, two-bath apartment, rent on the place tops a handsome $3,000.

Instead of putting out that much rent each month, he could have bought a condo-apartment or a modest townhouse in the D.C. area. In fact, that would have been his preference. But having come of age during the housing downturn of a decade ago, he’s terrified of the commitment that comes with a mortgage. This explains why he keeps renting.

Like the federal employee in this true story, a minority of millennials are too fearful about homebuying to make a purchase. These include people with vivid recollections of family members and acquaintances who lost their properties to foreclosure during the Great Recession, which cost them both sleepless nights and ruined credit.

But is financial upheaval truly more likely for homeowners than renters? A new study from the Urban Institute (urban.org), a Washington, D.C. think tank, questions that assumption. Indeed, the study -- which compared the financial situations of tenants versus owners -- found that those who rent suffer more financial uncertainty.

“Rents can often climb each year, compared to a fixed-rate mortgage where home payments remain the same every month over a period of years or even decades,” says Corianne Payton Scally, a co-author of the study.

Scally acknowledges that across time, homeowners can confront rising property tax bills, obviously not a problem for tenants. Still, she says that compared with owners, renters at the same income levels face higher rates of “material hardship” and are less likely to have savings for emergencies.

“Renters can see a higher proportion of their income going to pay their rent year over year if their income does not keep pace with rising rents. They can start to feel the financial pinch and may have few options but to start cutting costs elsewhere,” she says.

Are you a renter who, despite your fears, is determined to pursue homeownership? If so, these few pointers could help:

-- Remind yourself of the key reasons you want to buy.

Anxiety is an influential factor that can stop people from actualizing their home-buying plans, even when logic tells them it’s the right time to go forward, says Sid Davis, a real estate broker and author of “A Survival Guide for Buying a Home.”

What’s important is to head into any purchase with as much objective information as possible, he says.

To be sure, there could be legitimate reasons to wait to buy. Perhaps you have a basis for worry that the company where you work could soon lay off employees, or that your spouse could soon be subject to a job loss.

“None of us has a crystal ball. But those who have secure jobs and truly want to own a home in order to build equity and enhance their family life might be kicking themselves later if they wait too long,” Davis says.

-- Seek mortgage pre-approval from a reputable lender.

The last recession ushered in an era of highly conservative lending practices, and most lenders still go to great lengths to ensure that the mortgages they originate are solid. This means borrowers must be unusually well prepared to respond to the lender’s requests for documents.

As proof of income, many lenders now insist on more than the customary pay stubs and W-2s. For example, they’ll likely ask you for federal tax returns. In addition, they’ll probably want assurances that the funds you’ve accumulated for your down payment have been in your savings or checking account for some time and weren’t borrowed from an uncle just last week.

The time you spend documenting your eligibility for a home loan is time well spent if the lender gives you a “pre-approval” letter before you begin shopping for a property. This letter is a vitally important bargaining tool to help you win the home of your choice.

-- Take a cautious approach to home selection.

Many popular neighborhoods are still short on available inventory in the starter-home category, although this situation is starting to ease. Davis says this pressure to compete for the best properties is causing some anxious buyers to back off.

“After losing a property to another bidder, some home shoppers get very discouraged and throw in the towel,” he says.

Rather than abandoning your pursuit of a property due to tight inventory conditions, Davis urges you to “hang in there” and keep looking.

“In the late fall and winter, home shoppers face less competition from other bidders than they do in the spring and early summer, making this an ideal time to land an exceptional deal from a highly motivated seller who must move,” Davis says.

If you’ve identified your target neighborhood but haven’t yet found a suitable home there, spend your waiting time getting to know the community, making sure it’s the right place for you and your family.

“Walk through the neighborhood, chatting with residents. That way, you could be the first to learn about up-and-coming listings. Be patient and don’t let your agent rush you into the wrong choice. Remember that the home you buy now could be in your ownership for years to come -- so it’s folly to make an impulsive decision,” he says.

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