This past January, a New Jersey couple in their 60s crafted exciting plans to leave their grand colonial-style house in favor of a small waterfront condo in North Carolina near their grandkids. The goal was to sell at a leisurely pace in early 2021.

But the couple’s plans accelerated recently after they were furloughed from their jobs. Worse, the husband was infected with COVID-19, and his illness included a costly hospital stay that further drained their savings. So they’re under financial pressure to sell the colonial right away.

With the economy in turmoil and the couple’s house not yet prepped for market, they worry about the implications of selling now. Given their shortage of cash on hand, how can they upgrade their house for showings both swiftly and inexpensively? Must they accept a sacrificial price?

Skylar Olsen, a Seattle-based economist for real estate giant Zillow, doesn’t know the couple in this true story. But she says the outlook for their sale could prove better than feared. Though she cites statistics showing many would-be buyers are now pulling back from the market, she notes that many sellers are also adopting a “wait and see” approach, which means the couple will likely face relatively few rivals.

Ashley Richardson, a veteran real estate agent affiliated with the Residential Real Estate Council (crs.com), agrees that outlook for sellers may be better than expected in coming weeks.

“What’s surprising now is that a fair number of people working from home with their kids out of school are recognizing the pressing need for a bigger, better house,” says Richardson, who sells property in Maryland through the Long & Foster realty firm.

Realtors say it’s not only low-income people who may confront the need for a rapid sale due to the virus outbreak. People at any level of the economic ladder can find themselves without the money they need to make their place salable.

“I’ve known clients with high salaries who live paycheck to paycheck. When a crisis hits, they must totally restructure their lives and sell their house. But sometimes they don’t have the money to make it market-ready,” says Mark Nash, a real estate analyst and author of “1001 Tips for Buying & Selling a Home.”

Nash says those confronting the need to sell hurriedly due to COVID-19 issues should face the situation squarely and not delay, even if they’re entitled to postponing their monthly mortgage payments.

“You’ve got to bite the bullet and act quickly,” Nash says.

Here are a few pointers for sellers:

-- Make your place sparkling clean.

With the current extreme emphasis on hygiene, Nash says it’s more important than ever that for-sale properties appear meticulously clean.

It’s true that many interested buyers are now spending more time previewing property through virtual online tours. Yet Nash says that even now, with fears of infection, it’s exceedingly rare for buyers to commit to a purchase without touring a home’s interior in person.

“Folks will give you many extra points if they think your house is so clean they could eat off the floors,” Nash says.

-- Try to get help to do “strategic painting” and yard work.

Even if you’re financially pinched, it’s unlikely you’ll find volunteers to take on a large-scale house-painting job for nothing. But Nash says that by contacting a local church or synagogue and explaining your current situation, you might find those willing to donate a finite amount of time to help you complete some limited work that will enhance the exterior of your place.

“Focus on the importance of repainting trim, including your shutters and front door. Also, stress the need to perfect your landscaping. All these are tasks you could accomplish quickly and cheaply alongside volunteers,” he says.

-- Find a listing agent trained in “staging.”

The quest by home sellers to get the highest possible proceeds has spawned an industry of home “stagers” -- people hired to rearrange and supplement furnishings to make a For Sale property more appealing.

Stagers typically charge up to $1,000 or more for a redo. Many are quite effective at making a home look more attractive. If you lack the funds to pay a stager, Nash suggests you look for a listing agent who will provide such services without an extra fee.

“Every day more agents are trained in the art of staging, and some have a real knack for it,” he says.

How can you be sure that agents who claim expertise in staging will do a good job? Nash recommends you ask them to email you “before” and “after” photos of properties they’ve staged for clients. Look at these prior to signing a listing agreement with one of them.

Of course, in an era of social distancing, not all talented stagers are comfortable spending time within a property to do physical staging work -- but some will do so willingly if your place is vacant and you provide adequate personal protective gear.

-- Look for guidance on pricing from experienced real estate pros.

As real estate agents point out, it’s crucial that the seller of an “as is” home price it at a level that accurately reflects its condition. That way, you can reduce the risk that it will languish unsold for a lengthy period.

To offer pricing recommendations for their clients, agents typically use what are known as “comparables,” which represent past sales of similar homes in the same neighborhood. But Nash says that in this era of economic uncertainty, the key is to look forward, not back. You need someone with a sense of whether local property valuations are currently rising, falling or staying flat.

“Right now, there are a lot of missing pieces in the puzzle. Still, as the economy gradually reopens in the days and weeks to come, real estate pros should have more clarity on pricing trends,” he says.

Nash strongly recommends that those under duress to sell in the current market seek pricing guidance for agents with substantial experience and an in-depth knowledge of their neighborhood.

“Everyone knows that as in politics, all real estate is local. It takes a pro to tell you about the direction of prices in your particular hamlet,” he says.

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

As the country grapples with the economic impact of the COVID-19 pandemic, millions of Americans are losing their jobs. Yet many more continue to work uninterrupted.

Among the securely employed are numerous young adults who’d planned to buy a first home this spring but are now torn between proceeding and postponing. One reason is that housing analysts themselves are unsure how real estate will play out during the balance of 2020 and beyond.

“We’re still in the early stages of understanding exactly what effects the coronavirus will have on the housing market in the long term,” says Alexander Casey, a senior policy analyst for Zillow, the data-driven real estate company.

Arlen Olberding, a Colorado-based financial planner who counts many aspiring homeowners among his clients, encourages those well positioned financially to go forth with the purchase of a house that’s a near perfect match for their desires, particularly if they have very narrowly defined tastes.

Still, he’s convinced that many wannabe first-time owners who have yet to find the home of their dreams would be well advised to delay their full search for three to six months, on the assumption they could get a better deal after the worst of the COVID-19 crisis has passed.

In the midst of the outbreak, countless would-be home sellers have withdrawn from the market due to health concerns. Though they could go through the selling process with video tours led by their listing agent, they prefer the convenience and perceived safety of waiting for a more normal market, perhaps as early as this autumn.

The assumption of these postponing sellers is that their property will fetch as strong a price later this year as it would have this spring. Many housing analysts support this view on the basis that property remains in very short supply, particularly for entry-level homes in popular, close-in neighborhoods. They assume that buyer demand will bounce back after the worst of the outbreak has cleared.

But other analysts are skeptical. These include Richard Curtin, the renowned economist who tracks consumer sentiment through regular surveys for the University of Michigan. He argues that consumer demand for big-ticket items, including homes, will lessen for the remainder of the year and that even many with secure jobs will back off in coming months.

“The post-coronavirus economy will not immediately return to the discretionary spending patterns that prevailed just a few months ago at the end of the longest expansion on record,” Curtin says.

Olberding isn’t predicting that home values will drop sharply during the latter part of 2020. But he does anticipate that as the months pass, sellers will become more motivated and open to negotiation. He also anticipates that mortgage rates could fall in coming months.

Here are a few pointers for first-time buyers who’ve decided to postpone:

-- Use the time to amass more funds for your down payment.

Olberding says that for those whose finances remain sound, this is an excellent time to fortify their down payment accounts with extra savings.

“If you can put down 10% rather than 5% on your mortgage, you’ll reduce your monthly payments going forward. You might even qualify for a better interest rate,” he says.

-- Crunch numbers to set a realistic housing budget.

Dale Robyn Siegel, a home loan broker and author of “The New Rules for Mortgages,” says that at a time of economic uncertainty, it’s especially smart for buyers to make a realistic assessment of their living costs.

“I always tell clients that before they choose a property and take out a mortgage, they should run the numbers and make sure they stay skinny on their overhead,” she says.

Your core living costs are expenses you must meet on a regular basis. Among other things, they include outlays for food, transportation, child care and insurance coverage. They may also include any financial commitments you’ve made to a religious institution or charity. Together, these expenses constitute what many in the financial field call your “nut.”

“Prior to making any major financial decision, your first task is to ensure you’ll have the funds to meet your nut every month,” Siegel says.

How should you go about determining your nut? Olberding advises buyers to take a step-by-step approach. As a first step, he says you should carefully review your checking and credit card statements to see where your money has gone in the past six to 12 months.

“When it comes to spending, people are creatures of habit. Because of that, looking back at your personal spending history should help you project your future spending,” he says.

Once you’ve categorized your past spending, it’s time to comb through the columns, determining which among your non-mandatory costs you’d be willing to trim in order to afford the sort of house you wish to purchase.

Once you’ve calculated your living costs, along with quality-of-life choices you consider essential, it’s time to compare this monthly total to the net income you’re bringing in. The difference should be the funds available to cover your mortgage expenses and future home upkeep and utility costs.

-- Realize that it’s still possible to qualify for too large a mortgage.

Given rising levels of unemployment, the federal government is now engaged in an unprecedented level of deficit spending, and all financial institutions are more wary. Meanwhile, lenders are looking ever more closely at the quality of borrowers’ credit. So Siegel recommends that buyers who are postponing their home search use the waiting time to repair any blemishes that appear on their credit reports.

Yet ironically, despite more stringent lending standards, she says many who can jump over lender approval hurdles are still able to borrow more than they reasonably should. Why? Because the full extent of their living costs isn’t apparent to the lender who reviews their file.

For example, in assessing your affordability range, a lender won’t take into account private debts, like the regular payments you owe your mother who advanced you the money to buy a new car.

“If an expense doesn’t show up on your credit report or tax returns, the lender often doesn’t know about it,” Siegel says.

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

A medical researcher married to a landscape designer long fantasized about moving from their cramped city townhouse to an exurban place with extra acreage.

A few days ago, when they finally found the perfect home, they put in an immediate offer. Their signed contract is now pending.

The couple has zero second thoughts about their property choice. Yet the husband is extremely nervous about how ownership of the home will play out in the future, given the economic challenges facing the country due to the virus outbreak. Indeed, he’s suffering so much insomnia that he now spends nights in the guest bedroom to avoid keeping his wife awake.

Both partners in this true story are confident their jobs are secure. Based on their income and good credit, they’ve been preapproved for a low-rate mortgage with a sizable down payment. Yet what’s giving the man restless nights are a series of worst-case scenarios. He especially fears an extended economic downturn that could cause the value of their property to plummet.

Fred Meyer doesn’t know the young couple in this true story. But the veteran real estate broker, who’s also a licensed appraiser, says it’s likely these buyers are making a sound investment, assuming they hold the property for several years or longer.

“Just as with the stock market, long-term is what matters,” says Meyer, who sells real estate around Harvard University, an area of strong appreciation.

Why is Meyer so bullish on the future of residential real estate in popular metro areas? Because property in such neighborhoods remains in short supply, and a surge of young adults is now moving into the household formation stage of their lives -- getting married and having children.

Of course, Meyer wouldn’t advise any potential buyers to move ahead with a property purchase this year if their personal finances are threatened.

“If your job is shaky or your credit is weak, this is not a good time to buy. Nor should you buy now if you intend to move again in just a year or two,” he says.

Fear of a decline in property values is just one worry now blocking many wannabe owners. Some fears are rational and can be addressed, while others are strictly emotional. Here are a few pointers for buyers on coping with their worries:

-- Write down your fears to examine them for validity.

Sheri Petersen, a life coach who advises numerous clients pursuing homebuying goals, says many people who are troubled by fears of moving forward are only vaguely aware of what’s stopping them.

“Write down every single thing that scares you and check each one out to see if it’s valid. You don’t want irrational doubts to stop you from a fulfilling life if you can address or adapt to these fears,” she says.

For instance, to address a worry that you might inadvertently buy into a crime-ridden neighborhood, drive to the community and talk to residents there to ask about their experiences with crime. Or go to the website of the local police department to review crime statistics.

To address a fear of buying a property with defects that could be costly to remedy, make sure you schedule a pre-closing home inspection with a company that does in-depth work. One way to find a local inspection firm with a solid background and training is through the website of the American Society of Home Inspectors: homeinspector.org.

Petersen learned techniques for dealing with anxieties in a seminar led by Rhonda Britten, who’s written several self-help books on how to attack worries proactively. She was especially influenced by Britten’s book “Fearless Living,” which she recommends to first-time homebuyers.

-- Use time-management tools to keep you from getting bogged down.

Pamela Dodd, a psychologist and co-author of “The 25 Best Time Management Tools & Techniques,” says buyers can take advantage of the same skills office administrators use to keep projects on track.

Your first step, she says, is to create the kind of “vision statement” athletes use to picture themselves scoring in a big game. Using the present tense, describe as closely as possible what your new life will look and feel like once you’ve reached your homeownership goal.

“Fill your vision statement with sensory images and enrich it with detail,” Dodd says. “You don’t need anything more complicated than pen and paper to develop and track your action plan,” she says.

Whatever method you use to develop your plan, the key to making it more practical and less daunting is to “chunk it down” into small, manageable pieces, according to Dodd.

For example, some small first steps for wannabe buyers could include contacting a real estate agent and phoning potential lenders.

-- Don’t allow family or friends to frighten you needlessly.

Dodd cautions those seeking to buy a first home against soliciting advice from too many sources and especially from people close to them who are likely less than objective about their situation.

“Given the current state of the economy, some friends and family might even try to talk you out of homebuying. Their intentions are good,” she says.

As Dodd points out, if you ask for lots of opinions “you’re always going to encounter naysayers.”

She suggests you restrict the number of people from whom you solicit or accept advice during your homebuying quest.

“Only ask for opinions from people you trust, whom you’ve chosen to advise you,” she says.

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