A retired federal employee in his 70s was highly motivated to sell the brick ranch house he’d inherited from his parents. By quickly downsizing to a small condo, he could liberate himself from nagging money problems. Hence, a few days ago he called his friend Sid Davis to list his place for sale.

Davis, a veteran real estate broker, told the owner that to maximize his proceeds, he’d need to update the house. Cosmetic improvements alone could net him an extra $20,000.

“Walking into this house was like going into a time warp. This was a true ‘fixer-upper.’ The kitchen had old linoleum countertops in sick gray. The badly worn carpets were original to the 1960s, as was the dated wallpaper throughout,” Davis says.

In a typical real estate market, the owner’s "fixer" would have languished unsold for a lengthy time, attracting only deeply discounted offers. But Davis told the owner that the current market -- with a severe shortage of available homes -- was far from typical.

“Sellers today are in the catbird seat. For the time being, Lady Luck is smiling down on them. Almost any decent house, so long as it has a roof and four walls, is very marketable,” Davis says.

Short on cash and in a hurry to liquidate, the retiree opted against upgrades that would have yielded him a higher price. Even so, the same day his place hit the market, it produced 20 showings and sold for the full asking price within hours. It was purchased by a couple in their 20s who vowed to renovate it themselves.

What’s the moral of this true tale? Davis, who’s sold homes since 1984, says this is one of the rare periods when housing demand so greatly exceeds supply that even fixer-uppers are attracting multiple offers.

“In my experience this has only happened a few times in recent decades. There are several reasons why it’s happening now. One is that mortgage rates are rock bottom. Another is that COVID is causing countless folks to seek better dwellings,” says Davis, the author of “A Survival Guide to Selling a Home.”

Of course, many sellers are willing to spend the energy and money needed to maximize their profits, assuming they can afford to do so.

Here are a few pointers:

-- Choose an experienced agent who offers sage guidance.

Eric Tyson, a personal finance expert and co-author of “House Selling for Dummies,” says agents vary widely in their skills and abilities.

“You want someone who will help you develop a strategic, step-by-step plan that works within your budget, however limited. Then you have to be open-minded about the necessary changes,” Tyson says.

Some agents will even step into the role of project manager, helping you find contractors willing to take on small jobs for reasonable prices.

“It could be a waste to pour your limited funds into a full kitchen renovation, including expensive new cabinets. But it might be worth the cash to paint your cabinets high-gloss white,” Tyson says.

As the first step in the agent-selection process, interview three candidates, asking each to critique your home and itemize cost-effective steps to make it more saleable, says Ashley Richardson, a long-time agent for the Long & Foster realty company.

“Find an experienced person who is personable and knows your neighborhood backwards and forwards,” she says.

-- Go on a junk-busting mission.

Many sellers feel overwhelmed by the magnitude of the tasks facing them. Richardson says those who can't handle all the projects can ask family members and friends to assist. If no volunteers step forward, she suggests they hire students or others looking for part-time work.

Delegate to the person you hire a series of manageable tasks.

“Tell them, for instance, to pack up the contents of your kitchen cabinets, a heavily loaded bookshelf or your bathroom countertops. All the items, most of which you won’t miss, can be packed in boxes and placed in neat stacks in your garage,” Richardson says.

Some people think it’s pointless for the owners of a home that’s sold “as is” to bother with the removal of clutter. But Richardson strongly disagrees.

“People simply can’t see how large your rooms are if they’re crowded with junk,” she says.

-- Give buyers a vision of your home’s potential.

If the house you’re selling is run-down, the odds are you don’t have enough money for major improvements. Even so, it’s important to make your place as attractive as possible.

“You won’t get buyers out to see your home in person unless it can pass the ‘online photo test.’ Everyone is now pre-screening property on their smartphone or computer,” Richardson says.

In addition to packing away clutter, you’ll want to cart out any furnishings or window coverings that seem drab or tired. These could be replaced with items borrowed from your agent.

“Realtors sometimes keep a stock of a few good furnishings -- including lamps, area rugs and paintings --that you can use during the showing period,” Richardson says.

In addition, the owners of an “as is” home should give visitors contractors’ estimates for necessary fixes -- like the replacement of a worn-out deck or the renovation of tile work in your master bath.

“Buyers routinely overestimate the cost of home improvement projects. You can help them to calculate the likely costs they’d face if they bought your fixer-upper,” Richardson says.

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

In neighborhoods everywhere, would-be homebuyers are wrestling with a question key to their financial future. Should they join the frantic race to buy this spring or delay their purchase plans in hopes of a potentially less frenzied housing market?

On this thorny question, COVID-era buyers are of two minds. On the one hand, they now have access to phenomenally low mortgage rates. They’re also experiencing a burning desire to leave cramped quarters. Their urge is for a residence with ample space for a commodious home office and perhaps a dedicated room for exercise.

But on the other hand, a severe shortage of available properties means home prices are high. In popular areas where listings are scarce and competitive bidding is rampant, buyers who attempt to play are facing sticker shock. Yet given the uncertain economy, potential purchasers are pondering the prospect that prices could moderate or even decline slightly later this year or in 2022.

Take the case of a 30-something architect married to a therapist of the same age. Working remotely for the better part of a year, the couple are now feeling squeezed in their slender two-bedroom city townhouse built more than a century ago. They’re longing for a newly constructed suburban place with larger rooms and at least one acre of land where they can grow vegetables. But every time they’ve attempted to bid, they’ve been aced out by other millennials.

Ryan Fitzgerald, the broker-owner of two North Carolina realty companies, doesn’t know the couple in this true story. Yet he’s well aware that would-be buyers all over the country are now greatly troubled by rising prices and scarce supply.

One advantage of acting immediately is the certainty of capturing a low-rate mortgage, which enhances buying power. Obviously, you can obtain more house for the money if your financing costs are lower. Buying promptly also allows you to actualize your lifestyle plans more quickly.

No one knows for sure whether mortgage rates will rise significantly by 2022. But real estate specialists expect prices will continue to rise in coming months, given the strong demand from many millennial-age buyers.

“This spring market will be the most competitive market of all time. Supply is the lowest ever. Demand is at an all-time high,” Fitzgerald says.

One factor in favor of delaying involves the potential expiration of the federal moratorium on foreclosures. After this occurs, likely later this year, numerous homeowners who are delinquent on their payments may sell rather than face foreclosure. That could increase the supply of available homes.

Though many wannabe homeowners are now struggling with the issue of timing their purchase plans, most ultimately opt for immediacy rather than delay.

“As all we humans know -- and especially so in the midst of a pandemic -- life is not a dress rehearsal. Therefore, the idea of postponing seems very unappealing,” says Tom Early, a veteran Ohio real estate broker.

Rather than delaying a home purchase, he advises clients in ultra-competitive markets to use other strategies to find a property they could plausibly afford.

“Resourceful buyers sometimes find opportunities -- even in the most torrid market,” says Early, a past president of the National Association of Exclusive Buyer Agents (naeba.org).

Here are a couple of pointers for those plotting a near-term purchase:

-- Search for eager sellers.

The loss of a job is one common reason homeowners must sell; divorce is another. Also, an increasing number of older baby boomers would like to sell and downsize as they head into retirement.

As a potential buyer, you might feel awkward seeking out owners who are under pressure to sell or who simply want to do so to move on with their plans. But there’s nothing unethical about doing this, according to Early.

“Owners whose houses have long been languishing on the market, usually due to overpricing, might be extremely ready to negotiate,” he says.

How can you identify those who are highly motivated to sell? Early suggests you ask your real estate agent to draw up a list of properties in your favored area that have been on the market for an extended period. Also, he recommends you go to the neighborhood where you’d like to buy and talk informally to residents.

“Tell the local residents how much you appreciate their neighborhood and they’ll be more likely to open up with you as to which houses could soon hit the Multiple Listing Service,” Early says.

-- Research any neighborhood you’re considering.

Early says many novice homebuyers let emotion dominate their thinking about where to live. But he strongly recommends that you also factor in some statistical measures before finalizing your neighborhood choice. This should increase your odds of choosing an area where prices are likely to rise in the future.

One way to help identify highly motivated sellers is by crunching numbers. Ask your real estate agent to determine the average “days on market” (from list to sale) for properties in the area you’ve chosen. Then look for homes in that price range that have been sitting unsold for a longer-than-average period.

“In this head-spinning market of high demand, you’re not going to get a steep discount on any property in any popular neighborhood. But at least you can hope to be competitive with other bidders and stand a chance of success in fulfilling your dreams,” Early says.

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

For years, a couple in their late 30s -- an actor married to an environmental consultant -- nurtured dreams of leaving their cramped one-bedroom rental for a property of their own. Their quest for more space took on urgency with the birth of their second child.

Unfortunately, the couple’s attempts to find an affordable home became an agonizing and seemingly futile struggle as each place they bid on was snatched up by rival buyers willing (and able) to pay well over the asking price.

“This nightmare went on endlessly until we turned to my dad for financial help. We hated to ask but had no alternative,” the actor says. With a substantial grant from the man’s father, the couple bought an elegant but dated-looking 90-year-old place with three bedrooms, bay windows and intricate crown moldings.

George Ratiu, a senior economist for Zillow, the national real estate company, doesn’t know the couple in this true story. But he’s not surprised that out of frustration they felt compelled to turn to the actor’s father for a financial assist. Indeed, Zillow research shows that more than half of first-time buyers now rely on funds gifted or loaned from family or friends to score a deal in popular markets where properties are scarce.

“The dwindling supply is driving prices almost 14% higher than they were a year ago,” Ratiu says.

Of course, considering the economic challenges facing the country and the high level of joblessness, relatively few parents can now write checks to help offspring buy a first property. Hence, many young buyers must rely on their own savings or lower their housing expectations.

Here are a few pointers for buyers:

-- Search for a modest-sized house with a big house feel.

If you’re like many people, your preference is for a home as large as you can possibly afford.

But for first-time buyers, compromise may be needed to purchase any property at all. And accepting a small home could be one of your least unpleasant alternatives.

“Settling for less space doesn’t have to be so bad. Maybe you could find a new and well-designed townhouse that has 9-to-10-foot ceilings and a two-story entryway. That kind of place could seem much bigger inside than does a tired-looking little ranch house built 30 years ago,” says James W. Hughes, a housing analyst at Rutgers University in New Jersey.

-- Look for a cosmetic “fixer” property.

Sid Davis, the author of “A Survival Guide for Buying a Home,” doesn’t usually recommend that money-pinched purchasers take on a true “fixer-upper” -- a home with serious structural or mechanical issues.

Far from being a bargain, such a property could prove to be a genuine money pit, requiring vastly more funds to make it habitable than you’re able to spend. On the other hand, a home with decorating problems or superficial neglect could be a very good deal. Davis calls such properties “beater-uppers.”

“It’s like buying a car with a few dings versus a bad transmission,” says Davis, a veteran real estate broker.

Davis tells the true story of a young couple of modest means who purchased a “beater-upper” as their first home.

Choosing a home with a bizarre decorating scheme and worn carpet let the young couple break into the housing market. They got a 12% discount off what similar homes were selling for in the same community.

The buyers of the multi-color house were undaunted by its decor issues. Before moving in, they took a week off work to repaint every room in neutral tones and to replace worn carpet.

“The house looked great and the buyers were thrilled with their find,” Davis says.

Besides a home with decor problems, other properties that offer the possibility of a discount include places that turn buyers off due to an unpleasant odor, poor furnishings or overgrown landscaping.

-- Consider properties that have lingered too long on the market.

Even in neighborhoods where multiple bids are common, some houses can sit unsold for weeks or even months. In most cases, the reason is that the abode was substantially overpriced from the beginning.

But eventually, even the most deluded sellers get the message that they must cut their price or give up selling entirely. This reckoning often occurs when the sellers’ listing agreement with their agent expires.

“Sellers who’ve been on the market for many days or weeks are often discouraged or even desperate,” Davis says.

He says many savvy buyers ask their agents to keep a close eye on listings that are about to expire and make sure their agents keep them posted on such listings whenever they surface.

“The idea is for you to be the first one to swoop in when the seller is finally ready to get serious about a deal,” Davis says.

Lucky purchasers can sometimes get a home under market value as a listing approaches expiration. Moreover, those who seek a property that’s gone stale on the market are unlikely to face rival bidders.

“The only catch is that for this strategy to work, you have to be patient and time your offer perfectly. To pull off this strategy, look for an agent with sharp timing and super negotiating skills,” Davis says.

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