A princely townhouse near the historic Washington, D.C., neighborhood of Georgetown just sold for more than $550 per square foot. Among its many features: two-sided gas fireplaces, spa-like bathrooms and an elevator. Topping it off is a rooftop deck overlooking the Washington Monument.

Given the uncertainties of the current real estate market, the nervous owners of this plush property volunteered many concessions. They kept the price a notch below market and even gifted the buyers a houseful of designer furniture. Still, they avoided excessive renovations that likely would never have paid them back at the closing table.

Ronald Phipps, a past president of the National Association of Realtors (nar.realtor), doesn’t know the sellers of this opulent townhouse. But he credits them for avoiding over-the-top presale improvements.

“When picking home improvements, you want to be pragmatic and practical, not exuberant and carefree,” Phipps says.

A veteran of the real estate field for more than four decades, Phipps says it’s particularly unwise to overspend on presale upgrades during this phase of the economic cycle when a recession could be looming.

What commonly happens is that owners who try to recoup the cost of excessive presale improvements find the price they’re demanding is too high. Hence, their property is likely to sit unsold for a lengthy period until they take a price cut.

Sometimes sellers commit the double error of both overimproving and personalizing the improvements to such an extent that buyers are repulsed by the changes.

For instance, Phipps cites an interior designer who spent more than $30,000 to install such dramatic decor in his place that one prospect “literally became nauseated when she walked through.”

“Each room assaulted your senses. Picture a French provincial dining room with blue flocked wallpaper next to an all-steel-and-glass kitchen. Also ... a family room painted fire-engine red with blue lights on the ceiling,” Phipps remembers.

The sale of this “surreal” property proved problematic and, despite the owner’s expenditures, the place ultimately sold for a disappointing sum.

“Buyers view houses like this as ‘fixer-uppers.’ They typically sell for 10% to 15% under their market value,” Phipps says.

Here are pointers for sellers:

-- Seek a checklist of improvements from your real estate agent.

Real estate specialists divide problematic sellers into two categories: those who refuse to spend any money for presale improvements -- even critically important cosmetic ones -- and those who spend excessively or misappropriate their dollars.

“Before you sell, the key is to distinguish between changes that give you a big bang for your buck and those that simply represent money burned,” says Eric Tyson, a personal finance expert and co-author of “Selling Your House for Dummies.”

To come up with a focused plan for presale improvements, Tyson advises sellers to ask their agent for a written checklist.

“A good agent will know which improvements are needed and justified and which are not. By doing a written checklist, it’s more likely your agent will be thorough and not simply gloss over the highlights,” he says.

-- Abandon any plans for a presale addition.

Are you the owners of a large house with an undersized family room? Do you plan to expand your family room in hopes of making your place more salable? Would this make sense?

“The answer is normally ‘no.’ In most cases, it’s not cost-effective to knock out walls to build an addition,” Tyson says.

He says those who attempt a presale addition rarely recoup more than 50% to 60% of the money invested. Moreover, any construction project that involves the removal of walls can be very time-consuming and stressful.

“Usually, the only time homeowners are smart to do a presale addition is to replace an addition that was badly done or is an eyesore,” Tyson says.

-- Restrict your upgrades to neighborhood standards.

As your listing agent will likely tell you, your kitchen is a high priority when it comes to presale improvements. If it’s a turnoff to buyers, many will pass on your place.

“But the idea in your kitchen, as elsewhere in your house, is to meet but not exceed neighborhood standards,” Tyson says.

In a luxury neighborhood, new quartz or granite countertops could make sense. Also, new designer hardware could also be worth the expense in your kitchen, as could new upscale flooring.

Still, there are limits on how much you should spend in your kitchen, even if you’re selling in a high-end community.

“Most buyers won’t care that you’ve done a second major kitchen renovation. For instance, few are justified in adding an under-the-counter ice maker, a wine storage center or a second dishwasher,” Tyson says.

-- Accentuate the look of your yard.

The landscaping around your place is like the frame around a painting. It defines the entire image of the home.

But upgrading your landscaping need not be costly, assuming you’re resourceful.

“You’ll want to trim your shrubs, and you’ll definitely, absolutely want to remove dead plants. A dead plant is a real turnoff,” Tyson says.

For replacement plants, Tyson suggests you turn to a local nursery for free guidance on plant selection and design.

Or look to a helpful neighbor with a green thumb.

Most sellers can dramatically improve the curb appeal of their property by cutting back or replacing any overgrown shrubbery that shrouds their property. But you don’t need to install exotic plants or dazzling fountains.

“Ripping out your whole landscaping plan and starting over is almost never called for. When it comes to your yard, you can greatly improve its looks for relatively little money,” Tyson says.

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

Real estate guru Spencer Rascoff has one word to describe the current real estate market: stuck.

In some cases, high mortgage rates have priced wannabe owners out of the market. Other buyers are awaiting a steep decline in rates before they’ll reenter the fray. Meanwhile, many owners with low-rate mortgages are delaying a trade-up move that would cost them higher home finance outlays.

“That’s a lot of stuckness,” says Rascoff, the former CEO of Zillow, the national realty company.

There’s no mystery about what’s going on with the economy. To tamp down inflation, the Federal Reserve is deliberately pushing up interest rates to cool economic activity. And its program is gradually working, slowing real estate transactions as one result.

The reluctance of owners to put their property on the market is constraining the supply of available housing in popular areas, says Rich Rosa, president of the National Association of Exclusive Buyer Agents (naeba.org).

Rosa, who heads a realty firm with 16 brokers, says sought-after Boston suburbs are among the areas where inventory levels remain depleted.

He says a shortage of available housing options continues to frustrate many of his home-buying clients, including a single woman who urgently wants to acquire a condo in Wakefield, Massachusetts.

“This woman is determined to escape her rental unit but can’t find even one condo to her liking in the neighborhood of her choice. Still, she vows to persevere despite affordability challenges,” Rosa says.

In contrast to this single condo buyer, many would-be purchasers are waiting on the sidelines in hopes of taking advantage of a major drop in home prices.

Yet Rascoff and other housing analysts are skeptical that steep price reductions are likely anytime soon. Though prices have slipped in some parts of the country, the situation is very different than in 2008, when housing values plummeted and foreclosures ballooned.

“What’s different now is that people have a lot of equity in their homes,” which makes foreclosures less likely, he says.

In all markets including the present one, there are diehard purchasers who insist on moving forward rather than waiting until the barriers to buying drop.

“There are always people fed up with their rising rents, and families with newborns and young kids who need a larger house,” Rosa says.

Here are a few pointers for committed buyers:

-- Keep an eye on overpriced properties.

Merrill Ottwein, an Illinois-based broker with a long track record working with novice buyers, says some first-timers overlook an important reality in real estate. This is that buyers sometimes get the best deals on properties that were priced too high in the beginning.

The trick is to be sure you’re among the first to know when the owners of a desirable property in your neighborhood of choice decide to take a significant price cut. Ottwein says buyers should tell their real estate agent to alert them immediately when this happens.

-- Don’t rule out a dated-looking place.

Cash-conscious buyers may want to consider a category of properties a notch below the fixer-upper.

These are essentially well-kept houses. The electricity, plumbing and everything works. But their owners, though conscientious in some respects, have neglected the interior decor. Hence, they may be forced to sell at a price that’s well below market value.

One real-world example involved a retired engineer and his social worker wife. The couple had lived in their custom-built contemporary-style waterfront house for more than 30 years. The engineer kept the heating and cooling systems in order and made sure that roof repairs were done promptly.

When they put their house on the market, a big drawback was its drab interior. The interior paint, wallpaper and home furnishings were essentially the same as they’d been when they’d first moved in.

Given its condition, the house couldn’t fetch anywhere near what the couple sought in their asking price. Soon they gave up and sold it to their grown daughter at a steep discount.

But Ottwein cautions against mistaking an out-of-fashion house for one with serious underlying issues -- what might better be termed a true “fixer-upper.”

He recommends a thorough inspection to determine whether a home has fundamental flaws, such as a failing air conditioning system or a bad roof. These are far more costly to fix than is an uninspiring decor.

-- Screen for highly motivated sellers.

In real estate, as in many transactions, time is money. Sellers who must move quickly -- perhaps due to a marital breakup, job relocation or financial reversal -- are obviously more likely to let their property go for a bargain price.

You don’t have to pry or do anything sneaky to find out more about the motivations of owners in an area where you’re searching for an affordable first home. Often, sellers telegraph their intentions through online or print ads placed by their listing agent. Perhaps their ads will read: “Seller Motivated” or “Must Move Quickly.”

If the ads don’t reveal the sellers’ motivation, a few casual inquiries placed by your real estate agent to the listing agent could do so.

“It’s amazing how often listing agents will reveal the real motivations of their clients, even when it’s against their clients’ interest to do so,” Ottwein says.

Once you grasp the sellers’ motivation and their timing, you can customize your contract offer in keeping with their specific needs. Flexible buyers who’ve also been fully preapproved for a mortgage and can document this are the most likely to command the sellers’ attention.

“The obvious truth is that highly motivated sellers are much more open to both offers and counteroffers. Often, it’s just a simple matter of timing,” Ottwein says.

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

Ashley Richardson has sold real estate for three decades. In past years, she’s always urged owners to list their place as soon as they’re ready to move on. But not in 2023.

“In this new year, I’d wait until spring. There are always more buyers in the spring, so at least you’ve got that going for you,” says Richardson, an agent for Sotheby’s International Realty.

Richardson says would-be sellers are well aware that relatively high mortgage costs are the reason that home sales have slowed dramatically in recent weeks.

“They know exactly what’s going on with the cooler market, which has caused lots of buyers to pull back. Also, owners with low-rate mortgages are reluctant to trade up to a bigger house if they have to take out a pricey new mortgage to do so,” she says.

Lawrence Yun, chief economist for the National Association of Realtors (nar.realtor), says the home sales market has been “frozen” since autumn due to the impact of high mortgage rates.

But there are signs of a potential thaw in coming weeks, says Yun, noting that his association’s forward-looking indicator is predicting better selling conditions in the future.

Pent-up demand among first-time buyers combined with a lingering shortage of available homes in popular neighborhoods should help sellers who are determined to hit the market in the near future.

But Sid Davis, author of “A Survival Guide to Selling a Home,” cautions sellers against complacency at a time when buyers are hoping to find a property that’s both fairly priced and in peak condition.

“Just because properties are still in short supply doesn’t mean you can put a dump on the market. As always, your best bet is to spend a reasonable amount on cosmetic fixes to impress everyone who comes by for a look,” Davis says.

In spite of inventory shortages, many buyers -- especially those from the millennial generation -- retain high standards. Indeed, most buyers of all ages find it tough to picture themselves living in a house with peeling paint, cluttered rooms or mold-ridden bathrooms.

“Smug sellers can easily become very sorry sellers,” says Eric Tyson, a personal finance expert and co-author of “Selling Your House for Dummies.”

Here are a few pointers for owners planning to sell in 2023:

-- Remember the power of fresh paint.

Many sellers paint a room or two before putting their place up for sale.

Yet, to put your place in superior showing condition, further painting could well be warranted. For example, Davis strongly recommends you get a first-class paint job on your front door -- the most visible surface of your property. Also, have a painter freshen any walls or rooms that need touch-ups due to wear.

“Search all your high-traffic areas for imperfections,” says Davis, adding that professional painting shouldn’t cost more than $200 to $600 per room.

“Remember to ask your contractors to paint your moldings in a light, contrasting tone, such as glossy white, so they’ll pop out and look sensational,” he says.

As a finishing touch to add luster, replace all the hardware on your kitchen and bathroom cabinets, a step that should cost no more than $50 to $100.

-- Initiate an intensive cleaning of your property.

Often when Davis tells clients to make their property immaculate, they respond with puzzled stares.

If you’re unclear what it means to make your house exceptionally clean, Davis recommends you pick up a book on the topic. One reference volume he likes is “Martha Stewart’s Homekeeping Handbook.”

Though books can provide guidance, the best way for most sellers to achieve a lofty level of cleanliness is to hire a professional cleaning company -- one you find through referrals from your listing agent, neighbors or colleagues at work.

“Give the company a complete checklist of everything you need done. Be sure this includes meticulous cleaning of all your chandeliers and light fixtures, as well as deep scouring of bathroom and kitchen tile to remove all the mildew. This whole job should cost around $300 or less,” Davis says.

-- Focus on the sparkle that comes with window cleaning.

Chances are your cleaning crew won’t tackle one piece of work crucial to the look of your home: a thorough window cleaning.

“It’s amazing how well a house can look when the windows are crystal clear inside and out. People see the difference when they first drive up,” Davis says.

Of course, home sellers can attempt their own window cleaning. But as Davis says, professionals have the equipment and expertise to do a better job -- especially on a house with hard-to-reach windows. The cost? Typically less than $200, though this depends on local labor costs and the size of your property.

-- Enhance your property with interior moldings.

There’s a reason builders make extensive use of decorative interior trim work such as crown moldings, chair railings and wainscoting. That’s because these embellishments give a home a finished quality that usually exceeds the cost of the work, Davis says.

“Really handy homeowners may be able to install their own moldings. But most people are better off with a trim carpenter. For a few thousand dollars they can get a lot of quality woodwork done,” Davis says.

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