1. The rule of thumb is, if something needs repair, fix it! There are probably many things in your home that you have simply become used to over time ... things that you have been promising yourself that you will attend to. Well, now is the time. The buyer will mentally add up the cost of repairing all those minor flaws and end up with an amount that is generally much higher than what it would cost you to do the repairs.
You might be saying to yourself, "these repairs aren't any big deal." But the buyer is thinking, "If the owners didn't care for these little items, the what about the roof and the furnace?" Needed small repairs and perceived owner neglect will either lower the purchase price or lengthen the time required to sell.
2. Check all walls for peeling paint and loose wallpaper.
3. Large repairs: In today's climate of open disclosure and vigilant professional home inspections, the rule is "Treat a buyer as you would yourself." Repair any problems with major systems or offer an allowance for the buyer to make repairs after closing. Always disclose anything that you know about the property. Having been a consumer yourself, you know that buyers will more readily make a purchase decision with someone whom they can trust.