Gate valves -- the round-handled shut-off valves in older homes -- have one very common failure mode: they drip at the stem. Water seeps out around the handle or from the packing nut just below it. This happens because the packing material that seals around the stem deteriorates over time, especially on valves that sit in one position for years without being touched. The fix is often as simple as tightening the packing nut -- literally a 5-minute job. If that does not stop it, replacing the packing takes 15-30 minutes. Full valve replacement is only on the table if the body is cracked or the gate mechanism has failed.