It is time to move, you may be leaving the island (although we hope you aren't) or perhaps you are relocating on PEI for a better job or just a bigger (or smaller) home. Moves are stressful and time-consuming, not to mention expensive and life-changing, so you want to handle this is in the most efficient, least stressful way and if you follow these tips you are well on your way.
1. Get the Right Realtor
The first thing that I always recommend is to find the right PEI realtor to handle your home sale. You should talk to several agents before settling on the one that you will use. You should be comfortable with him/her as a person because they are helping you with the biggest financial transaction you will likely undertake. Your realtor will estimate the fair market value of your home. Most people choose the PEI realtor that estimates there home is worth the most money. This may not be the best option. Sure, we all want the most money - but you want to set a realistic price that will result in a faster sale of your
PEI real estate. Additionally, you should look at the amount of advertising an individual realtor will do on your behalf. Anyone will put up a sign and list your house on MLS, but is that enough. It might be if you are lucky or have a really great, wellpriced home to sell. However I wouldnt consider that a sign and MLS constitute a marketing plan. At the very least your agent should have their own real estate website plus access to their companys as well. They should have a record of advertising in local newspapers and publications, and in some communities in PEI we have community television and they may advertise on the Real Estate Show. Make sure that they have a plan for your home and get it in writing. You should also understand that well-priced homes bet highest priority for an agents time and advertising dollar.
2. Price based on Market
Many people when asked about pricing their home will say, "well I owe this amount on the mortgage and I need a this certain amount for a down payment on the home I want to buy, so my home has to net me this amount after commissions and deductions". Sorry folks it doesnt work that way. Buyers are not the least interested in your personal finances and they are certainly are not about to pay for your home based on how much money you need to net. Your realtor should bring to the table a set of comparables. These are homes in your neighbourhood that have sold recently and are reasonably close in value to your home. After careful tweaking to account for differences, a price that represents true market value can be determined. Remember though that the only true indicator of market value is what someone will pay.
3. Get your Home ready for Sale
The next stage should be looked at when the realtor is first viewing your home. What condition is it in and how well will your PEI real estate show? If your home is lacking in either of these factors some work is in order. Usually for a small cost homes can be sufficiently repaired and staged so that they will show well. First work on "curb-appeal", that is how your home will look when buyers first drive up. Ensure that flower beds are tidy and planted if in season, paths are swept or shovelled once again depending on season, garbage cans and debris tidied away, painted, gutters cleaned and repaired etc.
Inside clean away all clutter, empty closets, and de-personalize by removing extraneous family photos and knickknacks. You may consider removing extra furniture and arranging that which is left to the best advantage. If you have painted your walls a dark or too definite color you may consider re-painting to a more common taste, beige, white etc. Also ensure that there is plenty of light, be it natural or artificial, add some flowering pot plants, and of course ensure that your home is clean, clean, clean.
4. Be prepared to Re-Evaluate
If your home has been on the PEI real estate market for some time and you have received no offers then it is time to re-evaluate your price or to consider that the home needs a little more TLC to bring in an offer. Talk to your realtor at that stage openly and honestly and ask for his/her opinion. So often vendors think that the realtor just wants to give away their valuable property and make a quick commission. Most realtors want to get you a fair price, but the market will determine what that price is.
5. Consider Offers Carefully
You often hear that a buyer was insulted by an offer. Don't be - simply counter back. The buyer has a right to try a low-ball offer and you have the right to refuse and come back with something that you would be comfortable with. However consider the first offer carefully, it might be the best! Trust your realtor to advise you - however it is your decision, cut and run now or hunker down for the long run. Remember that every month brings you closer to another mortgage payment and further delays your life. Good luck with the sale of your
PEI real estate.
