6 Steps to a Successful Sale of Your PEI Home

Selling your home on PEI can be described in 6 steps which I have detailed here. It is important to make a good first impression on the market so take your time and get things looking good first.

1. See your home as other would

You have lived in your PEI home for a number of years, perhaps all your life if you are selling the family home and it has become just that to you – a home, not just a house. Now look at it as if this is the first time you had seen it. Have a look at the tired paint or paper on the walls, see the family picture gallery, that odd assortment of pictures in an add assortment of frames not as an endearing corner of family history but as a stranger would see it. What about that piece of molding that you have been going to fix for the last 2 years but just haven’t quite got around to it. Now is the time to get around to it as it could cost you thousands if you don’t.

2. Curb Appeal

Now is the time to also do that same objective inspection outside that you just did inside. You need to ensure that gutters are fixed and cleaned, shutters are in good repair, and the house is suitably painted. Cut the grass, weed flower beds and if in season make sure that you have flowering plants in the beds, as well as trimming hedges and bushes. Look at your sidewalks and driveway and repair cracks in concrete and asphalt and possibly reseal the driveway to give it that fresh appearance.

3. Staging

Back inside again, after ensuring that you have removed as much clutter as possible and painted and cleaned, you should stage your home. Staging is re-arranging furnishings and choosing accessories to best compliment your home and make it more appealing to the maximum number of people. You really start this process when you paint choosing muted colors. Have a look at all your accessories and choose a few that compliment your rooms or you may even purchase a few from a home design store. There are a number of big-box home accessories stores that sell foreign made items very cheaply. If your rooms are crowded consider removing some furniture. You want your home to look big, spacious and airy and too much furniture and too many accessories create the opposite impression. You can hire home stagers to do this job for you or if you have a friend or relative whose home you admire you may consider asking their opinion. Some realtors will also give you a little guidance, but remember that isn’t really their job.

4. Choose a Realtor & set a Price

Now you are ready to list your home. Begin by choosing a realtor. You may already have worked with a realtor or you may have a friend or relative who recommends someone. Your realtor is someone who is helping you market your most important and largest asset and therefore you need to find someone with the knowledge and ability yes, but also someone you like and can get along with.

Equally though someone who is the nicest person but leaves you high and dry when it comes to marketing effort won’t work either. All realtors in PEI must be licensed with the PEI Real Estate Association so that isn’t really going to help separate the men from the boys, so as 13% of all search engine searches are real estate related and 80% of all real estate transactions begin on the internet I would suggest you use these criteria to help you find suitable candidates.

-Google "PEI real estate" or other real estate phrases, see what websites come up on the first page. If you can find their website so can others and therefore they can find your home.

-Check company or corporate sites for realtors who have links off to sites that they maintain themselves. The more sites that you are on the better

-Do not accept the fact that your house will be on realtor.ca with any realtor as an internet presence. The competition on the MLS site is fierce as every property is shown. It’s a good site but your realtor should offer you more.

-Additionally as each candidate what they will do to market your home. Accept no generalities, ask for specifics that later you can check on

After you have chosen a realtor you need to set a price for your home. Your realtor will give you range of prices that he/she believes represent fair market value for your property. Remember your house is only worth what someone will pay.

5. The Waiting Game

Your realtor will have asked for a minimum listing of 3 months and most likely in PEI you will have signed for 6 months. During that time you should have several Open Houses and there should be at least a few potential buyers come through. If you doubt that your agent is working hard enough ask them to explain what they have done. If you had them detail a plan before-hand then you will know if they are on track. You may have to reduce the price of your home at some time to attract interest. If your realtor is making an honest effort be prepared for this eventuality. Do not phone your realtor on a daily basis asking "is it sold yet", "is it sold yet". They are aware they have your listing and believe me they want it sold as much as you do. Be patient.

6. When you get an Offer

When you get an offer on your PEI real estate property your agent will present the offer and explain the pros and cons. If the offer meets your needs and appears to be fair market value and close to your asking price you will probably accept the offer as is and the deal will be made. Alternatively if the offer is a "low-ball" offer you may be "insulted" and not respond leaving the deal to die or at least putting the ball back in the buyer’s court to make a different and much better offer if they really are serious about your property. Another option is to counteroffer or to "sign it back" to the buyer with changes made, which could be price, the removal of subjects, closing date, deposit etc. If accepted by the buyer this will close the deal - however the buyer can make more modifications and sign it back to you and so it goes until either a deal is struck or not!

After a deal is made the buyer will then put the mortgage in place and have a lawyer attend to the conveyancing and you have sold your property.