Updated: Mar 25, 2019
While there is a surplus of buyers in the market right now, it's important potential sellers cover all their bases before deciding to list.
In this article, I will walk you through 6 points that potential sellers need to consider.
Buying a house is a considerable investment you make for a better future. This is why the thought of selling your house can sometimes be nerve wracking. According to statistics, home sales plummeted 9.1% month-over-month in February 2019. However, while these numbers may seem a little disheartening, now is the best time to sell your home in Prince Edward Island because winter is almost over.
Experts suggest that the best time to sell your house is in spring. Because most buyers are excited to go out and look for a new house in pleasant weather, you’re more likely to sell your house if you list it sometime between April and June.
I understand that selling your house can sometimes feel like a chore. You will have plenty of questions to answer before you can even step into the real estate market, am I right? So, to save you the worry in making sure you have all your bases covered, I’m covering 6 topics all sellers should take into account if they are on the fence about selling.
So let’s discuss some of those queries you have.
1. The Real Estate Market Conditions
If you’re new to the real estate industry, you might not know what the terms ‘buyers’ market’ and ‘sellers’ market’ mean. A buyer’s market is when the conditions of the industry are favourable for buyers looking to own houses. The number of houses listed is far greater to the number of buyers and this means they have more choice when deciding which house to buy.
On the other hand, a seller’s market is advantageous for those who want to sell their house. The number of properties available is low and interested buyers are many. This results in sellers being able to quote higher prices for their properties.
Unfortunately, unless you’re a part of the real estate industry or have conducted in-depth research, you might not know that right now there are more buyers than sellers.
2. Time of Year
Another important factor you’ll need to consider is the time of year when you sell your property. Because temperatures in Prince Edward can get extremely hot or cold, it is always recommended that you sell in spring. This is the time of year when generally the weather is more favourable, and so people looking for a home will more likely want to be outside.
If you look at the best and worst days to sell your property, you’ll see that the months following March and preceding July, are the best as far as selling is concerned.
3. Challenges in Pricing Your Home
Another difficulty you’ll face, especially if this is your first time selling a property, is pricing it properly. Even though the art of pricing real estate can never truly be mastered, it can be improved with practice and experience.
Naturally, when you own a house but wish to sell it due to unexpected circumstances, you tend to overprice it because you think its worth is high. Unfortunately, a large chunk of the amount we ‘think’ our house is worth is due to our sentimental attachment to it.
Overpricing a property can be devastating. If your property enters the real estate market with a higher price, you’ll receive a small number of queries and showing. As a result, the property will sit on the market for longer and others will wonder what’s wrong with it.
4. Confusion About Remodeling and Renovation
Most homes are not sale-ready. This is why most sellers wonder if they should spend money in renovating their house or sell it as is. While a home can be sold in its current state, some sellers spend on renovations because it can help increase the value of their property.
Even common fixes like roof leaks, peeling paint, and plumbing issues can help improve the aesthetics of the house and increase its final price. However, deciding whether you should be spending on repairs or not and the amount to spend can be a tough cookie to break.
5. Questions About Inspections
The number of people wanting to do home inspections before they buy a house is increasing each year. Though it isn’t mandatory for you to pass all the tests that the prospective buyer wants to run, the probability of your house selling may depend on this factor.
However, even if you do decide to allow home inspections, how can you be sure which ones you should or shouldn’t allow? How do you know if your buyer is looking for soil stability and other uncommon inspections?
6. Trust Your Real Estate Agent
To answer these and any other questions you may have, you need to visit and hire a reliable Prince Edward Island agent that knows both the market as well as the buyers. Competent agents won’t just be able to tell you about the correct time to sell your property, but will also guide you about price, renovations, and inspection certificates.
You can effortlessly discuss your property with a real estate agent, and everything else pertaining to it, so the agent can be responsible for the entire deal. However, for this to happen, you have to ensure that you find a real estate agent in Prince Edward Island who is seasoned and well known for quality work.
Selling your home doesn’t have to be full of hassles if you take the right steps. Instead, you can enjoy the freedom of packing up and moving to a new place while your agent takes away the burden of selling.