Updated: Apr 5, 2019

written by Charlie Schurman

Selling a home today can be stressful. You’ve probably spent years living and connecting with those you love in the very house you’re now selling. This means that you aren’t just worried about how much you’re going to get when you sell it but are also anxious about letting go of its sentimental value.

But while all of this worry is a part of selling your home, something crucial to know is the value of your home. Before you officially list the property and enter the real estate market, you must make sure you know its actual worth.

Why? What happens if I don’t know the actual value of my home? To answer this question, the following points will address some of the most common disadvantages you may face when you don’t know the true worth of your property.

You Will Attract Buyers

While you may be tempted to ask for more than the market value of your house, you may be putting the sale up for jeopardy. Some sellers in Prince Edward Island believe that setting a higher price is harmless because they’ll accept lower offers if that’s what is coming through. But these sellers don’t understand that this strategy can often backfire and put your property out of range for potential buyers.

For instance, you are unaware that the actual worth of your property is $390,000 according to the market price, and you list it as a $450,000 property. In this case, you may not attract buyers because the price you’ve set is way higher than other houses like yours. Remember, buyers will often be more prepared than sellers because they have done the research.

Smart Upgrades and Repairs

A common misconception that surrounds the real estate industry is that upgrades help in increasing the resale of your house. While there are some renovations you can make to help the house appear aesthetically pleasing, installing a higher-end efficient AC unit won’t increase the value by $10,000.

On the other hand, renovations to kitchen and bathrooms and upgrades to both roof and windows can help the price go up. However, if you don’t know the real worth of your house, you won’t be able to decide the upgrades and repairs that are needed to increase its worth.

Your House May Be on The Market for a Shorter Time

Currently, the Prince Edward Island real estate market is hot because it is spring. This means that your house could potentially receive multiple offers. However, if you aren’t sure about your price and list it on the market over or underpriced, there will less chance of it catching positive attention.

If your property hasn’t been sold for 30 days or more, it’s a sign the price is wrong. Moreover, if you leave the property too long the market, you risk getting low offers. You may even end up making less money than if you had priced the property correctly in the first place.

People Will Have Confidence in Your Property

While there are a lot of downfalls to listing your house for a higher price than its actual worth, setting a very low price is not wise. If the property is priced too low, potential buyers will wonder if there is something wrong and this may affect their final decision.

Not knowing the actual value of your home may cause you to sell it for a low price and this will mean that you’re unfortunately settling for less. On the other hand, if you do know the value of your home and it reflects the others in your neighborhood, buyers will feel more confident about their purchase.

You May Pay A Lower Property Tax Bill

Another major disadvantage of not knowing the value of your home is that you may be paying higher property taxes than due. Because property taxes are directly related to your home’s value, you can request an appeal for the tax bill if the province has assessed your property at a higher than the actual value. Using your knowledge about the real value of your home will reduce the property tax bill, and you can save even more!

How Can I Know the Real Worth of My Home?

While conducting both market research and neighborhood trends are key to the estimated value of your home, you should trust a reliable real estate agent to give you the actual worth. Because these agents have years of experience and know the The Island inside out, they’ll be better equipped to calculate a fair price.

I am a seasoned expert in the real estate industry of PEI and habe helped many sellers sell their homes at a fair price. So, if you don’t want to run into any trouble or face these disadvantages that come with not knowing the true value of your home, make sure that you hire a competent real estate agent.

Want to know the value of your home? Text or call me at 902.316.1100

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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.

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Charlie Schurman, Remax Realty Harbourside

P: 902.316.1100 

E: charlie@remaxharbourside.ca

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