How many home owners know when it comes to selling their home what it is really worth in the market of today! Unless you are an active realtor or appraiser yourself chances are you know what you need to get to buy your next home. You probably know what you would like to make on having invested in this home and paid the mortgage all these years. You certainly know all that has happened in your life and the lives of all your family members while living in this house and most likely value all these memories highly. However you probably can not step back from your own needs, your own nostalgia and your own vested interest and properly evaluate your property as an appraiser would - not based on what you would like it to be worth but what homes of the same type in your area are selling for and what a prospective purchaser would most likely pay.

If you don't list your home at close to the market price you will simply be wasting time and putting your life plans on hold. If you really don't care if you sell and are only testing the market this might not matter as you may not really have any plans. However if you have a home under offer that you want to buy contingent upon selling this home then you might just be throwing away your dream home if you price your current home too high.

This is where a home appraiser comes in! Appraisers are trained to know the value of your home. They can look at any home and create a Comparative Market Analysis taking into consideration the area, the condition, the features and comparing these with other homes that have sold. In this way they define the value of your property.

In addition to an appraiser ask realtors with whom you are considering listing the same question. They should come in with prices in the same general area as the appraiser. Any realtor who is too far out is suspect. Those valuing too low are most likely just trying for a quick sale at your expense - those too high may either simply not know or they are trying to get you to list thinking that they can get you a higher price and then a few weeks in they will ask you to drop your price to what the home is really worth after they have you tied up in a listing contract.

When consulting with a PEI real estate realtor ask them to explain in detail how they plan to market your home. Gone are the days when putting a sign on your lawn and an ad in the paper was sufficient. Find out all the websites that will be carrying your listing and they should have access to more than just the realtor.ca, the MLS site. They should have a corporate site, company office site and their own site. Ask if their company system syndicates your listing over the personal sites of other realtors in their office.

Finally you should get a PEI real estate home inspection! Normally the buyer will have a home inspection done but you want to know what any inspector will find. This gives you a chance to re-consider your price or to do the work now to fix anything that the buyers inspector will find. If the market is strong at the time and in the area you are selling you might not have to make repairs or upgrades. If the market is weak you probably should "take care of business". Sometimes though, if you want a quick sale, doing renos is not practical as this will slow your property getting on the market. In this case you might take your lumps on the price and just get it sold.

The use of these professionals will however give you the knowledge to make informed decisions when it comes to the marketing of your property and are well worth the money they will charge.

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