Sellers need to consider the impact the prevailing economic climate will have on the sale of their property. It is, however, a general rule of thumb in real estate is that the right property at the right price will sell at any time. As a seller you may be able to help the process along by listing your house in the summer months. This is because the real estate market tends to see a higher level of interest and activity from buyers from October and on towards the end of the year. The last part of the year is for many people often accompanied by salary hikes, annual bonuses and the decision to upscale or downscale their lifestyles for the upcoming New Year.
The average time that a property spends on the market is still just under 16 weeks – a fairly substantial period given that not 5 years ago the average time a property took to sell once listed was a much shorter 8 weeks. Another factor that sellers must be mindful of is that buyers tend to be very certain of what they want and what they are willing to pay. Often if a house is over-priced buyers will not even consider making a lower offer. Pricing the property realistically is critical in securing a buyer – and sellers would do well to find out what similar properties in their area have recently sold for.
While certain sectors of the property market are still slow to gain momentum, affordable housing under R2-million is still doing a rapid trade, as buyers who have a good credit record and are able to put down a decent deposit are able to secure financing without difficulty. Areas that house reputable schools and have good access to business areas are still very much in high demand.
Buyers are often most attracted to well-maintained properties although older, cheaper properties in upmarket areas are also popular among those that buy these homes with the eye to renovate and improve the property.
It would seem that both buyers and sellers have become more accustomed to the new ‘normal’ of the property market and sellers are pricing property more accurately and are thus able to sell their properties faster.
You can take all the hard work out of selling your property by visiting MyRoof.co.za and clicking on the ‘Sell My Property’ tab at the top right of the home page. You can choose from one of four listing packages that we offer. Not only are our packages competitively priced, you won’t have to pay any commission on the sale of your property!