When thinking of selling your property, it is important to consider factors such as the right pricing for the market in order to close the deal.
According to the Seeff Property Group, now is the best time since 2007 to buy property. Reasons include the current high levels of mortgage granting, and the fact that deposit requirements are at their lowest.
“Sales data show that activity remains above pre-pandemic levels, and at the highest level in three years in many areas. We expect that after a slight slowdown during the winter months, the market is likely to pick up as we head into the warmer summer months,” says Samuel Seeff, chairman of the Seeff Property Group.
He explains that plenty of buyers are still in the market, which in turn creates excellent selling conditions.
Seeff has observed that while first-time buyers continue to dominate, there is also a strong trend of sellers taking the opportunity to buy up in terms of a bigger home or a better neighbourhood.
According to the FNB Property Barometer September 2021, properties can sit on the market for eight weeks before they are sold. In January 2021, many properties sat for 9.4 weeks.
Other reasons included upgrading, downscaling with life stage, security concerns, emigrating, relocating, changes in family structure, and moving to be closer to work or amenities.
Furthermore, FNB reveals a continuing faster growth pace in mortgage lending, especially in the middle- to upper-priced segments.
Seeff says properties that are located in the right areas and price range for the current market should be attracting offers.
However, owners who struggle with selling their properties need to relook, either at the pricing or the agent. Seeff offers the following advice to struggling sellers:
Change your price. Relook at your expectations if your pricing is not reflective of the current market. Keep your asking price relevant to current selling prices and do not wait too long for a higher price, it might never come.
Change your agent. It’s time to change agents if your property is in great condition and the price is fair in relation to the current selling prices in the area, yet you are still struggling to attract an offer. Look for an agent who is achieving sales success in the current market.
Do not dismiss offers too quickly unless they are completely off the mark. If an offer is close enough or the agent advises that it is a good offer compared to current selling prices in the area, accept it. The best offer comes in the first month, thereafter buyers will move on to competing properties.
Fix your house. Ensure that your property is in top condition. Fix or replace what is broken, paint the interior and exterior and declutter. Buyers will always look to discount your price if they spot something wrong with the house.
Stick to a sole mandate. Sellers often think that appointing more than one agent with joint or open mandates will attract more offers or a higher price. There is no evidence for this. Sales statistics show that a sole mandate achieves better results, provided the property is well presented and the price is right.
Take emotion out of the deal. If your house has been on the market for a while and is just not selling, listen to your agent’s advice in terms of why the property is not attracting offers, especially since we are in a market where it is easier to access mortgage loans and conditions are favourable for buying.
Edited by Gudrun Kaiser