, chairman of the Seeff Property Group, has stated that South Africa’s property market is undoubtedly in a buyer’s market.Factors such as flat price growth, higher stock levels, greater urgency among sellers, and a favourable bank lending environment all combine to favourWhile buyers are able to find good deals in the market and secure a favourable rate on a mortgage loan, the challenge in the market for sellers right now is how to sell in a buyer’s market.
In contrast, when the market favours sellers, and there is a shortage of properties, sellers are usually able to find quite a few interested buyers and can generally bank on a favourable offer and price. It is not so easy when you really need to sell, but you find yourself in a buyer’s market.If you really need to sell, the first thing to consider is to avoid the temptation to overprice your property. According to Seeff’s agents, the days of fast offers and high prices are now largely gone.
You, therefore, need to trust and listen to your agent. Be careful of agents who are just looking for your mandate. Rather, work with an agent who can show their record of recent sales. Be open and upfront about your needs so the agent can ensure no time is wasted to find a buyer for your property. Think about the time value of money. If you sell now, you may also be able to take advantage of the favourable buyer’s market conditions and find a better price for the new property you wish to purchase. If you wait for a higher price, you may have to also pay a higher price.
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