Selling property is very much about timing and the market and right now, we find ourselves in is a buyer’s market.
Buyer’s Market vs Seller’s market
What does it mean when we talk about a buyer’s market and what exactly is a Seller’s market? We have a global economy, and we have the South African economy. The industry comes next, followed by the property market, cities and sometimes even goes down to a street level. There are plenty of factors that influence a country’s economic standing with trends in certain industries that quite literally shape it.
It is actually a very good idea to understand what market you find yourself in. Take advice from experienced and prominent Estate Agents. An experienced agent will more than likely be able to tell you about the last time we found ourselves in a Buyer’s market. That is not to say that your agent should already be grey, but the stronger agents will know the signs of a Buyer’s market and they will be able to work with you to sell your home quickly in a buyer’s market. They will know the challenges and the pitfalls of the buyer’s market and they will be eager to share these challenges with you.
Value of your property
The market you are in will affect the value of your property at any given time. It will affect the asking price when you sell your home. It’s a shame that the market fluctuates but it’s a pill that should be swallowed sooner rather than later. Property values in a buyer’s market are critical. If the price is not market-related the house will sit and lose value in the end.
The buyers market is classically a market where there is more supply than demand. This means there are more people looking to sell houses than there are buyers, and this could be suburb specific. As a seller, you need to make every effort to bite the bullet and price your home fairly. It is not a good idea to put your home on the market for more than the market value in a buyer’s market. Buyers have the purchasing power and will always look for a property that meets their demands but also one that’s competitively priced.
In SA currently (August 2019) we are considered by most to be in a buyer’s market. In fact, it’s the toughest market in years.
This the opposite of the buyers market. This is where the demand to buy a home is greater than the supply or the homes that are on the market, and this could be suburb specific.
It’s a good thing *cue Jerry Maguire’s ‘Show me the Money’ scene.
Driving the price up
Sellers will often see several buyers competing to purchase their home, and that drives the price up. Nice problem to have if you are a seller and a bit hairy if you are a buyer. It is important to get in touch with EA Connections to really understand the current market. The markets will change and quite quickly, at times. If you have a home that you are planning to sell, in a good suburb, there will be a high demand for homes and a low turnover of properties in that suburb.
Get an experienced Agent or Agents!
If you are looking for the most prominent agents in your area, look no further – we will connect you with up to 3 of the most prominent agents in your area all from the convenience of our smartphone or laptop. You’ll need to make sure that they are the best and the right person for the job. The agent’s experience will be of enormous benefit to you, the seller. Selling your house shouldn’t be a problem if you are able to identify the right asking price with your agent.
It is imperative that you price your home correctly in the market you find yourself in. The timing must be right… Do your homework.
- Call us on (083) 550-1220 if you have any questions at all and need more assistance.
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