Here are some tips when selling property in a buyer’s market. It has been evident for some time now that South Africa is in a buyer’s market. Lockdown brought commerce to a halt in many respects. Now more than ever it is becoming evident that house prices are also dropping. But now that we go through the levels that our government assigned to lockdown the property market is waking up. You will recall that when we got to level 3 of our national lockdown, that the property market was able to start working again, but with strict protocols in place to protect the sellers and the buyers of property and the estate agents that act as the middle man in the process.
What exactly is selling property in a buyer’s market?
We covered this recently, but essentially this is a time in the property market when there is more stock or houses on the market than there are actual buyers. This is not necessarily a bad thing either. There really are buyers in the market and especially first-time-home-buyers. The market is also very promising if you are buying now because the current interest rate of 7,25% is the lowest it has been in over 50 years. This also works in a buyer’s favour because this means that if you are buying a property now, you could actually afford a nicer property in a better area. Also, the repayments on a bigger loan are a little lower given the low, low-interest rate.
Are properties more affordable in a buyer’s market?
Even in a buyer’s market, there is still significant demand in the affordable property price range because this is the busiest sector in the property market. Again, the interest rate of 7,25% has helped spur this demand in many respects.
Selling property in a buyer’s market: affordability?
Well, there really is never a bad time to list. Be that the end of the year, or in a buyer’s market. What is very important is to understand the market value of your property. You should always list your property with an asking price that is market-related. Don’t fall into the trap of pricing higher and hoping for some wiggle room to negotiate with offers and counteroffers. This could backfire badly. Don’t be discouraged though. Please remember that there are buyers out there that are looking for solid properties at market-related prices. If you were to list now, in winter, which is generally not a good time to list, your property would get more exposure for a longer period of time. And if your property is priced correctly it will sell. There is more than enough evidence in the market currently to support this.
Getting offers overnight
It is not uncommon in a buyer’s market for buyers to put in offers that are way lower than your asking price. Don’t stress. And take a deep breath. A good estate agent will be able to negotiate on your behalf and drive the process through to a counteroffer being presented. Remember that you always have the right to decline an offer, but an offer or interest for that matter is better than no offer and no interest.
How can you make your property stand out even more?
It is fast becoming commonplace in the property market for a good estate agent to carry the cost of a 3D video. This is good because it helps your property rise in the rankings on the major property portals. Often the cost associated with this 3D video is at the estate agent or the estate agency cost. It would be a good call to work with an agent that is willing to go the extra mile with you. Present your property better online, get better viewings, and limit the number of people going through your home? These are tough times with Covid-19 so the videos really are a good call.
Can home staging help you sell now?
Absolutely. There are so many things that you can do to make your house stand out from the house down the road that’s also on the market. Home staging works. Start by decluttering every room in your house. So, we covered some handy cost-effective ideas that will have your home looking it’s best in no time at all and for less than you would expect to pay. Also, we have gone room by room to help you with your project. Finally, we covered kitchens, bathrooms, the master bedrooms, kiddies rooms, the garden, the small office, and more.
Work with top agents that offer 3D videos
We work with a number of estate agents across Johannesburg. And, the agents we work with are good at what they do. Let us help you connect with a top agent that knows how to price competitively in tough market conditions. Let us help you partner for success with a top estate agent that is willing to showcase your property at their cost to help you sell faster and for the best price in a very tough market. Please remember there are buyers, but only if your property is priced correctly.
Book your free property valuation
If you are thinking of selling your property, step 1 always starts with a free property valuation. If you need to know the market-related value of your property and also the asking price to list your property for, then look no further. Let us connect you to a top agent in your area. An estate agent that’s good at pricing, great with sales, and excellent with service. We will connect you to estate agents who deliver on the promise every time, no exceptions. Book your free property valuation online. Alternatively, call to discuss what you need and what your plans are to sell.
- Call us on (083) 550-1220 if you have any questions at all and need more assistance. Especially if you are selling property in a buyer’s market.
- Need a free property valuation (physical), or even a digital property valuation, click here, leave your details and we will call you right back.
- Need EA Connections to refer you to the top agent in your area? Click here and leave your details – we will call you right back.