After viewing homes, point out the things you liked and the areas that concerned you. “Tell them what features are non-negotiables in your future home. SEE | Property24 101 - Buyer and Seller specific adviceįor those looking to buy, he advises discussing your priorities with your agent. His advice to sellers during these times is to make sure the home presents well by attending to the small things that could put a potential buyer off. “Don’t invest heavily in infrastructure or additions when considering to sell within the current market because it is unlikely that you will get a good return on the investment.” That is a recipe for disaster because you need to compare apples with apples,” Brits warns. Many sellers who are moving to the Western Cape, for instance, try to sell their house for more because house prices are higher in that province. Over-pricing your home will only lead to sale delays or low offers. To those hoping to sell within the current market conditions, Brits reiterates the importance of understanding that you are competing against many other homes in the market. “Make sure your agent shows you what the comparative prices in the area are. We are also noticing that security, lifestyle estates, and access to good schooling remain important factors among buyers.” “This essentially means that they want to pay less and expect more from a house than they would have a year earlier. They want to move to places that can fulfil those needs,” he adds.īrits explains that this means that buyers are spoilt for choice with so many homes on the market at the moment. Many people are tired of the safety concerns, crumbling infrastructure in the local authorities and lack of service delivery. “After that, semigration and immigration are the second largest motivators for selling in our areas.
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READ: First-time homebuyers' fears - how to overcome themīrits explains that the financial pressure as a result of the interest rate increases is one of the more common reasons for selling in their areas of operation. Many clients in our market have 85% to 95% loan-to-value so they feel the pinch much quicker than people who have more equity in their home loan or much lower loans,” says Brits. It also has increased the amount of sellers coming into the market because they cannot afford their bonds as a result of the higher rate.
At present, almost 90% of our clients require some sort of finance and the more expensive money is to lend, the slower the sales rate will be. “Our markets rely heavily on bond finance and therefore any adjustment in interest rate will slow down the sales rate. Speaking into Kempton Park, Benoni and surrounds, Neville Brits, Broker/Owner of RE/MAX Dazzle, explains that their markets have noticed the same shift. “Based on our website traffic, we are noticing that across the country there has been less interest from buyers and more leads from homeowners who are looking to sell,” he notes. Goslett, warns consumers that the property market is already beginning to change as a result of the higher interest rates. READ: Homebuyers: 9 things no-one tells you about owning a homeĪccording to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, pRoperty markets across the country are facing a shift in activity following the steady stream of interest rate hikes that have put pressure on household budgets and squeezed buyers’ affordability levels.
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