Don’t let a slow home sale spoil your plans

The success of your offer to purchase a new home may well hinge on your ability to sell your existing property within a relatively short time, and not being able to do so could prove extremely disruptive in many ways, not to mention costly.
You might not be able to move in time to start a new job, for example, or to relocate your family and get your children into their new school at the start of a year. Or you might have to rent accommodation in a new location until you can sell your old home and secure the proceeds.
In addition, even if you aren’t living there anymore, you will have to pay the bond as well as the rates and service charges on your old home until it is sold – which will in all likelihood take longer because it is unoccupied.
“In short, no-one wants to go through months of the anxiety and upheaval when selling their home,” says Jan Davel, MD of the RealNet estate agency group. “What everyone in this situation hopes for is a quick, clean transaction so they can move on without looking back.”
And apart from location, the asking price is still the most important factor in selling a house quickly,so you need to get it right, first time. If your price is too high the property will linger on the market and if it is too low you will certainly sell quickly but probably lose money.”
However the value of the home, on which you will base your asking price,is determined by a very wide range of factors, and you would be well advised to seek the advice of a trained and experienced estate agent who is familiar with your area, he says.
“The number of bedrooms and bathrooms as well as the dimensions of all rooms will play a role. The appearance of the home, the building materials and the finishes are also important, while improvements such as newly-renovated bathrooms and kitchens could increase the value somewhat.”
Then no matter how lovely and well-maintained your home is, the condition of the surrounding homes in the area will also influence the value, says Davel, so location will come back into play in this regard. “And of course a home should also ‘fit in’ with others in the neighbourhood. For instance, a large family home may not attract its full value if it is surrounded by high-rise apartments or located in an area that mainly attracts retirees.”
By now, he says, determining the market value of your home may start to sound like a tall order – and this is where a free comparative market analysis (CMA) drawn up by a RealNet agent with expert knowledge of your area is likely to prove an invaluable tool.
“Reviewing recent asking prices and selling prices of similar homes in your neighbourhood, as well as the length of time it took to sell these properties,a CMA will give you a really good indication of where you should pitch your price to achieve a satisfactory sale within a reasonable amount of time – and of how much you may need to lower it if you need to sell really quickly.”

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 26 Apr 2018
      Banks are showing an increased appetite to lend according to first quarter (Q1 2018) property statistics recently released by ooba, South Africa’s leading home loan originator.
    • 26 Apr 2018
      Moving into a new home comes with such a long list of expenses that one often searches for ways to cut back on costs. Hiring a professional moving company is one of the first expenses that many buyers tend to try and work around, especially now that purse strings are even tighter owing to the VAT increase that took effect this month.
    • 26 Apr 2018
      Investors looking to buy a property offshore can potentially recoup their money faster through short-term rentals than traditional letting options, all the while earning income in a foreign currency.
    • 25 Apr 2018
      Whether you are a seasoned seller or new to the game, putting your home on the market is an exciting moment. To ensure you get the best possible outcome these 8 value adding additions to your home is worth the effort.
    • 25 Apr 2018
      After four years of unprecedented growth fuelled by semigration, the Southern suburbs market faced a number of challenges in 2017, including dwindling affordability and a marked slowing in house price growth with many sellers forced to lower their prices in order to secure a sale.
    • 25 Apr 2018
      Mall of Africa, is celebrating its second year of sensational success. This splendid super-regional shopping centre first opened on 28 April 2016, and has grown in popularity, performance and profile since then.
    • 25 Apr 2018
      While the role of trustee in a sectional title scheme is a voluntary and unpaid position, it is one that comes with huge responsibility. Trustees have a fiduciary duty towards their scheme, says Chinelle Hewit, Operations Manager at sectional title finance company Propell.
    • 24 Apr 2018
      The thing about the property ladder is that at some point in our lives we all have reason to want to climb a rung or two higher. Sometimes, it’s because we’ve outgrown our previous dream home, or because we want to be in a better neighbourhood that’s closer to work or to schools. Sometimes it’s because our circumstances have changed, and we’re taking care of elderly parents or relatives. Sometimes, it’s just because we want a property that reflects the financial status our hard work has won.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us