select
|

Tune in to your market before setting a price

You may know your own mind when you decide to sell your home, but do you know your own market?
 
“One thing that is absolutely certain in real estate is that nothing stays the same,” says Tjaart van der Walt, CEO of the RealNet estate agency group. “When one part of the country booms, another could quite well be losing population and real estate demand. And even very popular suburbs can suddenly be perceived as too pricey, causing buyers to focus their attention on more affordable areas that then become revitalized and rejuvenated in their turn.
 
“So what is up may go down and what is down may go up and no matter what the market conditions were when you bought your property, they are very unlikely to be the same when you sell.”
 
However, he says, even if your local market is currently depressed, there will be a buyer for your home – provided that it is presented and priced right. “Now everyone knows that your best move in any market is to keep your home good condition, but getting the asking price just right for current conditions is much more difficult, and this is where your estate agent comes in.
 
“A good agent will quickly be able to give you all the comparative information you need - specific to your area - as regards which homes have recently been sold, how much they sold for, how quickly they sold and most important, what the difference was between the original asking price and the eventual selling price.
 
“The chances are very good that the ones with the biggest price drops also took the longest to sell, and that you will be able to avoid such delays if you immediately pitch your asking price at the average selling price of the homes which sold fastest.”
 
The latest statistics from First National Bank, says Van der Walt, show that most sellers are still seriously out of touch with their local real estate markets, with 80% having to drop their asking price by an average of 12% in order to achieve a sale.
 
“It also takes much more time to negotiate back and forth and achieve sales in such circumstances, and sellers who want fast results are really well advised to study their own markets carefully and set asking prices at the outset that are in tune with current local conditions.”
 
Issued by RealNet


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
    • 16 Jan 2018
      The start of the new year is symbolic of new beginnings. A good time to take stock of one’s possessions as well as how necessary they actually are. However, seeing as the process may appear daunting – a plan goes a long way.
    • 16 Jan 2018
      The Western Cape is still in the throes of a severe drought and many households have to adjust the way they use and save water. It is a little more complicated in sectional title schemes, however, as it is not that easy to implement grey water systems for multiple users and it is also difficult to monitor water usage accurately if there are no separate water meters
    • 15 Jan 2018
      In ideal rental situations, when a lease is signed the tenant will stay for the full duration of his lease without any complications and the landlord will uphold his obligations, creating a win-win situation for tenant and landlord.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK