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Three ways to sell your property

Advice on how to go about selling your property has been forthcoming in abundance in recent weeks, but some trends are emerging.

They are: know what your house is worth before going to market by comparing it with comparable homes in your vicinity; consider selling it on auction and be willing to negotiate.

Dorothy Foster, broker/owner of Remax Oaktree servicing Stellenbosch in the Western Cape, says pricing a property at what is perceived to be a fair market value has become one of the single most important aspects to concluding a sale.

Using the picturesque university town as an example, Foster says property that is regarded to be overpriced has not fared well with buyers. “We have many cash buyers that are looking to invest in Stellenbosch, however they are not prepared to pay more than what they consider to be current market value.”

More and more buyers are also seeking residences close to schools as their zoning allows children living closer to these institutions to be given acceptance preference over those living outside of it, Remax CEO Adrian Goslett said.

He adds while the existing market conditions still favour mostly buyers, as the current supply of property inventory decreases, we could see the re-emergence of multiple offers on well-priced homes that are in a good condition.

Goslett recalls how in the boom years multiple offers were commonplace, resulting in sellers having a generous selection of offers from which to choose. He adds while trading conditions have been more difficult in recent years, increased volumes of buyers and property transactions could mean that the demand for property could soon outweigh available stock.

Another option is the auction route. Director of Aucor Property, Mark Kleynhans, says the auction platform provides commercial property sellers with the opportunity to quickly dispose of assets. This makes them more dynamic and able to respond to rapidly changing market conditions.

Kleynhans adds the shorter sales cycle is created by the auctioneers as interest in a property is drummed up in advance and the right mix of potential buyers are assembled into one room. This provides a better opportunity to realise the true market value of the property.

(Moneyweb)


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