select
|

It’s a great time to sell property, too

Much has already been said about this being a good time to buy property – and it is – but the other side of that coin is that it is also a good time for existing homeowners to sell and move to a different property.

“Many owners are still in a holding pattern, waiting and hoping for property prices to get back up to pre-recession levels,” says Lew Geffen, chairman of Sotheby’s International Realty in SA. “But the fact is that if they delay much longer, they risk losing out on all the advantages that the current market has to offer sellers.”

At the upper end of the market especially, he says, these advantages include some exceptional opportunities to upgrade – precisely because prices are still well-off their 2007/8 highs.

“Increasingly, sellers in this sector are realising that while they might have to lower their price expectations somewhat, it is worth doing so in order to be able to buy a better home, also at a reduced price, and benefit from the relatively bigger capital gains on a more valuable asset once prices do start to rise.

“This is the old ‘sell low and buy low’ principle at work and we are selling scores of multimillion-rand properties now as it kicks in.”

However, Geffen says, upgrading is not the only good reason to sell now. “For example, those who are ready to downsize for retirement or in order to cut home maintenance costs can also acquire smaller homes more cheaply now, and keep more of the proceeds from the sale of their existing home.”

It is also a good time to sell, he says, in pursuit of an improved lifestyle. “If you want to spend less time commuting to work, perhaps, or move to a more secure location, or live closer to other family members, now is the time to make the change.The market is on the brink of an upturn, and it will shortly cost you a lot more to do so.

“Rising prices don’t only mean more expensivereplacement homes, but also higher transfer costs- and higher qualification requirements for home loans, which will be exacerbated when interest rates start moving up again, which they are expected to do next year.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
    • 16 Nov 2017
      Cape Town’s popularity as a world-class tourist destination has resulted in a spike in the number of homes available for holiday lets and fuelled investor demand for sectional title units with short term rental potential.
    • 15 Nov 2017
      Sappi, one of South Africa’s oldest global companies and a leading global supplier of sustainable woodfibre products, has moved its global and regional headquarters to a new site on the corner of Oxford and 14th Avenue in Rosebank.
    • 15 Nov 2017
      There’s an old saying in real estate that you should seek to make a profit when you buy, not only when you sell – and a large part of succeeding at that endeavour is buying a home in an area with desirable features that will enhance the resale value of your property.
        
    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