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
Characters remaining

    Latest Property News
    • 20 Mar 2018
      Located close to the fast growing Fourways precinct, Dainfern continues to attract local and international interest from buyers seeking a secure lifestyle with affordable entry price of approximately R3 million.
    • 20 Mar 2018
      Property owners in the Durban CBD are addressing the affordability challenge that faces many prospective tenants in their area – and reconfiguring the inner city rental market in the process.
    • 20 Mar 2018
      One of the most misunderstood concepts in the process of selling a property is an exclusive or sole mandate.
    • 19 Mar 2018
      If a landlord opts to use a managing agent for the rental of his or her property, the inspection process can be easier as the agent is not emotionally involved and will certainly have concluded an in-depth inspection report in the interests of all parties.
    • 19 Mar 2018
      We all wish we could have the cheat sheet for selling a property – a simple Ctrl+Shift+C code that will magically secure an offer on your home in an instant. Though it is not possible to provide you with this cheat code (sadly, reality does not come with such perks), it is possible to provide you with a list of the most common blunders some of your neighbours have committed in their efforts to sell their homes
    • 19 Mar 2018
      Although property technology is now widely accepted as an established trend, especially in the international real estate arena, the industry has been cautious to advance and smaller markets like South Africa are still hesitantly dipping their toes in the water.
    • 16 Mar 2018
      Strange as it may seem, there is a stock shortage looming now in the luxury sector of the Johannesburg property market, because astute buyers have for the past few months been hurrying to snap up high-end homes being offered at excellent prices.
    • 16 Mar 2018
      No one likes having to claim but having insurance for your household contents is vital, and at the start of a new financial year, homeowners either applying for new household insurance or revising their existing insurance should take a comprehensive inventory of their possessions and keep track of the total value.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us