Stellenbosch’s correctly-priced homes in high demand

According to RE/MAX Oaktree Broker/Owner, Dot Foster, correctly-priced homes in Stellenbosch are taking between a day and a month to sell from listing the property, which emphasises the importance pricing a property at the right market value.

3 Bedroom House for sale in Welgevonden Estate, Stellenbosch

She notes that possibly one of the most detrimental mistakes that so many sellers make when putting their home on the market is overpricing the property. “Often sellers have the thinking that if they set a higher price for their property, they will be providing themselves with some negotiation cushioning. However, often all that an inflated price does is push buyers away and delay the process of selling the property,” says Foster, who points out that sellers need to take a critical look at their property when determining a fair market value for their home.
According to Foster another factor that leads to sellers overpricing their homes is their emotional attachment to the property, which can make them less objective when it comes to setting a price. “The asking price of the property will be influenced by several aspects such as local relevant and comparable sales, the condition of the property, its age, how neat and tidy it looks and how it compares to other properties currently on the market. A trusted estate agent can help with establishing the price by providing statistics on actual previous sales and also helping the seller realistically comparing his property to others on the market,” advises Foster.
Adrian Goslett, CEO of RE/MAX of Southern Africa, says: “If a seller is using an estate agent to sell their home, they should ask the estate agent to provide them with a comparative market analysis (CMA), which will give an accurate indication of what other homes are selling for in their particular area. Factors that should be included in a CMA are the average price per square metre in the area, recent sale prices of similar homes and comparative prices of other properties that are still on the market.”  
In addition, Foster says that if a property is priced correctly, the difference between asking and selling price is minimal. If, however, the property is priced to high, it takes a long time to sell and the seller has to lower their price, in many cases finally selling their homes for a lot less than what they would have received if the home was priced correctly from the beginning.
According to Foster, the average difference between asking and selling price in Stellenbosch is currently less than 10%. She notes that if a property is priced correctly, it is more likely to appeal to a wider range of buyers and be sold within the shortest possible time. “When a buyer is comparing properties that are in a similar area and offer similar features, price becomes the number one factor that will influence their decision making process,” she says.
Apart from correctly pricing their homes, sellers can also help the property sales process by ensuring their home is ready for show days. This includes keeping the house and garden as neat and tidy as possible, allowing for reasonable viewing times and keeping a low profile while the agent is busy showing the home to prospective buyers. “There are always buyers looking for property in Stellenbosch, so even if it takes a month or two, sellers should only list their property on the market when it is as close to perfect as it can be - this will make the sale process that much quicker,” Foster concludes.

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