Finding the perfect property can be challenging in any market, but even more so when the demand for properties outweighs the supply. This currently describes many markets within South Africa, which can leave buyers feeling fatigued by the lengthy house-hunting process.
Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, explains that buyers will need to practice patience while waiting to find their dream home within the current market. “The market continues to be incredibly active since the pandemic. For the RE/MAX SA network, it’s been over two years of record sales totals month after month; and this September was no different. In fact, in June-July-August-September, we recorded over R3 billion in sales and R3 billion in registrations every single month, which is unprecedented in our company’s history,” Goslett remarks.
When the market is active, a shortage of listings naturally occurs. This can make it more challenging and frustrating for buyers to find a home. Luckily, there are a few ways to avoid buyer fatigue within a seller’s market.
“One of the quickest ways for buyers to develop a sense of fatigue is to check listing portals and rely solely on one’s ability to find the right home. Because it is so readily available, buyers can end up feeling despondent going through all the same options online every day but not seeing any new homes that are worth considering,” he cautions.
Instead of checking online every day, Goslett recommends setting up alerts so that you receive a notification whenever a new listing is loaded. Listing portals and real estate companies’ websites have great search facilities where you can tailor your search criteria. This can limit the amount of time you need to spend going through listings each day.
Apart from this, Goslett also encourages buyers to involve a real estate agent to help them with their search. “Many buyers are reluctant to contact an agent to search on their behalf. But, agents often see new properties before the portals do. If you have partnered with a reliable real estate professional who understands your search criteria, allow them to search on your behalf to minimise the stress of being constantly alert for new listings. An agent might also be able to help you view a home before it even reaches the property portals, which will give you an unfair advantage over other buyers,” Goslett notes.
Buyers should also go and view properties in person before ruling them out as an option. “Listing photos can be deceiving. Buyers might be surprised when they walk into a property and see its true potential,” says Goslett.
However, he notes that it is also possible to be too picky. “Finding the right home is often a balance between three competing priorities: price, location, and the size & condition of the home. If you are unable to be flexible in price, then you might need to be more flexible on the location and the size & condition of the home, and vice versa. This rule becomes even more important when stock is limited,” Goslett explains.
For those who are feeling completely despondent by their seemingly endless house-hunting journey, Goslett explains that, like the economy, the property market has its natural ebbs and flows and can shift back into a buyer’s market at any point in time.
“Especially now that interest rates have climbed as much as they have, it is possible that we might see more homes enter the market in the coming months. Until then, buyers should continue saving and doing whatever they can to ensure that their offer is as appealing as possible so that when they do eventually find the right home, their offer is good enough to beat out any competing offers,” Goslett concludes.
