Most of the country still finds itself in a buyer’s market where supply far outweighs demand. For this reason, sellers who are battling to sell their home might contemplate taking their home off the market temporarily to relist at a later stage when they can achieve their full asking price.
However, Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, cautions sellers not to be too overly optimistic about what they might stand to get for the property once market conditions change. “Though slower than usual, the South African property market is still very much alive and active which means that sellers will sell for full value within the current market if they price the property correctly. Simply relisting the home at a later point does not guarantee that the sellers will fetch a higher asking price,” he explains.
Further expounding upon the logic of relisting, Grant Gavin, Broker/Owner of RE/MAX Panache, explains that the longer a home stays on the market, the lower the eventual asking price. “Real estate professionals know that the first three weeks are crucial in the sale of a home. A really aggressive strategy would be to list a home for a month and inform the market that it will only be available for 30 days. Provided it’s listed at an accurate market-related price, you should have all the existing buyers in the market viewing the home. If you aren’t having any enquiries or viewings during this time, you may be priced too high, and the market is reacting negatively,” he says.
In an instance like these when the market is no longer interested, Gavin recommends that it could be beneficial to take the home off the market. “The market always talks to you, you just have to listen,” he explains.
According to Gavin, a property that comes back onto the market is generally priced lower, and not higher than the original price. He, therefore, recommends that sellers either adjust their expectations on price or wait for market conditions to become more favourable before they relist.
“There is no point relisting at the same price unless the market has fundamentally changed, or if the price has been adjusted to reflect the level of demand. It’s not only a function of time but also a function of the seller’s motivation. When the seller is ready to sell, the seller will make the necessary decisions,” he concludes.
If you’re struggling to sell your home, consult an experienced and knowledgeable real estate professional who can guide you through the process.
