The local housing market is likely to get off to a slow start in 2024. With interest rates still far higher than they were in 2020, sellers might need to work a little harder to make sure that their home sells timeously.
According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, affordability is likely to be one of the top concerns among buyers in the year ahead. “Consumers have felt the pinch from high inflation matched with high-interest rate levels for quite some time now, and this won’t improve overnight. Dropping to 5.1% in December 2023, inflation is only just starting to near the midpoint of the MPC’s target range of 4.5%. With inflation eating into households’ disposable incomes, buyers are likely to be looking for a bargain in the year ahead, which means that over-priced homes are unlikely to sell,” says Goslett.
The key to attracting buyers in 2024 is to price the home correctly from the start. “Apart from setting the price correctly, marketing the home in the best possible light will also be more important in the year ahead. During tough financial climates like the one we’ve been experiencing, buyers become more scarce. This means that, to reach a willing buyer, sellers will need to make sure their home is marketed as best as possible,” he notes.
To make sure their home attracts a buyer in 2024, RE/MAX of Southern Africa shares the following tips:
- Consider desirable features
Each suburb will have its unique trends. Find out what buyers are searching for in your area and see if you can include any in your home. Some general trends that are emerging are an increased demand for homes with off-the-grid features such as solar panels, solar geysers, rainwater tanks, and boreholes. The remote working trend has also increased the demand for home office space. Sellers could also look into current design trends and incorporate some of the more popular colours and fittings to make the home more appealing to a broader audience.
- Get the listing right
Don’t miss out on the ‘new-to-market’ appeal by failing to upload photos and a description to property portals that showcase your home in the best possible way. Your property will receive the most attention when it’s newly listed, so make sure the photographs are of the highest quality and showcase the home’s best features. Double-check the listing description and ensure all features have been accurately detailed and listed.
- Partner with a trusted real estate professional
Not only will a good real estate agent help you get the above suggestions right, but their marketing skills and connections will also be vital when there are fewer qualified buyers on the market. Trusting in their expert guidance and advice will help sellers find and attract the right buyer for their home.
As a final word of advice, Goslett reminds sellers that each province and each suburb has its own unique trends. “Some areas are not short on qualified buyers. Sellers in these areas might need to adopt different strategies from those who find themselves in a quieter market. To find out what type of market you find yourself in, reach out to your local real estate professional for some advice,” he concludes.
