MARKET UPDATE FOR SELLERS
Category Property Ownership
If you're having trouble selling your property in the current market, you're not alone. Stagnant property prices, increasing living costs, high interest rates & economic uncertainty, are making it harder for sellers. However, adjusting your pricing strategy and choosing the right Property Professional can significantly improve your chances of a successful sale. If you decide to sell now work with your Property Professional.
Can't sell your home? ... Pricing could be the problem
Selling a home can be challenging, especially when it seems impossible to attract potential buyers. Homeowners struggling to sell their property must explore common reasons why their homes stagnate and consider that they may simply be overpriced.
Here is some practical advice on reassessing your property's value, adjusting your pricing strategy, and implementing effective marketing techniques to increase your chances of securing a buyer. By following these tips, homeowners can navigate the complexities of the real estate market and achieve successful sales.
What does the latest data tell us?
Data from recent property market analyses highlight a significant trend: overpricing is a common barrier preventing successful home sales. According to the Lightstone data, in the first quarter of 2024, about 71.4% of property transactions were below R1.5 million, with an average transaction price of R1,377,014. This indicates a strong preference for affordability among buyers.
Beyond this, properties priced above R3 million, though only constituting 9% of all transactions, accounted for 36% of the total transaction value, underscoring the market's division. These figures suggest that while high-value properties sell, there is a delicate balance between price and buyer expectations.
Properties are generally on the market now for much longer than 5 years ago, averaging around 4 - 6 months, depending on the area. The average age of first-time buyers has increased to 36. Lifestyle changes are enticing younger buyers to rather rent a property than purchase.
Strategies for sellers
Sellers can employ several strategies to make their homes more attractive to potential buyers. First, examining an area valuation is crucial. This comparative market analysis strategy evaluates similar properties in the area recently sold, providing a benchmark for setting a competitive price. A property report will indicate pricing and trends. Sellers should also consider making small but impactful home improvements. Fresh paint and updated fixtures can make a property more enticing without significant investment.
Another effective strategy is to stage the home professionally. Staging helps buyers visualise a property's potential, making it easier to imagine themselves living there. High-quality photographs and virtual tours can also enhance online listings, drawing more interest.
Being flexible with viewing times and maintaining a clean, well-presented home can leave a positive impression on potential buyers. By adopting these strategies, sellers can increase their chances of a quicker sale at a desirable price.
Selecting the right Property Professional.
Choosing the right Property Professional is a critical decision for any seller. Huizemark's property practitioners bring invaluable market knowledge, negotiation skills, and a network of potential buyers. Since 1962, we have had a track record of selling properties in various price ranges and sizes across the country in both stagnant and buoyant markets.
Our team will provide a comprehensive marketing plan tailored to your property, including online listings, open houses, and targeted advertising. We provide honest feedback about your home's value and the steps needed to make it more marketable. Book an evaluation with us today.
Regular updates on viewing feedback and market trends can help you stay informed and make timely decisions. Sellers can leverage professional expertise to navigate the complexities of the real estate market effectively by partnering with the right Property Professional.
Selling tips from Huizemark
List your property slightly below market value to generate greater buyer interest and competitive offers. This tactic creates a sense of urgency and potentially attracts multiple buyers into a bidding war. For example, if comparable properties in your area sell for R1.5 million, consider listing your home at R1.4 million. The lower price point can draw more attention and viewings. It could be mentioned that the seller is asking R1.5 million negotiable in the copy.
With more offers on the table, you can negotiate upward. Buyers competing against each other are often willing to exceed the asking price to secure the property. This approach increases the likelihood of selling quickly and can result in a final sale price that meets or exceeds your expectations quickly.
Are you looking to buy or sell your property? Visit our website at www.huizemark.com
Author: Bryan Biehler
