The positive sentiment after the election of President Cyril Ramaphosa – the so-called Ramaphoria – seems to be waning and not to have had the desired and anticipated effect on the economy and property market, according to Stuart Manning, CEO for the Seeff Property Group.
Analysts and banks have recently downgraded their outlook for the rest of the year with the property market expected to remain flat and possibly weaken even further. Amidst the slowdown in demand and prices, sellers may well be asking whether they should sell now, or rather wait it out.
No need to wait: Despite the various challenges faced by sellers, the market is in a much better position than it was after 2007/2008. Economies and markets always go through up and down cycles at irregular intervals and now is as good a time to sell as any. If, however, your aim is to make a hefty profit, then now might not be the time.
5 top tips for sellers:
- Choose an estate agent who knows your area;
- Make sure your price is in the right range as the mid-market range is always active;
- Ensure your property is in tip-top selling shape. With more to choose from, buyers will choose the property which offers the best condition at the best price;
- Sell before the summer rush. Many buyers want to spend the summer in their new home, which means they would want to get their offers to purchase accepted over winter;
- Consider all offers. Cash always trumps a subject-to-offer and provides a more secure sale.
Looking for a new home while selling your house or want to renovate your house before you sell? With Iemas’ Housing Solutions offer, you can choose a pension-backed loan for renovations or use our bond origination service to buy a new property. Contact 086 104 3627 or SMS HOUSING to 32297 or email firstname.lastname@example.org
Read related blog article here: The pros and cons of buying and renting.
Adapted from: https://m.fin24.com/Money/Property/should-you-sell-your-property-now-or-wait-20180711