The property market is experiencing a boom of activity, particularly in the first-time buyers’ market. Despite high levels of interest, many parts of the country still find themselves in a buyer’s market where listings are in no short supply.
To put seller’s minds at ease, Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, explains that if a home is priced and marketed correctly within the current conditions, sellers should have no trouble selling within a reasonable timeframe (provided there are no unforeseen adjustments to lockdown restrictions).
If sellers find themselves in a position where their home is taking longer to sell than others within their market, then the first thing Goslett recommends reconsidering is the listing price. Knowing your competition is crucial in this regard. As a rule of thumb, for those who hope to secure a timeous sale, a property should be priced at an average of the top ten cheapest listing prices of similar properties for sale in the area.
“Pricing a property higher than the average in hopes of getting a better deal is often a waste of time. While there are plenty of willing buyers these days, buyers also tend to understand the market well and will simply ignore the listings that fail to offer good value. Sellers need to remember that, within the current economic situation in which we find ourselves, buyers are in need of a good deal just as much as the seller is in need of a good price. While it is okay to leave some space for negotiation when setting the listing price, I would advise sellers to list close to the low-end of their price point if they want to sell quicker,” Goslett recommends.
If, after reviewing the listing price, sellers still find themselves unable to sell timeously, Goslett suggests gathering some objective feedback on the home. “Ask your real estate agent as well as some brutally honest friends and family for their honest opinion of the home: from its overall presentation to every other piece of constructive criticism they may have. This is understandably difficult, especially for those with a sentimental attachment to a property, but buyers will see all the faults sellers might overlook. Receiving some honest feedback can help sellers make the changes required to sell the home faster,” he explains.
For those in a particular rush to sell, Goslett also cautions that it can be difficult to sell a property quickly, as most homes take on average around three weeks before receiving a viable offer. “The key is to find a reputable agent with the backing of an established brand, such as RE/MAX, who can get your marketing strategy correct and reach out to a wide network of contacts to help sellers secure a quicker than average sale,” he concludes.