As the festive season approaches, potential home buyers may find themselves faced with unique opportunities and challenges in the property market.
December can often be a mixed bag for those looking to buy, with many people preoccupied with holiday festivities while others are eager to close deals before the new year. Richard Gray, CEO of Harcourts South Africa, shares essential tips for buyers navigating this bustling market.
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1. Understand Market Dynamics: During the holiday season, inventory may be lower than usual as many sellers choose to wait until the new year to list their homes. However, motivated sellers often list their properties during this period to attract serious buyers. Take the time to understand the local market conditions and be prepared to act quickly when a suitable property appears.
2. Be Flexible with Showings: With the holiday season comes a flurry of activities. Flexibility with your schedule can be crucial. Some sellers may be accommodating with viewing times; however, others may have limited availability. Try to be as adaptable as possible to make the most of potential opportunities.
3. Leverage Lower Competition: Many prospective buyers take a break during the holidays, resulting in reduced competition. This can be an excellent opportunity for buyers to negotiate better deals without the pressure of multiple offers, which is often the case in busier months.
4. Get Pre-Approved for Financing: Before diving into the holiday market, it’s wise to get pre-approved for a bond. This not only helps you understand your budget but also signals to sellers that you are a serious buyer, which can be an advantage during negotiations.
5. Stay Realistic: While it’s tempting to find the perfect home amidst the holiday cheer, remain realistic about your expectations. The emotional aspect of the season can sometimes cloud judgment. Focus on your priorities and needs to ensure you find a home that suits you long-term.
6. Consider Seasonal Factors: The festive season can affect how homes are presented. Some properties may look particularly appealing when decorated for the holidays, while others may be less inviting if not properly staged. Pay attention to how homes are showcased, and don't hesitate to look past decorations to see the property's true potential.
7. Plan for the New Year: Use this time to not only search for properties but also to plan your strategy for the new year. Consider what improvements you might want to make to your new home or how you can optimise your purchase for potential capital growth.
8. Seek Professional Guidance: Partnering with an experienced real estate agent, like a Harcourts property practitioner, can make all the difference. They can provide valuable insights into the local market, assist with negotiations, and help you navigate any challenges that arise during the buying process.
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Claude McKirby, Co-Principle for Lew Geffen Sotheby’s International Realty in Cape Town’s Southern Suburbs and False Bay, in a recent article shared some of the most important do's and don'ts to guide homeowners, here is a look at those tips:
Do's of Home Staging
- Declutter and Depersonalise: Remove personal items, family photos, and excessive decorations. This helps potential buyers envision their own belongings in the space. Less clutter makes rooms appear larger and more inviting.
- Clean Thoroughly: A spotless home suggests that the property has been well-maintained. Pay attention to details, such as cleaning windows, carpets, and even the inside of appliances like ovens.
- Neutralise Colour Schemes: If you are going to give the place a fresh coat of paint, use neutral colours for walls and remove any décor that is too bold or quirky. While bold colours may appeal to some, neutral tones have a broader appeal and create a blank canvas for buyers' imaginations.
- Highlight Key Features: Draw attention to the property's best features, such as a fireplace, large windows, or hardwood floors. Use furniture and décor to frame and highlight these elements even if it means moving around some items to better highlight these features
- Improve Kerb Appeal: The exterior of your home is the first thing buyers see. Ensure the lawn is mowed, hedges are trimmed, and the entrance is welcoming. Consider adding a fresh coat of paint to the front door and planting flowers or even placing attractive pot plants next to the entrance.
- Create a Cohesive Style: If you are going to bring in furniture or décor to fill up empty spaces and improve the overall effect or semi-furnish an empty property, choose a consistent style for furniture and décor that complements the home's architecture. This creates a harmonious look that is pleasing to the eye.
- Light It Up: Ensure all rooms are well-lit. Open curtains and blinds to let in natural light and also use lamps and light fixtures to brighten darker areas. Good lighting makes spaces feel larger and more inviting.
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“As you embark on your home-buying journey this December, remember that the holiday season presents a unique opportunity to find your dream home amid the hustle and bustle,” says Richard Gray. “Being strategic, flexible, and informed will empower you to make the best decisions in the holiday market,” says Gray.
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