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.
Grant Rea, Certified Sales and Letting Specialist at RE/MAX Living, says sellers need to abandon the futile notion that pricing your property higher than the average could result in securing a lucky offer at slightly higher price point than competitors. In a down market, this is a waste of time. Buyers tend to understand the market better during these times and can filter out the chancers immediately, simply ignoring the listings that fail to offer good value.
READ | How to price your property right in the current buyer’s market
You have to remember that they want a good deal just as much as you want a good price.
Apart from pricing a property at the correct level, in other words making sure a Comprehensive Market Analysis was done to get to a market price, there are various other factors that will be taken into account when it comes to marketing a home and selling it quickly.
Charlene Nolte-Joubert, partner of law firm Henkes Nolte-Joubert and one of the founding members of the Attorney Realtor Hub (The Hub), says getting a home presentable and ready to sell sometimes takes a little time and care, in that it’s not just tidying up and a superficial clean: the home might need to be decluttered or depersonalised, painted or deep cleaned so that buyers see it at its potential best.
Before putting a home on the market, ensure that the list of faults is attended to. If there are leaking taps, cracks in the plaster or broken window latches, for example, repair these before buyers start viewing the property, says Nolte-Joubert.
If, after reviewing the listing price and getting a home presentable, 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.
“The main point is to allow your potential buyer to picture himself living in the home you’re trying to sell. If it’s in good condition and has been depersonalised, it’s more likely that he or she might imagine themselves living there. Taking time beforehand to get the home ready will pay in the long run,” says Nolte-Joubert.
SEE | Choose the best estate agent: Questions sellers must ask
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, 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.”
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