When it comes to selling in a buyer’s market where supply outweighs demand, sellers will need to work a little harder to ensure their home sells for full value.
Explaining what is meant by this, Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, says that sellers in these sorts of markets should take their due diligence to find a real estate practitioner who knows what is popular among buyers in their area and can market their home correctly.
For sellers in Hermanus and surrounds, Barbara Larney of RE/MAX Town and Country explains that many buyers in these areas are between the age of 40 and 50, come from Gauteng and other provinces and are attracted to the lifestyle this town has to offer.
“There is an increase in younger families moving into secure estates in the area, such as Arabella Estate, Fern Kloof Estate and Benguela Cove,” she says. “Crime, traffic, and a lack of community are just some of the factors driving parents to coastal towns. Residents in this estate leave their doors open, enjoy their surroundings and let their children roam free.”
According to Larney, buyers in the area are looking for high-level security, value for their money, and eco-friendly features such as solar geysers, recycling collections and rainwater harvesting. The younger generation, in particular, need to be connected which makes fibre optic networks and fast internet a desirable feature in the area.
In her experience, most homes stay on the market for around 120 days, but overpriced homes can take up to two years to sell.
Property24 listings show prices that range from under R500 000 for a bachelor flat to around R40 million and upwards for luxury homes.
To make sure your home doesn’t fall into the latter category, Larney offers the following advice:
“Once you decide to sell your home, it can be helpful to start thinking of yourself as a home seller, rather than a homeowner. If you think of it as a business transaction, it is less emotional.
“Secondly, if someone wants to view your house, you need to accommodate this person, even if it is inconvenient for you. Decluttering, cleaning thoroughly, putting a fresh coat of paint on the walls and getting rid of any odours will also help you make a good impression on buyers.
“Lastly, but most importantly, don’t set an unrealistic price.”
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