As the year draws to a close, South Africa enters a unique period marked by the winding down of work, the anticipation of year-end holidays, and the onset of school vacations. This time of year, brings a distinct shift in the real estate market, presenting both challenges and opportunities for buyers, sellers, and investors.
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Fine & Country’s CEO John Herbst shares some key insights and tips to navigate this dynamic period effectively.
Understanding market dynamics
The year-end period often sees a slowdown in market activity as people focus on holiday preparations and travel. However, this can also be a strategic time for serious buyers and sellers. With fewer transactions taking place, there is less competition, which can lead to more favourable negotiations.
Timing is everything
For sellers, listing your property just before the holiday season can be advantageous. Properties listed during this time may stand out more due to the reduced number of new listings. Additionally, buyers who are looking during this period are often more motivated and serious about making a purchase.
Highlighting seasonal appeal
If you’re selling a property, emphasise its seasonal appeal. Showcase features that are particularly attractive during the summer months, such as outdoor entertainment areas, swimming pools, and gardens in full bloom.
Preparing for the New Year surge
While the market may slow down in December, it typically picks up momentum in mid-January. Buyers and sellers should be prepared for this surge by ensuring all necessary paperwork and preparations are in order. This readiness can lead to quicker transactions and a smoother process overall.
Expert guidance
Navigating the real estate market during the year-end period can be complex. Engaging with a knowledgeable real estate agent and team who understand the local market dynamics can provide invaluable insights and support. They can help you make informed decisions and capitalise on the opportunities that arise during this time.
By understanding these dynamics and strategically planning your actions, you can turn potential challenges into opportunities. Whether you’re buying, selling, or investing, the guidance of experienced professionals can make all the difference.
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According to the Seeff Property Group, (The role of a real estate agent : What you need to know) agents do not only sell or rent property on behalf of their clients, but also have their ear to the ground in terms of what current property values are, how much properties might sell for, and what is happening in the property market.
Always meet the agents in person before appointing them:
This will give you a chance to ask questions and assess the agents. Check how long they have operated in the area. Each area is different and local expertise is a vital point of advantage for any seller.
Look for a successful sales track record:
Ask for a list of their recent sales in the area, how long it took to sell, and the prices achieved. A strong sales record is an important indicator of the likelihood of success and that the agent could find the right buyer for the property.
A strong brand and network is another advantage:
An established brand will have a strong online presence for maximum exposure of your property backed by the latest technology and marketing and sales methodologies. They will use best practice to market and sell your property.
Look for someone who will assist every step of the way:
Selling a property is a complex process with many legalities to be taken care of. A good agent will explain the process and guide the seller to ensure they have all the necessary documents and maintenance done for an efficient selling process.
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