Tips for sellers in a buyer's market
Category Property market overview
The conditions currently prevailing in the property market is geared to favour buyers. Supply currently exceeds demand, the repo rate came down by 25 basis points earlier this month, and banks are offering loans in excess of 100%, all factors that make it easier for buyers, particularly for those purchasing for the first time, significantly easier to enter the market.
But what if you're a seller in a buyer's market? "Buyers can have their pick - and negotiate the very best deal in most instances - which is why it is essential for sellers to ensure their offering stands out among the rest," Brenda Lange, Principal at Leapfrog Kempton Park, advises.
Lange adds that in many instances buyers can take their pick among the bargains, which means it's a tough market for sellers. But "tough" is no reason for despair. "Simply approach the selling process with care, consideration and creativity, and you're almost guaranteed to move your property in good time and at the right price," Lange explains.
Price price price
Price is always an important consideration. "A property that is priced right - right for the market, right for the location, and in line with what the property offers to the buyer - is likely to not only sell fast, but there is also a good chance that it will go for the full asking price," Lange believes.
A trusted property advisor understands the market conditions and will help you decide on a realistic price at which to sell your property.
Work with a professional
Ensuring your property is priced right is not the only reason to work with a trusted property advisor. "Thanks to the nature of the job, property advisors are also great negotiators and will work to ensure you get the best possible deal from the transaction," says Lange.
Property advisors are also adept at dealing with mounds of paperwork that comes with selling a property, ensuring things are easier and more efficient for the seller.
Fix and repair
Naturally you don't want to spend thousands of Rands on sprucing up a property that you're going to sell, but it does pay to make sure everything is neat and in good working order.
"A property that is well maintained and with everything in good working order is far more appealing to potential buyers than a place in need of TLC. Often little interventions can make a big difference to the impression a third party get of the property," Lange explains. A coat of paint, trimming the shrubbery, fixing a leaking tap or tightening loose cupboard handles take minimal effort but can help to sway a potential buyer the right way.
Home staging refers to the practice of "dressing" your home to impress potential buyers on show day.
"Much of home staging is seemingly obvious things like clearing away the clutter, making sure it looks and smells attractive, and you style it such that somebody else can easily imagine turning it into their own," Lange believes.
A property is a deeply personal purchase, and the first impression a buyer gets of a property is likely to be a lasting one, which is why it's worth the seller's time to make an effort to ensure the property is as appealing as possible. "You can also call in a professional home stager to assist with this," Lange suggests.
A buyer's market is no reason for seller to despair. "Remember a buyer's market means people are buying, and enough though they may have the pick of the bunch, doesn't mean your property will necessarily stay on the market longer. Ensure your place looks good, is priced right and you've got a trusted property professional by your side, and you're likely to sell in good time and at the best possible price," Lange concludes.