How to sell a property fast in South Africa
The cards are stacked against property sellers in South Africa, but there are ways to help sell a property quickly in the current buyer’s market.
South African consumers are under extreme strain, with several financial services providers highlighting an increase in bad debts.
With the repo rate currently at a 15-year high of 8.25%, many South Africans are being forced to sell their properties.
However, it is currently a buyer’s market, with property buyers few and far between.
“You will, therefore, not want to waste any time when it comes to selling your property right now, especially if you are motivated to sell for financial or other reasons,” warned Seeff Property Group.
Experts from Seeff and Pam Golding Properties have thus provided simple tips on how to sell a house in South Africa:
Price
Although there are expectations that interest rates will drop later this year, which would boost buyer demand, there is no expectation that prices will climb by any notable degree this year.
With buyers under financial pressure, cutting a price may be the best way to sell fast.
“Regarding selling a residential property fast, there’s really only one way to stimulate quality leads and to prevent a property from staying on the market, and that is to reduce the listing price. There is no other magic trick,” said Basil Moraitis from Pam Golding.
Clean up
Moraitis also said that a property must be presented at its best, clutter-free and without too much personalisation.
With sellers only having one chance to make a first impression, curb appeal is also significant.
Pam Golding’s Carol Reynolds said that a home should be given a fresh coat of paint, the garden tidied, and pot plants added to the entrance.
In addition, Seeff said that homebuyers look at properties online, meaning that a property has to appear both enticing in terms of price and appearance.
“You should also ensure your property is in an immediately sellable condition. All maintenance and cleaning must be done before it is listed,” noted Seeff.
Viewings
Sellers will also have to be flexible and accommodating with viewings.
Buyers often have limited time to view a property and may have to view it outside of normal working hours.
Dot the i’s and cross the t’s
Sellers also have to get the necessary compliances done upfront, including repairs, to ensure that the property is ready to sell and transfer to a new owner.
“The most important would be the water and electricity installations, gas and solar, as well as ensuring the swimming pool, electric fence, and all installations are in full working condition,” said Seeff.
“Get all your documents ready upfront, including approved plans of the property, house rules, and other documents pertaining to a sectional title or estate property.”
“This includes personal identification of the property owner/s, proof of marital status, the Title Deed if the property is paid up, or the home loan information if there is a mortgage bond and so on.”
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