When to sell your property
Before selling your property, here is what you need to look at...
Each year, thousands of properties are sold in South Africa.
An April 2024 Statista report on the number of residential property sales from 2011-2020 states: "The number of residential property sales in South Africa decreased for the second year in a row in 2020, reaching approximately 51,100 home sales."
If you are thinking of selling your property, it is important that you don't make the decision hastily.
Jabulile Lefu, Real Estate Agent at JL Properties, says there are several reasons why people choose to sell their properties. She says it "depends on the owner's situation; some are forced to sell due to their financial constraints, others immigration, and of course, others just want to up-size or down-size, so it depends on the individual."
READ: Property selling for R58m called 'Mansion in the Sky'
According to Ooba homeloans, there are three things to consider before selling your home - interest rates, market conditions, and location.
Interest rates
If the interest rates are high, your bond repayment will increase. If the repayments are too high for you, you might consider selling so as to not lose your property and work at a loss.
However, it is best to choose a realistic price when selling property. This will help you attract potential buyers.
Bear in mind that when the interest rates drop, demand increases and this might be the best time to sell your property.
Market conditions.
Before considering selling your property, check recent sales, and the average property prices. Also, look at the demand for different types of properties.
After considering all these factors, you will be able to set a competitive and realistic asking price and know when to put your property on the market.
Location
Before people buy property, they consider the area—is it next to shopping complexes, are there schools and hospitals nearby, etc.? This will influence the asking price.
Things such as crime and service delivery can also affect the sale of your property and its value. Bad service delivery and crime can negatively affect the value of your property. So, it might be best to sell before the asking price goes too low and you end up working at a loss.
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