Is it the right time to sell your property?
Category Property news
Is it the right time to sell your property?
In the ever-changing property market climate, it has become increasingly complex to navigate when may be an opportune time to list your property, should you be considering a sale?
Currently, there are over 700 properties listed for sale in Woodstock and Observatory alone. Given this high level of supply, many property owners believe that putting their property up for sale at this time would be a mistake.
Justin Nortier, Senior Broker in the Greater Woodstock area at Greeff Christie's International Real Estate, has outlined this conundrum in an attempt to assist property owners in the area make an informed decision, as well as, provide interesting insights to homeowners in the area by highlighting characteristics defining the current market:
"The property market might seem fairly dire with the number of properties listed for sale, however, we are pleased to say that sellers that priced realistically from the start of the marketing campaign tend to achieve traction amongst purchasers within the first 1 - 6 weeks of marketing."
Justin adds that "given that approximately 60 to 70 percent of purchasers in Woodstock are first-time buyers, we are noticing that this younger segment of the market is making the most of historically low-interest rates which is playing a significant role in driving the ZAR 3 Million and below price points as that's where affordability is most prominent. This trend however is unfortunately at risk as indicators point to a rise in interest rates in the medium to long term to curb inflation, thus creating a high probability that this substantial market of first-time purchasers will potentially shrink. In a rising interest rate environment, we typically see the purchaser demand curve declines due to an 'affordability crunch' which would see decreased buoyancy in the property market across the board."
Joseph Johnson, an associate at Greeff Christie's International, says that "sellers may be asking themselves, why not hold onto the property until prices potentially pick up? My thoughts are that if you are considering selling within the next 3 to 12 months, then your chances of achieving a sale at a decent market-related price are highly probable given the current low-interest-rate environment; the region covering Woodstock through to Observatory is heavily reliant on first-time purchasers who are very interest-rate sensitive."
Should you wish to take advantage of the current favorable market conditions in your area, please click here and one of our area specialist brokers will be in touch.
Author: Greeff Christies International Real Estate
