SO, YOU WANT TO SELL? START HERE.
Category Durban Property Market
"Six months ago, it wouldn't be outside the realm of possibility that we'd have two good offers on a property on the same day," says Myles Wakefield, CEO of Wakefields Real Estate, responding to questions pertaining to the current state of the property marketplace. "It's common knowledge that the country's rate of growth is slowing somewhat, but having said that, property has always proven to be extraordinarily resilient. We have to recognise that we're not an island isolated from global events - world events, often way beyond our control, will impact on every aspect of our lives.
Realistically, you ask, how does all this affect the sale of my property, and what smart moves can I make to ensure my property is saleable in a reasonable time frame? Wakefield says, "It's very much about attaching a market-related price tag to your property. We know that sales volumes are marginally down in Kwa-Zulu Natal, but on the flipside, we also know that in certain areas and sectors of the market, we're still experiencing a shortage of stock. If your property falls into this latter category, you're certainly going to sell your property, but you still need to take care that you've priced it correctly. It's rare, particularly in this softer market, that a buyer will overpay for a home. He's subject to the same financial concerns, has access to the same information, and in all likelihood, will have done his homework well."
The price of a property is determined by numerous factors, not least of all, by the prices obtained (not the asking price) of comparable properties in the same road or area. But you need to compare apples to apples. If your neighbour's property sold a year ago, the price they obtained should be seen as a guideline, not a benchmark. As Wakefield said, "Be aware that the market is not quite as buoyant, that the ‘stock shortage' issue is not relevant everywhere, and that the price of a property has little to do with what an owner would like for it...and everything to do with what the market will currently pay for it."
So, how do you price your house to sell? It's very difficult to set your own price, because you're too close to the situation. To you, it's not a house, it's a home, and that understandably clouds your judgement. Your wonderful family memories and warm moments in that property, aren't visible or for sale. A home, priced at today's fair market value, will sell, and generally sell within an acceptable time frame. It's been proven time and time again.
A team of professional estate agents knows current asking and selling prices in your area, knows their buyers who are looking for property in your area, and knows the fair price that buyers would expect to pay for your home. There is little point in overpricing a property – it eliminates a sector of prospective buyers, it becomes stale on the market, and it's frustrating for you, the seller, particularly if you're buying onwards in a chain and stand to lose a property on which you've set your heart. Rather set your price realistically, than have to constantly reduce the price – that sends a message to prospective buyers which you'd prefer not to send.
Wakefields believes that when the market is showing signs of slowing, there's no better time to collaborate with professionals in the industry: "If you're serious about selling your house in a reasonable period of time, get a professional valuation, ask the agent about similar property in the area, ask if there's anything simple he or she feels could be done to make your property more saleable, and work together"
Author: Anne Schauffer
