Selling Your House in the Current Climate: is it worth it?
Category Just Imagine Properties Team
The past few months under lockdown have seen the South African economy slow to a crawl, with virtually every sector being affected, including the housing market, although there has been a definite resurgence of late.
Unfortunately, economists don't have access to a magic eight-ball to tell them when exactly the economy will recover - all they have is stats and data to help them make predictions - but most agree that it could be a while, even with restrictions eased and most sectors of the economy now reopened under Level 1.
When it comes to buying or selling a house, one must keep in mind that the property market is complex at times and influenced by many factors within the macro-economic environment. Similarly, the decision to buy or sell can be motivated by a plethora of reasons, including wanting a more spacious abode for an expanding family or simply wanting to acquire an asset the value of which is likely to appreciate over time, especially when the economy has fully recovered.
If you've been doing your research in regard to selling your house, you'll know that the current market conditions favour the buyer as supply outweighs demands.
So, is it worth selling your home in the current climate?
Again, there is no crystal ball to enable one to gaze into the future or give you a simple "yes" or "no" answer. You'll have to closely assess your reasons and motivations to sell, and then work with a real estate agent to set up a strategy for doing so. The latter is key, as a reputable realtor will know how to aggressively market a home under any market conditions to make it appealing to prospective buyers. This includes organising viewings and helping to "stage" your home to make it more alluring.
It is also important to ensure that the house is priced right, but you shouldn't necessarily settle for the first offer on the table simply because of the buyer's advantage. Again, your realtor will help you in this regard by drawing on historical trends and data from the area and considering the aforementioned factors, as well as qualifying prospective buyers.
When putting your property up for sale, remember that presentation is everything, so it's crucial to make a good first impression by decluttering as much as you can. Put away that clothes-drying rack that's standing in the living room and make sure that your kitchen is sparkly clean. There is also what is known in the property business as "kerb appeal", which is the impression formed on the outside of the actual house. To increase kerb appeal, you can tidy up bushes, clear dead leaves (depending on the season, of course) and ensure that the pool is clean and the overall space around your home, including the entrance, is clean and welcoming.
You should also keep in mind that not everyone is a cat-or-dog person, so you may need to keep your fur babies out of sight for a bit while a viewing is taking place.
In conclusion, the property market remains on solid ground and most people still realise the value of making a safe investment such as property in times of uncertainty. By partnering with the right real estate agent, it is definitely possible to sell your house at a price that is right for you.
Author: Charl Mijnhardt
