Price correctly to sell
Category Newsletter: Company Message
The current market can only be likened to the ebb and flow of the beautiful ocean tides on our shores. It seems that the flow over the last few years had to be followed by the ebb in which we find ourselves now. Sales numbers are down across all areas and there is a common undertone amongst buyers that the unsustainable growth has finally slowed. Many developers are holding back on the influx of capital being injected into the Atlantic Seaboard and City Bowl and “buy-to-flip” investors are holding off until a clearer vision of the future comes into view. Gone are the days of listing a property and being inundated with enquiries within the first 24 hours.
The slowdown hasn’t changed the fact that sellers are still insisting on their properties being marketed at astronomical prices, in the hope that it is snapped up by a foreign purchaser. Many agents continue to over-value properties with the aim of being awarded a mandate, only to price counsel the seller after two weeks due to poor interest and the odd cheeky offer from the discerning and well researched purchaser.
It is not all doom and gloom though and this is not the first time that we have experienced a market slowdown of this kind. The undulating property market will bounce back and if the last 5 years are anything to go by, it may do so in outstanding fashion. This raises the following question, ‘is now the right time to buy?’.
Currently, there is ample choice for the discerning purchaser with some fairly priced properties on the market. We suggest taking your time and performing the necessary due diligence to ensure that you are not over paying per square meter. If you are uncertain and would like some guidance, please do not hesitate to contact us. To all the sellers out there, we encourage you to market your properties at realistic prices, as we know that in this market, these properties will be the first to sell.
Author: Jason Paans, Head of Sales