The number of transactions in the South African residential property market has reduced, according to Dr Andrew Golding, chief executive of the Pam Golding Property group.

The reasons for reduced property transactions are: a weak economy, higher cost-of-living, including electricity and other municipal tariff hikes, as well as geopolitical impacts.

Golding said that all of these factors have made home buyers are more value-conscious. This can made it harder for sellers to sell their property.

In different areas, buyers are able to pick and choose from a wide selection of options that you as a seller has to compete with.

“Given that the current market is in many instances more favourable to buyers, if you are serious about selling your home, it is imperative that you list it at a realistic, market-related price,” Golding said.

Samuel Seeff, chairperson of the Seeff Property Group said that most buyers are looking for a level of negotiability, depending on the price and area.

This is where expert advice comes in which can make all the difference in achieving a successful sale at the right price and in a reasonable time frame.

According to Golding, sellers should avoid using a real estate agency that has given an inflated price assessment for a property because the likelihood of the property selling is extremely low.

“One cannot assume that the agent with the highest assessment of your home will achieve the highest sales price,” Golding said.

Seeff said: “Agents recommend that sellers not look to test the market with high prices right now, rather go in at the right price, if there is value, the buyers will pay the price.”

IOL Property

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