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It’s a good time to sell because people are feeling bullish about taking on a home loan. ‘The favourable lending conditions have encouraged more first-home buyers to enter the market, accounting for 60% of BetterBond applications for the 12 months ending September 2021.
Many of these buyers opt for sectional title units or new developments where they do not have to pay transfer duties,’ says Carl Coetzee, CEO of BetterBond.
You may have an easier time of selling your property if you have more space. ‘With more people working from home, there’s also been increased demand for freestanding homes with gardens or developments that incorporate green spaces,’ says Coetzee.
Economists say the average time a property is on the market has lengthened from the six weeks at the start of the year to eight weeks and six days. FNB, meanwhile, says it can take as long as one to seven months to sell your home, depending on the circumstances and lockdown levels.
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If you can’t wait this long, read on for tips on how to reduce the time your property remains on the market.
1. Be realistic about the price
Some state agents will reel sellers in by telling them their home is worth more than it is. But don’t be courted by an unrealistic price as this will mean your property stays on the market for longer than what it should.
‘Sellers will have a better chance of a successful sale if they list at market-related prices. Currently the discount to the asking price is about 8%, significantly better than the 13% it was in the first quarter of 2020,’ says Coetzee.
‘Sellers often think that they should market their properties at a higher price in case they get negotiated down but, instead, if you market your property at the correct price, there is no need to negotiate. You will attract the right buyer who recognises the value of your home,’ adds Deena Pitum, property consultant at Jawitz Properties.
Grant Smee, owner of Frankie Bells and Property Entrepreneur says: ‘Look at similar-sized homes in the neighbourhood that have been sold in the last few months and see what they sold for. This will give you an idea of the average selling price in your area.’
2. Stage your home online
Homes are advertised in large property sections in the weekend newspapers, but most people now shop for them online.
‘It’s therefore advisable to use professional photographs and video footage of your home to make it stand out online. Make repairs, remove clutter and stage your home for photographs and in-person viewing,’ says Coetzee.
3. Remove clutter
‘Remove clutter and personal effects wherever possible – buyers want to be able to picture the property as their future home rather than yours and a blank canvas will help with this,’ says Smee.
4. Be available
If you’re selling the home yourself, make sure you have the time needed to dedicate yourself to the project. Smee says: ‘Make sure that you’re available for viewing whenever the opportunity presents itself to give your home the maximum number of chances to be seen.’
5. Consider the various selling options
If you pick an estate agent to sell your home, make sure they have the right qualifications. Smee says: ‘They’re the ones who will really be the deciding factor in whether your home sells quickly and at asking price. Talk to them about their track record and recent successes and make sure that you are comfortable with entrusting them with this complex process.’
Selling your home via an auction also has some advantages. ‘There are no back room deals, no waiting months for those “promising” prospects that lead to nothing and no putting life on hold waiting for a buyer to show interest.
‘At auction the commission on the sale price is paid by the buyer. In a traditional real estate brokerage transaction, the commission cost is borne by the seller,’ points out Joff van Reenen, director and lead auctioneer at High Street Auctions.
You could also consider using your bank to sell your home. FNB, for example, has Quick Sell and offers several benefits such as waiving of bond cancellation costs up to a maximum of R3,000 and no early termination fees.
