There are really only 2 types of buyers looking for properties in the Randburg property market at the moment.
- A fixer-upper that needs work that is reasonably priced. Families and investors (repaint and gas stove conversions) are active in this sector.
- A move-in-ready home that needs no work. Families and investors are active here too.
Let’s consider fixer-upper Randburg property sales pricing
A fixer-upper is a property that needs work. Often this means real work to completely change the face of a property in such a way as to use the perfect structure to create the perfect home. A fixer-upper assumes that something is not perfect and very few properties require absolutely no work. But first off, if you know your home needs work for whatever reason, get quotes to figure out what the costs will be if you were to repair it. Often when a buyer sees a home that is asking move-in prices but needs work, the buyer inflates the remedial costs to repair. Again R300,000 – R400,000 seems to be the magic number buyers come to first when considering the potential cost of repairs, especially on an older more-established home. When I have costs to support the cost of repairs, this certainly allows me to hold on price. Holding onto the price that the market will pay for your property.
Then let’s consider move-in-ready Randburg property prices and what that means
Yes, there are people who do not want to consider the emotional and physical demands of a property upgrade. Some folks just want to buy what they see and live there “happily ever after”. A move-in-ready home assumes minimal upgrades to turn your home into someone else’s dream home. A new gas stove, a new tempered glass shower, a clean home and a new paint make-over or new light fittings. Small, subtle changes that will not break the bank are what a move-in-ready home actually is. This pretty much sums up what a move-in-ready home is all about. Your property has been maintained over the years and it looks good.
Then, we get 3 different kinds of pricing:
- Your wishing price: What price would you like to sell your property for? What price do YOU think your property is worth?
- A market-related price: This is what all the reports show in terms of prices buyers have paid for properties that are the same or similar to your property.
- The sales price: This is the price that buyers will pay for your Randburg property. And more often than not, most properties are listed with a little fat to ensure we continue lifting and hoping to realise the growth in your equity over time. But lifting the price adds too much fat, well we know how that turns out. Your property does not get noticed by active and serious buyers who are in the market at the moment. Remember the selling price in the current market will quite possibly sell for 10% – 20% less than the asking price. BUT, if the pricing is accurate and there is honestly no wiggle room on the price, then we hold hard on price.
How do we go from the wishing price to the market-related price?
Well, honestly it is about what buyers will pay for your property. The current market is tough. A market-related price ensures a sale, no matter what the market conditions are. A ‘wishing-price’ is a property that gets listed for just that, a ‘wishing-price’, but the result here is a stale listing that sits and sits and sits on the market for an extended period of time.
Also, a ‘wishing price’ is often more than 25% above what buyers will pay for a property that is listed with a ‘wishing price’. How do we go from a market-related price to a sales price? And a ‘wishing-price’ does not get your property noticed and it also means you don’t sell as quickly as you should.
A market-related price is just that, it’s a price that buyers have paid for the same or similar houses based on location, size and the quality of your fixtures and fittings. In the current market buyers always ask “Is there wiggle room on price”. I know a market-related price from a wishing price. When I know the numbers are right and there is little to no wiggle room, I hold hard and provide a flat NO as an answer.
Does your Randburg property need work?
If you know your home needs work, then get the quotes and consider repairs or upgrades to ensure you get top dollar for your home. Yes, there are agents out there that will list your property for your ‘wishing-price’, but a wishing price sits on the market for ages and just never gets listed. Also, the feedback from a buyer is often muted by an agent and the major reason being “there is just too much work to do or this property is not worth the wishing-price the sellers are asking for this property”.
How tough is it to walk away from a potential sales listing as an income earner?
It has become easier because my role as a property professional is to sell properties. It is not to list them and beg for more time to sell a property at a ‘wishing-price’. If you are serious about selling your Randburg property, let me know. The market is tough and there are many things I can change but the current market and the issues we are currently facing in SA is not one of the things I can change. I can and will work with you to get the very best price for your Randburg property sale that I can get in the shortest possible time.
How long will it take to sell a Randburg property?
I bank with FNB, in fact, I worked for the FNB Home Loans division many moons ago and I just love FNB. FNB when I was there back in the day launched the FNB Property Barometer. This is an active research project and study that comes out every quarter. In a recently published FNB Property Barometer, it was established that it is taking upwards of 3 months + to sell a property. Some parts of the property transfer process have sped up because Deeds Office volumes are down. But some parts have gotten longer and that points to a buyer’s affordability. It’s absolutely imperative now that buyers who want to view your property are pre-qualified. If you cannot afford it you may not view it. Simple. And in some cases, we work extremely closely with buyers to improve their ITC credit score. It’s tough times out there and payment track records are critical to ensure a loan approval is on the cards. I really do work with people who also go the extra mile to ensure that buyers get the assistance they need. We navigate the suspensive conditions on an Offer to Purchase or OTP very carefully and we do go the extra mile with those who need help and where property ownership is possible.
How can I help you preserve the equity built up in your Randburg property over time?
My role and what helps me sleep well at night is knowing we have a win-win solution for all parties. My seller gets a market-related price. My buyer gets a market-related price. And both parties get great service. Simple. That’s it. If you need to reach out for a market-related Randburg property valuation call Sandy from Sell with Sandy on 083 550 1220. Visit my website for more info as well there is a ton of info to consider. But pick wisely if it’s time to sell your Randburg property? Work with an agent that is honest and has a strong track record in the current market. All the very best and give me a ring if it’s time to sell.