In the Randburg property market, we already know the HPI or House Price Index is sitting at 2% per annum. If your home is worth R2,300,000 and you want R2,800,000 chances are your property will sit on the market for up to 7 months or more.
We have a price correction in play in the Randburg property market
That’s right, as sellers of a Randburg property we all want the best possible price when we sell. Been there and done that. A price correction is quite normal. It’s when the market stubbornly resists the price you are asking for your property.
A true story in Robindale Randburg
My clients bought their Robindale property in late 2018 for R2,300,000. They over the years added value to their home, but mostly they turned a house into a home and it showed. Alternative energy and, paint revisions, roof repairs and the most amazing garden. But my client’s plans to relocate were dashed when they found out they could only sell almost 6 years later for the price they paid for their property in 2018. I agreed to lift the price to R2,800,000 and we would hoping with luck we could buck the pricing. Hmmm. We had 2 enquiries and they were pretty lukewarm. We kept dropping the price till we got to the number I had initially recommended at R2,300,000. Then the enquiries started coming in but it was then a good 6 months later. And my clients realised they would not have the capital to relocate if they sold for R2,300,000.
The numbers are the numbers
Data-driven insights are important, even in the Randburg property market. Even though we listed high at R2,800,000 the initial property valuation for R2,300,000 stood stubbornly. And we just kept dropping the price and we all got more and more frustrated. Best photos, best listing quality, active buyer, social media exposure and so much more. The result is that we saw traction at the price the market would be willing to pay for the Robindale property.
R2,300,000 would have secured a sale
And I mean that. I did my best as a top-performing Randburg estate agent. But the market did just not support the higher price. The property was worth R2,300,000 in 2023 and the market stubbornly stood by the numbers.
Lessons learned
In SA we are facing one of the biggest years in the history of this country. The current Randburg property market is like a beauty contest. And I do feel the truth is that property growth over time is not what some sellers will entertain. Loads of stock or inventory are on the market but the properties that are selling are the properties where accurate pricing has been effected. Sales are being made but at market-related prices. A Randburg property that is not priced correctly will not sell. A property that is priced correctly sells fast. The benefit of listing a property is to sell it. But the current price correction that we are seeing is normal and by correct I mean correct. Sellers are not getting the prices they had hoped for and the numbers don’t lie.
Need a free Randburg property valuation?
And, trust me when I say I would love to get you the very best price when you sell your property. The reports and data-driven insights that I rely on for accurate pricing are linked in so many ways to macroeconomic factors we have no control over. If it’s time to sell, and you want to get started, call Sandy from Sell with Sandy on 083 550 1220. Or visit my Sell with Sandy website for more information.
I would love to help you get the best price for your Randburg property sale
Need any information, let me know. I would love to assist and I would love to reach back to the buyers I know are looking to say “Hey I just know you will love this property”. It’s perfect and it ticks every box you need to tick. Call me if it’s time to get started on 083 550 1220.