Let’s talk about what a change in mindset can do if you have plans to sell a property in the Randburg property market. Let’s be honest and let’s look at the facts.
The facts we know about the Randburg property market:
- It is taking longer to sell a Randburg property according to the FNB Property Barometer. 3 months plus for a well-priced property. Although some (and I include myself here) have sold within 2 weeks on a first viewing for CASH. And that was in February this year. First viewing, 2 weeks and it’s almost transferred already.
- House Price Growth or HPI, and again to the reliable FNB Property Barometer is sitting at 2%. This means that if you want a price that is higher than what the market will pay for your property, chances are you will be waiting a long time.
- Buyers are more reluctant than ever to make a commitment.
- Will prices rebound to 2022 prices? Probably at some point but that is going to take time. I am no economist but I do have great local market knowledge for the Randburg property market. I know what the right price would be, I know which buyers I have in mind for your property.
- The Western Cape is booming. The property cycle is a little different to ours in Randburg. In some cases property growth has exceeded 400% +.
- But in Randburg, if you want more than what the market will pay for your home, your property will sit for a lot longer than you want, slowing your plans and dreams down significantly.
- The interest rates are hovering. In fact, across the last 5 MPC meetings, we have stuck on 11.75%.
- Will the interest rates come down or go up even more? Nobody knows. Today it is a yes, tomorrow it is a maybe and there is just so much information in between. A realistic optimist which is what I am ensures that I plan for the worst and I make the most of the situation.
- The biggest sector of the Randburg property market hit negatively with these high interest rates is the first-time homebuyer market in the R600,000 to R1,500,000 price band.
- Sjoe, there is a lot of cash in the market as well. Reason for this is that buyers have or are planning on selling big homes and paying cash for their next property. A very nice way to dodge the interest rate.
What I certainly know about the Randburg property market
- If you work with an agent who does not have access to world-class technology to leverage buyers, that’s going to be a challenge. Gone are the days when you shoot without taking aim. In fact, when you have listings with no buyers, it’s totally frustrating and demotivating. I know that the technology I leverage has given me a chance to get back to basics and to do fewer things better. Staying in touch with buyers who I know are looking is easy and it works well to share a new listing.
- You and I both know about the power of social media. We all scroll through our favourite platforms and stay in touch with the ones we know and love.
- I also know what you need to do to get your property into mint condition. A mint-condition property gets a mint-condition price when you sell. First impressions count and this holds true for the Randburg property market.
- But, and there is a but, if your home is not in mint condition, chances are when buyers view it, they will see and possibly be overwhelmed by how much work is required on your property.
- If your property is in mint condition, you may just have a fighting chance to get a better-than-most price when you sell your Randburg property.
- There are some interesting considerations now on an Offer to Purchase or OTP. These suspensive conditions are extremely important to navigate. Document everything and be prepared to work with a buyer to ensure the timelines on an agreement and get active hands-on engagement.
- An active engagement strategy as an estate agent in Randburg does NOT include listing a property and plonking a board on the pavement. The market is competitive and doing those 2 things only that have been done for centuries will just not get you the result you are looking for.
- Service and with this I mean the tough conversations about price and the regular feedback. This is the most unpleasant part of real estate in the current market. Not having positive feedback to provide. But provide it you must and also provide hope. Have those tough conversations more often and ignoring a seller because you have nothing positive to report is ok. We all get where we are in the market right now. But feedback is feedback.
- Getting a property listing to the highest possible level is not just a goal to strive for. An estate agent needs to really know how to work and from time to time, game the system to ensure that your listing features and ranks highly. Throwing money at a problem is easy, but getting organic results because you know the importance of getting it right the first time is absolutely essential.
- The first 6 weeks to 2 months in the current market on a new listing is essential. Flip a seasoned agent better have some really good plans to go the distance in the current market.
Need an honest conversation to change the self-talk you are having with yourself
Yes, the market is tough. Yes, the current economic climate is tough. There are all sorts of excuses out there but trust me there are probably 3 things you need to get right if you are serious about selling your Randburg property. I would honestly love to have that honest chat with you because I know I can help.
Call Sandy from Sell with Sandy on 083 550 1220
I leverage the old stuff but also the new stuff that is getting traction in the current market. I am making sales and I have colleagues who are also making sales. I am not going to promise you a sale in 1 or 2 weeks, the market is tough and FNB via the FNB Property Barometer will confirm that. What I do undertake is to get back to basics to the stuff we know works and with a little extra to get you the traction you need when it’s time to sell. Call Sandy from Sell with Sandy on 083 550 1220. Or visit my Sell with Sandy website. Chat soon and only when you are ready.