And yes, every single bit of positive sentiment that we see now is starting to show that the Randburg Property Market is lifting. And, guess what, we are ready and we have been waiting. The buyer activity levels are still not what we saw in 2022 but trust me things are moving.
What are Nicole and I seeing in the Randburg Property Market?
Well, the good news is that our activity from buyers has lifted. It’s getting busy and we have our running shoes on and we have been waiting for this and praying for this for a while now. We are seeing increased activity from specific areas for now, but across all price bands, from R650,000 to R4,500,000. We are constantly honing in on making sure your property stands out online which is a key strategy that we use and which we know works. Featured listings and more. We don’t always mention when we do featured listings because it’s not about effort, it’s about output and output for us means a sale. We will get there and honestly, it has lifted so nicely overall. We need the sentiment to keep coming because it’s the sentiment that feeds the activity. Generally though at month-end and many will disagree, we do see a little dip in activity, but this is the first time in a long time that activity has actually lifted at month-end. It’s a good thing. Stay tuned.
Randburg Property Market (asking price to sales price)?
There is generally, no matter what market you find yourself in a drop between the asking price and the sales price. Between 8% and 12% on average. In a buyer’s market the buyers hold the cards and they determine the sales price and the market conditions. Considering the slump the Randburg Property Market has been in. We are painfully aware that buyers are putting in very cheeky offers, but we are holding hard on price. We do not do verbal offers at all because verbal offers mean absolutely nothing. We diligently put in the work to get the offer on paper and we will work with you to counter offer up to get closer to the value you would like to see your property sold at. Also please remember by law we are required to present every offer to you. But we will certainly present each offer on its merit and you are always in control.
Parting shot on a buyers creditworthiness
We are seeing time and time again at the moment that buyers are bullish about their financial standing. Nicole and I work very hard to help buyers where necessary and we are devastated when we are unable to help a buyer to secure the finance they need. But, we have seen that quite a few buyers have let their credit ratings slip. Trust me we do our level best on the back end before we bring a buyer through to your property to ensure they qualify. Sometimes though things don’t work out but we do try and we try to ensure that we end up with a win-win every time for all parties. As the sentiment improves and our financial standing improves, ITC levels will improve. It also does not take much more than 2 – 3 months to see a lift in an ITC credit score. So a few more months to go before lower interest rates pulls through to better ITC scoring.
Here are the major headlines from this week alone
Interest rate relief is on the cards for sure
If there is one thing I know is that when rates start to ease or come down the market comes alive. The fact that this headline is appearing more frequently than in a long time, creates positive sentiment on its own. Especially if the rates start to come down from September/October 2024. Sell your house now and your new buyer will be paying reduced monthly repayments by the end of this year. This will certainly impact the first-time homebuyer market but anyone who wants to buy their dream home and bond it. Here is the link in case you missed it, click here.
And this week alone, the drop in interest rates has been confirmed by 2 different sources. Yes, and trust me we will take all the good news we can get right now. Click here to read up on the recent businesstech article.
Next up we expect fuel prices to drop nicely too
Fuel prices as we know drive so many things and I include food prices in this comment. We are expecting nice drops across the board which creates even more positive sentiment for SA. And these positive sentiments pull through to our Randburg Property Market, which has not recovered yet but is showing signs of a beautiful lift in buyer activity. We are moving folks. In case you missed the link in the news, here it is for you. Click here to see what you may have missed from Daily Investor from earlier this week.
Do you know someone that plans to sell a Randburg property?
If you have friends or family that have plans to sell, please let us know. We would love to help them. And, now is a very very good time to get onto and into the market. We want to catch every wave that comes in and we leverage our active buyers from all over Randburg to ensure great win-win solutions for you, our client. If it’s been a little quiet on your listing and if we need to do a check-in please give me a shout. Generally, my aim is to protect the equity in your property and if it’s time to consider a little drop in price, trust me this will help. But I am not angling hard here because I would like to see the market come to the party a little more. Keep me posted and have the most wonderful weekend. Call Sandy from KW Select’s Team Modern-Day Hannah’s on 083 550 1220. Or visit our Website for more info.