The Randburg property market is like many other property markets in Jhb and SA. It all averages out at the end of the day. And it seems our property owners that have plans to sell in in Randburg need to be patient. 92 days patient actually. According to Lightstone, it is taking just over 90 days to sell a property. This has not changed from FNB’s Property Barometer sentiment in January 2024 which also maintained 90+ days to sell was the order of the day.
92 + days to sell in the Randburg property market
Considering time on the market for the Randburg property market we are now at the longest period to sell a property in 10 years. If it is time to sell your property in Randburg, Johannesburg, it will take a little longer according to Lightstone which is a 3rd party data provider that links all property transactions with the Deeds offices around the country. All the data from various members of the value chain (Banks, bond originators and 3rd party data providers) point to it taking longer to sell a property.
If it is time to sell, here is what we can assure you of in the Randburg property market
- Sellers are NOT getting their full asking prices. In some cases the drop between the asking price and the sales price is 20%+. That’s hard but the market is correcting.
- We all know and understand what a buyer’s market is. There is also a great number of properties on the market, in fact, more than before and over a 10 year period, across all price bands and property types.
- Sadly though buyers are using this to squeeze lower prices out of a sale.
- Buyers have also felt the pinch with high debt servicing costs and our increased cost of living. This has resulted in more payment defaults which creates pressure to obtain finance. It is absolutely essential to at least try and work with a buyer to understand what they qualify for, number 1 and number 2 that that they qualify for finance.
Randburg properties on the market in SA
I outlined above, that there is a burgeoning Randburg property market if we consider how much ‘stock’ has been sold and registered at the SA Deeds offices around SA over the last 30 years. This image does not even account for how many properties are on the market at the moment. This image from Lightstone shows a steady increase since 1994. And, we are only halfway through July of 2024 and already the volumes for this year are up, in what we can only say has been a very difficult Randburg property market.
Is it time to get started on your Randburg property sale?
- Considering higher ‘stock’ volumes and the current Randburg property market that has, well been difficult and tough, remember it can take up to 3 months or 92 days to sell a property.
- Add to that a bonded (where your buyer needs a bond to secure a sale) takes at least another 3 months.
- In total, we are looking at 6 months to potentially sell a property and transfer it.
- A cash sale will still take around 92 days to sell with an additional 6 weeks to transfer, give or take.
Yes, there are there sales?
Yes, and we are getting good Randburg property market sales volumes. Across all price bands and across all property types. Having a healthy-sized Randburg property market portfolio of ‘stock’ to work with ensures that we have access to the buyers in the area that we nurture. I must say having access to the best real estate technology in the world from Keller Williams helps us nurture relationships with our buyers and to keep them looking in our areas at our properties. Leveraging a new property that has just gone onto the market is easy and it builds up demand fast. Gone are the days when you list a property for sale and simply sit back and wait. Technology is changing the way real estate is bought and sold. Need a good idea of what your biggest asset is worth? Give me a ring and let’s arrange a no-strings-attached property valuation for you.
What are the key things we know about the Randburg property market?
It is rather exceptional when we take an offer to purchase or OTP for the full asking price. Buyers just have too much choice and they hold the cards. And buyers are getting their prices. Please remember we ‘hold-hard’ on price when we take an offer and often, we navigate and negotiate a counter-offer solution on the OTP to ensure we get the very best price from the buyer and the market. Remember there are always 3 choices when you sell:
- Accept the offer especially if it’s bang on the money and very very close to your asking price.
- Decline the offer and more because of potentially some special conditions in the offer that you are not willing to accept.
- Or, Counter-Offer which is becoming more prevalent in the current market. A buyer puts in an offer for R2,2m on a R2,4m property and we want to try and edge the price up a little to get to say R2,3m.
View our current Randburg property market sales portfolio
We have a wide selection of properties on the market. Click here to view them all from all property types and all price bands. This is where technology works to our advantage. Our access to the best tech in the world means we are able to get the process right to build up demand and to list your property not just well but perfectly. Our service and our communication is just great and honestly, we have such positive reviews from clients and if you need a reference, we would gladly assist with a few. Visit my website.
Sandy Graham, Lead Agent for Team: Modern-Day Hannah’s proudly powered by KW Select.