Secrets to selling your home fast
There are, however, many solid reasons why a property doesn't sell and it isn't simply because buyers don't like what they see.
It’s tough out there and yes, while there may well be instances when a property sells quickly, this most certainly isn’t always the case and it’s easy to become disheartened when it seems no one wants to purchase your prized possession.
The wonderful thing about the market is that it is the most neutral factor in the sale of a home. The market is the market. It is what it is, and the market does not care what the seller needs or requires from the sale of the home.
The market doesn’t care if you need an extra few hundred thousand in equity so that you can afford the upgrade to a larger property. It also doesn’t care that you did all the renovations to your current home yourself and you need to be paid handsomely for this.
The market will simply deliver you an offer from a purchaser based on what your property is actually worth, given both the prevailing market conditions and the price of comparable homes on the market at the same time as yours.
Also read: Durban Property Buyer Show – an all round property expo!
One of the biggest factors affecting the property market is the interest rate. This affects both homeowners who are forced to pay more on their bonds every month and the buyer who suddenly doesn’t qualify for such a large bond anymore because of the rising cost of the repayments.
Remember that when buying a home, most people apply for the maximum amount of finance they can get, based on their income and credit records.
Therefore, in any market where interest rates are increasing, there will always be homeowners placed under financial pressure to meet their increased bond repayments. Ultimately, this will result in an increased number of homes placed on the market for sale.
You aren’t going to be setting record prices on your street in this type of market and you would have to be more open to negotiation on your price than you would in a seller’s market.
When considering selling your home, start by conducting research in your area by contacting an estate agent, attending a home owners’ presentation or simply by doing some online research. This is key in order to get a solid idea of what is happening property-wise in the area in which you live.
• Information courtesy of Private Property.
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