The reasons behind property sales in SA

Often when looking at property for sale in Mpumalanga, you may not even consider why the listing is there, but in an article on Private Property, the main reasons behind property being put up for sale was recently revealed.

The property market has entered a bit of a tough time in recent months, with the land reform issue having caused a lot of uncertainty at the start of 2017, while financial pressures since then have caused many people to be cautious.

Right now, it is not really a seller’s market, but due to numerous factors, you are always going to see people listing their properties for sale. To explain this better, you just need to look at the main reasons why people in South Africa list their properties for sale:

Downsizing

The country has entered a technical recession and with living costs exceeding the budget for many people, a fast solution is to consider downsizing. Opting to take on a smaller home loan allows for a lower monthly repayment, while associated fees also generally decrease. Downsizing is also something that is popular among older couples or singles, after their kids have left the nest.

Emigration

Some people are given new opportunities abroad while others want to be closer to their family. In this case, moving overseas is required and many South Africans are choosing destinations such as Australia and the United Kingdom.

Semi-gration

This involves packing up and heading to another part of the country. Whether for retirement or just a change in lifestyle, some people living in-land will head to the coast while others will move in-land in search of new opportunities.

Upgrading

When space becomes an issue, people will look to upgrade on their current property. This could be due to having more kids, or even just the right salary increase.

Family structure changes

Death is a certainty in life, while divorce also has an impact on the property market. In these situations, there is often a need to sell properties.