Why Gautengers are selling their property
Despite South Africa’s real estate landscape being more of a buyer’s market this year, we can still expect some movement in the opposite side of the property spectrum as homeowners look for greener grass. But for what reasons exactly?
Why Gautengers are selling their property
For many people who own property, chances are they will eventually have to sell it. When first taking the dive into homeownership, buyers expect to stay put for a good number of years. But, for various reasons, many Gauteng residents are forced to list their home for sale when an unexpected life event occurs.
One of the main pressure points for selling, according to property firm Seeff, is a house that has suddenly become too big. A three-bedroom home is usually the ideal living space for a family or married couple. However, once the children become independent and move away, the owner reaches retirement age, or a couple divorce, it does not make financial sense to continue living there.
Seeff picked up a trend in Sandton where owners sell their home valued at R3 million and buy a smaller property at R2 million and below that is easier and cheaper to maintain. In Centurion, about 5% of new properties put on the market belonged to homeowners who are under financial pressure and have no other option than to downscale.
Another prevalent motive for selling their home is starting a new life abroad. Seeff says that Gautengers not only emigrate to escape the reality of crime but that the majority of sellers in Sandton are professionals such as teachers, professors, and specialist doctors in search of better employment opportunities abroad.
Other home selling trends include moving to Cape Town or the warmer Kwazulu-Natal to enjoy retirement years, upgrading to accommodate a growing family, and moving closer to work and schools.
While the seller’s market appeared to have cooled down this year, Seeff concluded that homes listed at a fair market value have a better chance of being scooped up by buyers despite the economic downturn.
