WHEN IS THE RIGHT TIME TO BUY OR SELL?
Category News
While reflecting on his career, a retired businessman recently said "The only real estate decisions that I regret, are those decisions that I never made".
Gerhard van der Linde, Managing Director of Seeff Pretoria East says that much can be learned from this comment.
"We often find that clients are waiting for the perfect offer on their property, and are so unsure about their situation at the time of receiving the offer, that the offer eventually expires and the buyer disappears from the transaction.
At the same time, we often find that buyers take so long to make a decision to buy, that the property is eventually sold to another party, and the original buyer is then extremely upset about the property that he or she has lost.
Van der Linde's advice to sellers is to really understand their motivation to sell. Establishing when it is the best time to sell your home is not an impossible task, but definitely, one that requires some careful consideration. Waiting for the markets to improve even further in order to attract a higher price, will mean that the seller will be buying into the higher market as well at the time that the property is sold at the higher price.
There is no perfect time to sell in South Africa but there are many factors that could push you to sell that were not there before. For example: you may be expecting a new baby or you may have gotten divorced, or you may have been transferred to a new position. Working from home may change your property needs - we cannot always control the timing but make an informed decision before you do put your house on the market.
Low-interest rates allow prices to rise more quickly and the tight inventory of homes for sale right now is being met with a large swathe of eager buyers.
Van der Linde's advice to buyers is to get themselves prequalified for a mortgage loan (if required), and not to miss the opportunity to make an offer when the right property presents itself. Competition is driving faster sales and higher prices.
Author: Gerhard van der Linde
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