Even before the lockdown hit in 2020, the property market was already favouring buyers. Despite changing lockdown levels and a reawakening property market, the current status quo still favours buyers.
Does that mean you shouldn’t sell? Absolutely not!
In this article, we’re going to share a few of our expert tips to help you sell your home successfully.
What is a Buyer’s Market?
A buyer’s market isn’t necessarily bad news for sellers. Essentially, it means that there are more properties available in a suburb than there are buyers for that area. However, it’s not a situation that’s restricted to the property market.
Economic conditions will always fluctuate, and supply will sometimes outweigh demand. While it does present a few unique challenges to sellers, it doesn’t mean that the market is dead. By getting creative and taking the right steps, you can still sell your property successfully.
Our Top Tips for Selling in a Buyer’s Market
When you look for ways to sell your property in a buyer’s market, you’ll often come across the same standard tips:
- Spruce up the space.
- Add a fresh coat of paint.
- Presentation is everything.
- Keep copies of all the essential documents.
- Give agents easy access for viewing appointments.
These are useful, and a first impression can go a long way to helping you sell your property regardless of the current market state. However, in a buyer’s market, you can do a few specific things to improve your chances of making a great sale.
Do Your Research
Before you list your property, do your research. You might want to start by looking for the right real estate partner, which we discuss in more detail below. They can help you evaluate the current market conditions to see if your property is priced correctly and which similar listings you may be competing against.
Cater to the Market
In the current post-pandemic world, priorities have shifted significantly. Buyers aren’t necessarily looking for the same features in a home they would have valued a few years ago. By highlighting specific features, you can make your property more attractive to buyers.
For example, currently, buyers typically look for:
- Large, private garden spaces for spending time outside.
- Home offices or private areas that can be converted into offices.
- Separated living, family, and work-related areas.
- More interior space.
- Available features like high-speed internet (fibre).
- Nearby no-contact delivery services.
According to a very recent study by PwC, over 84% of South Africans would prefer working from home with minimal face-to-face interaction. A large majority of these workers will likely start to look for ways to work from home comfortably.
People have also grown accustomed to having easy access to certain services such as no-contact food and grocery deliveries. If your property has any of the features that these individuals might be looking for, make sure to highlight them in your listing or marketing paraphernalia.
Price to Sell
In a seller’s market, you can inflate your asking price a little to get a better deal. Unfortunately, that trick won’t benefit you in a buyer’s market. While you don’t necessarily need to drop your price to rock bottom, it’s a good idea to set it within a reasonable bracket.
You’ll be more likely to attract interest if buyers find the price appealing and fair.
Consider Each Offer
Negotiation is a crucial part of buying and selling property. An offer may look unappealing at first glance, but that doesn’t mean you should dismiss it immediately. Buyers will often try to come in with a lower bid to leave room for negotiation.
If you don’t have experience negotiating a property sale, turn to your agent for help. They’ll be able to spot a potential good offer while helping you arrange for a better one with the buyer.
Choose the Right Partner
There are many real estate agents in South Africa, and new ones will frequently pop up while others eventually close their doors due to inexperience and poor practices. That’s why it’s absolutely critical to choose a knowledgeable partner that fits your needs.
Consider factors like:
- Proven track record
- Online reviews
- Customer references
- Industry knowledge
- Support availability
You can also look at some of the properties that the agent is currently listing. It’ll give you a good idea of whether your property would be a match for their portfolio and if they have the skills to market it successfully.
Conclusion
Even though the South African property market currently favours buyers, it doesn’t mean that you shouldn’t sell your property. Be patient, look for opportunities, and consider every offer you receive carefully. If you’re not in a rush to sell, take your time and make the right decision. Most importantly, find the right partner to help you list your property. Idwala Property Group is a trusted and highly regarding national real estate company with a proven track record of success. Our passionate team of industry experts can help you list and sell your home and get the best deal on your property.