A little over a year ago buying and selling property was simple, but now things are different. Increasing bond rates and deteriorating confidence in the property market are leading to house prices remaining flat.
?The current market situation means that it is now a buyers? market with many sellers being forced to lower their expectations and compromise on price,? says Linda Erasmus, CEO of Fine & Country South Africa.
Erasmus, together with JP Dippenaar, Maxvest CEO, provides sellers with several tips on how to get the best price for their property:
- Tidy up
Most potential buyers would agree that they find the sight of an untidy house a major turn-off. ?Don?t wait until the first buyer walks in the door. De-clutter inside and out before the estate agent comes to take photos of the property,? says Dippenaar. - Tackle DIY disasters
Poor building work or DIY is in no way attractive. ?Replacing cracked kitchen or bathroom tiles costs next to nothing and takes very little time, but failing to replace them gives the impression of a run-down home,? comments Erasmus. - Go green
Global warming is the buzz-word. Environmentally friendly features could help a property stand out from the crowd. ?While green is the way to go, it?s still wise to get a local estate agent to estimate how much value ?going green? would add to the property before embarking on any expensive projects,? says Erasmus. - Be flexible
?Make sure you are able to show your home on short notice,? comments Dippenaar. A good rule is to consider the potential buyer?s time schedules. For instance, if the home is likely to appeal mostly to young professionals, choose an agent that can show properties after 18:00 and on both Saturdays and Sundays. This will improve the number of viewings and if the property has a garden, consider investing in some garden lights. - Be realistic
When setting the price, the seller should look at what other similar sized properties are selling for and then weigh up how desirable the property is in relation. Also, consider getting an in-depth valuation report from the ?Property Price Index?. - Add value
If the seller is prepared to take on a building project, such as adding an extension, it can add thousands of Rands to the value of the property, even in a buyers' market. ?In order to ensure that you don?t over-capitalise on renovations, speak to an estate agent about the realistic price that could be achieved once renovations are complete and ask an architect how much the project is likely to cost. The difference is your approximate profit,? says Dippenaar.


