Property for Sale
Now is the time to find the perfect property for sale
As the world slowly returns to regular activities and markets pick up again across a range of industries, you may be wondering whether this is the time to venture out and make new investments, or whether you should hold out a bit more until the markets are more predictable. This decision completely depends on you, your aversion to risk, and the nature of the investment. However, if we are talking about buying property, the best advice is to start looking at what is for sale right away. The time to buy is now.
Here are five reasons why the current real estate market conditions favour the buyer:
- Prices are currently stagnant
While property in South Africa generally shows significant growth and thus great returns, the prices of properties currently for sale are relatively flat due to the market conditions of 2020. This makes it a great time to invest, knowing that the properties will again appreciate normally in the future.
- There is an oversupply of real estate
Due to the market slowdown, the typical property stays on the market for longer than was the case before. This has led to an oversupply of properties for sale, which means there are some excellent deals available.
- Some sellers are getting impatient
Due to increased waiting periods – or sellers who have been waiting for market conditions to improve before putting their property up for sale – some sellers are ready to do what it takes to secure a sale sooner rather than later.
- The power to negotiate favours the buyer
The combination of the factors mentioned above – stagnating prices, seller’s fatigue, and oversupply – gives buyers more power to negotiate strongly to secure terms that are favourable to them.
- Historically low interest rates
After multiple decreases in 2020 alone, South Africa now has the lowest repo rate it has had in many decades at 3,5%. This means that the interest rates on loans – including home loans – are more affordable and more accessible than they have been in decades.
With so much going for you as a buyer, you have now decided that this is the time to buy. The next step is to find the ideal property for sale. This can be a daunting challenge. So, where do you start?
- What is on your wishlist?
Make a list of all the features you want and need in a property. This ranges from the type of property you want (apartment, freestanding house, security complex) to features, such as the number of bedrooms, the size of the kitchen, office space, a garden, parking, and so on.
- Prioritise your wishes
Now that you have a list down, start prioritising the features. Chances are that you will not find a property with all the features at once, so which ones are must-haves, and which ones are nice-to-haves?
- Determine your budget
Know how much you can afford. This includes the price of the property for sale, the transfer fees, the financing costs, and rates and taxes. This will give you peace of mind that you can comfortably afford your purchase and help you to narrow down your search.
- Identify the location(s)
Where would you like to live? Are the amenities you frequent easily accessible from there? How about your commute to work? Take all of this into consideration to identify the areas that meet your needs before you start looking for a property for sale.
- Partner with a leading real estate agent
Unlock exceptional value by partnering with a reputable agent with specialist knowledge of the area in which you want to buy. They will be able to guide you to the best properties available and answer any questions you may have.
If you are looking for great deals on luxury property for sale in South Africa, get in touch with us at Fine & Country South Africa today.