Is it a good idea to put your property up for sale in 2020?
This year has delivered a set of challenges unlike anything we have ever experienced in our lifetime. The coronavirus pandemic has caused a great upheaval in the economic landscape and has forced us to reassess the way we do business. The real estate market specifically has been hit hard and had to recalibrate to adapt to the new environment. If you were considering putting your property up for sale this year, chances are that you might be having second thoughts, and that is completely understandable.
We have rounded up a couple of facts related to the current property market – especially relevant to properties for sale – to help ease your mind and make a decision that is right for you. Even though the market might seem like it is in turmoil right now, or at least in limbo, here are some of the leading reasons why it is a good time to put your property up for sale:
- Buyers are eager
You might have heard people saying it is a buyer’s market right now. But remember, just because the market is favourable for buyers, it does not necessarily make it unfavourable for sellers. In fact, a favourable market for buyers tends to mean that there is an influx of interested parties, and that they are eager to find and seal a deal.
- Lowest interest rate in years
There have already been three interest rate drops in the past six months, with the potential of even further rate cuts. This means that the repo rate – the figure that determines the lending rates available from banks – are now at a mere 3,75%. This is the lowest it has been in about 50 years. In fact, the South African property market has not seen interest rates this low since as far back as 1973. This means that buyers can now consider properties for sale that they might not have looked at before.
- Appeal to international buyers
International buyers have always favoured South African residential properties, especially at the luxury end of the market, as these offered exceptional value for their money. And with the great weather, beautiful scenery, and vibrant culture here, who would not want to own a piece of this magnificent country? The recent drop in the value of the rand has made property here even more attractive. Favourable exchange rates mean more international buyers are looking at properties for sale in South Africa.
- Innovative sales techniques suited for luxury properties
The lockdown regulations have required property owners to be more innovative in finding ways to market their properties for sale. In the digital age we live in, online marketing has proven to be key, which suits owners of luxury properties perfectly. You get to weed out those who simply want to view the property with no intention to buy, thus avoiding a stampede through your house on viewing day.
Focus on these features to attract interest
It is important to note that the lockdown period has caused buyers to look at properties differently. Suddenly, features that may have been secondary considerations before have now taken centre stage. If you want to attract attention to your property for sale, consider highlighting the following features:
- Workspace at home – One of the lasting changes expected from the lockdown is more people working remotely. Highlight potential workspaces as a selling feature.
- Space for family – Due to separation during lockdown, more families are looking for spaces that accommodate communal living.
- Outdoor features – More time spent at home means a bigger demand for private outdoor spaces and features that facilitate home activities.
Partner with the right agent
If you have a luxury property for sale, get in touch with Fine & Country South Africa, the leading local estate agent focusing on the upper end of the market.