Many property owners in the Western Cape are finding it difficult to sell their homes because they simply will not adjust their price expectations, says Mike Greeff, CEO of Greeff Properties.

“We have had a year and a half of media reports about the need to be realistic in pricing but, amazingly, there are still people who take no notice of this advice.”

Many property owners, he said, believe their homes are still valued at around the same level as the last property boom without taking into account that the housing market has changed significantly in recent months.

Previous high interest rates and the rising cost of living limited what first time property buyers could afford to spend and the decline in this sector has had an effect on the entire property market.

“If you are selling your home to purchase another property, you need to be aware that you are in the same position as other property sellers. You may get a little less than you planned for your home – but you will also save on the purchase price.”

Selling a home in the current housing market, said Greeff, calls for flexibility and realism.

“Whether you are planning to upgrade or downgrade to another property, you will find that the home you plan to buy is affected by the same pricing trends as your own – so what you lose on the swings, you will gain on the roundabout.”

Before making an offer, says Greeff, it is very definitely worthwhile to check current prices with those local estate agents who have databases.

“If they assure that prices are still well below their previous highs, you will have ‘ammunition’ to negotiate a more realistic price.

“It has been said again and again, but it is always true that sellers must accept that overpricing is counter productive. It leads to the home sticking on the market for months on end and results in the seller not being able to buy suitable new properties as they become available – yet there are still people holding out for unachievable high prices.”

Article by: www.greeff.co.za