4 Signs It May Be Time To Sell Your Home Soon
Category CEO's Message
Sell your home at the wrong time out of fear, and your decision can haunt you for the rest of your life. Hang on to your home too long in a time of financial struggle, and you could end up losing it all.
Are you on the fence about putting your home on the market but waiting for some sign of divine intervention to give you the green flag? It is hard to know when to sell something as personal as your home, especially in such a volatile market. Luckily, you don't need a crystal ball - just read the signs around you. From current market conditions to your circumstances and more, here are 4-signs to list your home soon.
1. Safety and Security
There are many reasons to put your family home on the market - from avoiding costly repairs and up-scaling to a larger home to better job opportunities elsewhere. However, one reason that stands out is safety. Crime in South Africa has reached epic proportions, and there have been a handful of house robberies and car break-ins in your neighbourhood. Adding to that, your next-door-neighbour just sold his 4-bedroom family home for a price you wouldn't sneeze at all. To put it simply - if your little one cannot ride a bicycle down the road, you don't feel safe jogging in the area, or if your neighbour just made bank flipping their house, which is the same size as yours, take that as a cue to call an Estate Agent right away.
2. Downsizing or upsizing
With South Africa's economy pushed to its lowest since the Great Depression, bond payments can strain finances. Further, there are also property taxes, insurances, rates and utilities, security installations, and maintenance and living expenses. If you're already struggling to set aside 1%-3% of your home's purchase price each year for indoor and outdoor maintenance and repairs and are spending way over a third of your monthly income on housing costs alone, it's time to sell.
The future is unpredictable, and it is far better to be realistic and downsize than wait for bad credit. Nevertheless, maybe you're an empty-nester ready to cash in on that big family home for a golden nest egg on the beach or in a gated estate on a signature golf course. On the reverse, if you're a remote working homeowner with equity on your side or your family is getting bigger, and you are shopping for a school or university district, then take that as a sign to rethink your living space.
3. The market is in your favour
2020 was a bumper year for sellers, with record-low bond rates triggering an unexpected wave of homebuyers. Because of those rates, and fewer houses on the market, residential property prices shot up. That means your house could be worth much more than you think. Selling a home is rarely a market-driven issue but a lifestyle decision. However, if you're seeing 'SOLD' signs throughout your neighbourhood, and your Estate Agent tells you that there is strong home price growth, jump onto the Real Estate wagon right away.
4. You have an agent on your side
It is essential to get a value estimation of your home. You can do this by using an online estimator or talking with a credible real estate agent in your area. It's also not uncommon to get free market appraisals - but not all Real Estate Agents are equal. Your Agent must understand South Africa's property market, and they must have an impressive portfolio to prove it. If you already have an Estate Agent with deep industry knowledge and experience coupled with an extensive network and a marketing division, take that as divine intervention. You are at the right place with the right people at the right time.
South Africa's housing market has emerged from its challenges
Supply and demand are key contributors to growth in property prices. When economies take a knock, it affects consumer buying power, and when the demand for property drops, sellers have no option but to lower their prices. However, SA's property market did 360, boasting a brilliant year with strong demand.
Low-interest rates - which are likely to remain low, paired with the highest number of bond approvals in over a decade, create opportunities for first-time buyers to enter the property market, as it becomes cheaper to buy than rent. As a result, sellers get their asking price, which means we're officially in a sellers' market. Yet, another divine sign to dip your toes in real estate waters.
We are moving from a buyers' market to a sellers' market
Despite economic difficulties and the pandemic, SA Real Estate forecasters predict that demand will exceed supply. Quality stock will be harder to find, and that will move us from a buyers' market into a seller's market, driving property prices up. For sellers who get off the fence - this is your market. For buyers - low bond and interest rates coupled with a wave of new and exciting properties await you.
So what are you waiting for? All the signs are there - and that means there is no better time than now to get in touch with Tyson Properties.
Author: Tyson Properties
