According to a recent article on fin24.com written by Carin Smith, the main reason why South Africans are currently selling their homes is downscaling due to financial pressure.
The estimated rise in sales for the sake of downscaling in 2019 increased by 3% from 16% in the first part of 2019 to 19% in the second part.
Carin Smith from FNB reasons in her article, that households are currently under financial pressure. Smith also determined that 60% of those who do sell, choose to rent rather than buy a lower-maintenance property.
However, the main reason why people were selling their homes in South Africa in 2019, remains scaling due to their stage of life (FNB report)
The general public's opinion on the street seems to be sales are mostly emigration-driven. However, Smith's report states that such sales have actually stabilized at 13.4% in the second quarter of 2019, and have since decreased from the 14.2% high in the first quarter of 2019.
Furthermore, Smith states the current housing market is moderately oversupplied, especially in the middle to upper-income ranges. Such oversupply causes a slower turnaround time for properties placed on the market, and only well-priced, value-enthused homes to sell rapidly. Smith's report further indicates that sectional title properties are over-supplied, while the demand and supply of freestanding properties are relatively evenly balanced.
According to the FNB report, homes sell a little faster than at the end of 2018. At the moment, a home may remain on the market for 14 weeks and 1 day, which is less than the average time of 15 weeks at the end of 2018.
The fact remains, homes still sell in 2019! Countless numbers of hungry buyers are scouting the residential property market to find bargains that offer the best value for money.
Simply present your home well and price it right from the start!
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