As of July 2022, house prices in South Africa are expected to drop for the seventh consecutive year in 2022.
Home sellers are being more realistic in their demands due to the post-COVID economic struggles.
Many home owners are also selling up quicker so they can buy homes in more remote areas and take advantage of the work-from-home lifestyle in more scenic surrounds.
The average time for houses to be on the market was 8 weeks in the fourth quarter of 2021, indicating that sellers are asking for lower prices and thus selling up quicker.
If you want to take advantage of lower house prices, you should get prequalified with ooba Home Loans.