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Selling your home in a buyers market: What you need to know

The property supply may outstrip demand in a buyer's market, but here are some ways that you as a seller can take advantage of the situation.

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Article summary

  • A buyer’s market means the supply of properties outstrips demand.
  • Sellers can take advantage of the buyer’s market by making their pricing competitive and making adjustments that will help their property stand out.
  • Hire an estate agent to get insight that will grant you the edge.

It’s important to keep up with property trends, including whether the property market favours buyers or sellers.

As of 2023, South Africa remains a buyer’s market. This means that:

  • Supply of houses outstrips demand.
  • Homeowners have to reduce their asking prices.
  • Homes take longer to sell.

Should you take your home off the market?

No; a buyer’s market means it will be more difficult to sell, but not so difficult that you should give up on selling. Follow some of the tips below and you could benefit from the buyer’s market by beating other sellers to the punch.

How to unlock the buyer’s market

  • Make your property stand out. For example, make it better suited to a work-from-home lifestyle (which has become popular in the wake of COVID), or incorporate more green technology. It’s the little touches that can make all the difference.
  • Find out competitive pricing. This will require some market pricing on your part. Find out what homes in your area are priced for and make your pricing competitive.
  • Consider all offers. Operating in a buyer’s market means you can’t be picky about offers. Remember that an Offer to Purchase is simply the beginning of the negotiating process, so allowing more offers will put you in the position to negotiate better deals.
  • Hire an estate agent. Professional advice will give you the edge you need. An estate agent will provide insight into the market and help you settle on a competitive price.

Where the demand is

  • Affordable housing is a solid investment thanks to the influence of First Home Finance (formerly known as FLISP). This is a government subsidy aimed at low-income earners, helping them obtain affordable properties.
  • Luxury properties are still a solid investment thanks to foreign interest. Foreign buyers are snapping up whatever properties they can, giving you access to a bigger market. This demand is unlikely to decline even in a buyer’s market.

How sellers benefit from the buyer’s market

If you’re looking to sell your property to fund a property purchase for yourself, then you too will benefit from the buyer’s market.

In this case, you can get the best deal on your home loan by applying with ooba Home Loans. We submit your home loan application to multiple banks so you can compare deals and choose the one best suited to your situation.

We also offer a range of tools that can make the homebuying process easier. Start with our Bond Calculator, then use our Bond Indicator to determine what you can afford. Finally, when you’re ready, you can apply for a home loan.

Get a free home loan comparison.

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