There is no perfect time to sell in South Africa but there are many factors that could push you to sell that were not there before. For example you may be expecting a new baby or you may have gotten divorced, we cannot always control the timing but make an informed decision before you do put your house on the market. Below we look at the seasons, location, market conditions and personal reasons to help guide you to the right decision.
Factors to consider when choosing to sell your house
As the seasons change, so do we, and so does the property market. Believe it or not, as the natural elements like the weather change so do our behaviours. The weather and school holidays may influence our behaviours, as we tend to go away in the warmer months or to hibernate in the colder months.
If you are selling in an area with a lot of good schools, you could consider a strategy that allows you to sell at the beginning of the term or school year to parents who want to secure a new address near their chosen school.
Bear in mind that it takes on average three to four months to sell a house, and another three months to register the property so the reality is that there will be buyers throughout the year. A good, qualified property expert will help you create interest with potential buyers any time of the year.
Selling your home in summer
A lot of homeowners work hard to get their homes and gardens in tip-top shape for the summer holidays. Not only are they making it more appealing for family and other visitors at this time of the year, but it will also appeal to potential buyers. Set the scene and help them imagine their future holidays with friends and family.
Selling your home in spring
Spring is a fantastic time to list. The seasonal change offers the perfect time to do some spring-cleaning and to get your home in great shape before putting it on the market.
People are happy and relaxed as the temperatures begin to rise. During this time of the year, homeowners may want to take advantage of the fact that there is generally an influx of potential buyers during the warmer months.
Selling your home in autumn
In parts of the country, the most beautiful time of the year is when sweater weather hits. Gardens are gorgeous, and the weather is moderate, so people may be more likely to go out and attend viewings.
And when you sell your property in autumn, you will still have plenty of prospective buyers, but you may not have as many other properties to compete with. This could improve your chances of a quick property sale at the best possible price.
Selling your home in winter
There is a perception that it is not a good decision to list your property in the winter months, but there aren’t any real statistics to back that up.
We do find that there are slightly fewer homes that come to market in the winter months but, having said this, we still see an active buying market as buyers are always keeping an eye out for their dream home no matter the season! This is partly to do with the advent of the internet and property alerts. So, gone are the days of people having to physically go and see each house, if you are ‘in the market to buy’ you will ‘see/view’ everything online first and when you find something you like in the right area at the right price the season won’t matter.
Desirability of location
So, how does location factor into timing?
There is no one-size-fits-all approach because different regions show varying sales activity with higher demand in sought after areas or strong urban nodes.
According to Lightstone, the three biggest property markets in South Africa are Gauteng, Western Cape and Kwazulu-Natal. In 2019, these three areas dominated and, in the first 11 months, they represented 74.6% of all property sales in South Africa.
Gauteng was the top-performing province in 2019. Its major metros are steadily growing between 1% and 4%.
We do see many people moving within South Africa: Semigration or semi-emigration, this term is inspired by those who seek a greater quality of life away from the concrete jungle.
The key contributor to growth in property prices is the same principle across other fields of trade: supply and demand. When economies take a knock, it affects a consumer’s buying power. And when the demand for property drops, sellers have no option but to lower their prices.
Interest rates should be considered when thinking about the best time to sell your home in South Africa. It greatly affects people’s ability to buy property. Low-interest rates bring down the costs to obtain a home loan and create a higher demand for real estate.
So, if you want to find the best time to sell your house – consider market conditions. If a country’s economy is struggling, its property market will reflect it. Wait for signs of positive growth in the economy, before you put your house on the market.
Throughout our lives, we have evolving needs. When you find your home has become too big and too expensive to maintain, it might be a good idea to downsize. Selling your home is, after all, a very personal decision.
But before you decide to list, ask yourself why you are listing. If you do not have a good answer, maybe it is time to reconsider the sale.
There are also some ‘not so nice’ reasons why people may sell. We call these the 3 D’s – Death, Divorce & Debt. If you have experienced any of these bad experiences we will try to help you, to the best of our ability, to make the process as streamlined as possible.
Selling your home is a long process and includes various moving parts. It is clear that each situation is different, and this important decision is one that every homeowner will need to make for themselves.
Establishing when it is the best time to sell your home is not an impossible task, but definitely, one that requires some careful consideration.