Friday, 28 January 2011

So are you cutting your selling price too!

With the average time properties being on the FOR SALE market being 15 WEEKS and 6 DAYS it is no surprise 80% of sellers are being forced to reduce their asking price.

As a seller get real guys...or wait it out if you can.

Back to basics is the name of the game with YOUR HOME being the highest demand in the buying/selling market and anything else that is non-essential is put on hold for now.

So agents love the low interest rates but hate the fact that the banks are tight with their lending criteria, the mortgage brokers are sweating blood and from what we hear it takes on average 4 attempts per bank to get a positive answer - no wonder they are barely surviving this market, its tough out there.

Reasons for selling are a real mixed bag but from surveys taken:

17% are downscaling due to financial pressure

18% downscaling because they are getting older

10% are emigrating

8% relocating within South Africa - probably all going to Cape Town.

15% because of change in family structure

9% want to be closer to work or schools

So its still a buyers market for sure.


Doug said...

Tough being a mortgage broker in this market , but I still reckon they have it easier than the car sales guys. Spoke to a guy last week and these guys are in pain.

I am hoping that 2011 picks up for property and vehicles.

vermogensbeheerder said...

Cutting a selling price is not quite a good idea actually. Although it can also help in developing such business. But as a seller, you are aiming to have a high income even mortgage brokers needs to have high percentage in their service for them to have a high income.