Sunshine and the property market
Category News
SUNSHINE & THE PROPERTY MARKET
There's something about that golden African summer sun that lifts our collective spirits. You can feel a buzz in the air with locals and tourists alike enjoying the great outdoors this country offers and it brings with it an optimism that fuels our economy and drives business.
And that also makes it a great time to buy or sell property.
SELLING?
There are some genuinely good reasons why the summer months are an excellent time to put your home on the market.
Homes look better
Get a prospective buyer to imagine themselves enjoying the lifestyle your property offers, and your chances of selling improve dramatically. And there's no better time than summer to showcase your homes enticing attributes - gardens are blooming, outdoor areas and pools look especially tempting, and sunlight floods and warms each room.
There are more people looking to buy
We always see an increase in the number of prospective buyers as the end of the year approaches and there are a couple of reasons for this. People tend to get their annual increases and bonuses around this time and, along with the new school year approaching, it's the time they start thinking about a new home or neighbourhood. It's definitely a sellers-market window and a smart time to list your property.
And they often want to move quickly
You'll find buyers are going to want to get the purchase done and dusted as quickly as possible so they can enjoy their year-end break knowing that there's a new home in the new year to look forward to.
It's the best chance for a better price
Why? Well firstly, with more buyers around and increased competition, and secondly - and again you can thank that summer sun for this - buyers are generally in good mood and will want to put their best price forward rather than endure a protracted negotiation period. We really do see a positivity about the property market over the summer with buyers keener to put pen to paper.
And bank finance has improved
There's this ongoing notion that property market is flat, but the reality is that buyers are finding it easier to find mortgage finance. The current positive mortgage lending climate and relatively low interest rate means that it's become easier to obtain finance ... and that means there are more people out there looking to acquire property.
BUYING?
If you're in the market to buy a property, there are also some very compelling reasons to see what's on offer.
For one thing, there's more to choose from
For all those reasons we mentioned above, there are more houses on the market ... which means that, as a buyer, you are going to have more options and a broader range of price points to choose from. You might even be able to take transfer soon enough to enjoy some of the summer in your new home.
Sellers are looking to upgrade... and downgrade
Summer is often the time when families are thinking about finding a new home closer to their kids new school, or to upgrade to a bigger house or better neighbourhood. It's also a time when older sellers decide that it's time for change and a downgrade to a more convenient lock-up-and-go lifestyle.
You're likely to have more time on your hands
Time ... it's by far the most valuable currency these days and finding enough of it to actually look for a new home can be a challenge when you're are so busy with work, children and other commitments during the busy year. Summer's longer days do allow you to get more done, plus the December school holidays can also free up some time. Managing a real estate transaction is also time-consuming and so you'll appreciate that little extra bit of time the summer suns affords us all.
The banks are in a good mood too
There has been a notable improvement in the lending landscape, both in terms of the number of bonds granted as well as the loan-to-value. This, along with all the feel-good factors summer brings with it, make it a great time to make your new property purchase.
So yes, we're really feeling positive at the moment. The country is in a better place - thanks Siya and Rassie! - and there are some very encouraging signs in the property market that these summer months will only amplify. If you're looking to buy are sell, the time is now...
Author: Gina Meintjes
