Factors which could influence how long a property takes to sell
Category Property Tips
The ideal situation for any seller is for their property to sell as quickly as possible, and for the best price. This, however, is not always the case for a variety of reasons. It could for example be that the market has flattened out and offers are taking longer to come through, or it could be due to various other reasons.
Some of these include:
- If the asking price is too high, it can significantly delay the sale. To avoid this, sellers should ensure their price is competitive compared to similar properties.
- A poorly maintained or presented property is also likely to take longer to sell. It is always advisable to prepare the property before listing and for viewings.
- A slower market, especially due to high interest rates, also affects the time it takes to sell. The recent rate cut should hopefully enthuse more buyers and faster sales.
- Too much stock on the market could be another reason why a property takes longer to sell. In this case, a seller may need to consider a lower price to entice a faster sale.
- Location also plays a role. Good locations attract more buyers while busy streets and too much traffic might deter buyers.
- Overcapitalising on renovations can also affect the time that it takes to sell the property, especially if the seller needs to recover the costs.
- Unauthorised improvements or building plans can delay sales. Sellers should therefore ensure compliance and updated plans before selling.
- If the installations such as electrical, water, solar and gas are not compliant, this could also cause a delay due to repairs before compliance certificates are issued.
- Title deed issues, like servitudes or incorrect descriptions, especially on older or rezoned properties can also delay the sale as these may need to be resolved before transfer.
- Unfulfilled suspensive conditions such as the buyer's property sale falling through, or failure to obtain mortgage finance could also cause a delay for the seller.
The best way to ensure your property sells quickly, is to work with a local agent with a proven track record who knows exactly what buyers are looking for, and can give an honest assessment of the property, point out what needs to be attended to, and provide the right price guidance based on actual sales data and experience.
Property analysts believe that the market has now largely bottomed out which signals a good time for buyers who could reap long-term benefits if they buy at the right time in a stable area. This is good news for sellers too.
If you are thinking of selling, then now is a great time to talk to Seeff about what your property might sell for in the current market. A reminder that if you sell exclusively with Seeff right now, you could stand a chance to win R1 million in the Seeff Cash Prize Competition as we celebrate 60-years of real estate success.
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Author: Gina Meintjes
