Summer's here ... it's a great time to buy and sell ... what's your next move?
Category Property Tips
Heading into summer and those long endless days of sunshine along with the Springbok win has put us all in a much better mood. There are signs of improvement in the property market as summer is generally viewed as a busier time for a range of reasons.
It coincides with the new year which is often when more people look to invest in a new home, move closer to work or switch to a new neighbourhood. It is also when many new market entrants and first time buyers look to take their first steps onto the property ladder.
From the buyer's perspective
Summer is a great time to buy and buyers are often inclined to spend more boosted by the favourable buying conditions.
Prices have remained flat and there's more stock to choose from. Banks are more willing to grant home loans and approval rates are at unprecedented levels as we enter summer. Degreed first time buyers can even find bonds of up to 105% to assist with costs.
Finding the time to manage a real estate transaction can be challenging and the longer days of summer and school holidays gives buyers more time to shop around for their ideal home. Properties appear more attractive and brighter and, if the buyer needs to sell first, they may find more buyers over the summer.
From the seller's perspective
The longer days and lead-up to the new school year provides a good window to sell over the next few months.
People are happier in summer and homes appear lighter and brighter, all of which have a positive psychological effect. Buyers are likely to be more motivated and there's a good chance that sellers may get slightly better offers.
With more buyers around they may not want to lose out on their desired property and would not want a protracted negotiation period and are therefore likely to put their best offer forward. The sooner they can get the transaction out of the way, the better so that they can enjoy their year-end break and look forward to the new year in their new home.
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Author: Gina Meintjes
