What NOT to do as a seller in a slow market
The property market naturally moves through cycles, alternating between conditions that favour sellers and those that benefit buyers.
Following the recent interest rate hike, market activity is expected to slow, but that should not discourage homeowners from putting their properties on the market. With the right approach and realistic expectations, properties can still sell successfully.
According to Adrian Goslett, CEO and Regional Director of RE/MAX Southern Africa, one of the biggest mistakes sellers make in a slower market is pricing their property above its true market value.
"Every homeowner has an emotional connection to their property, which often influences their perception of its value. Buyers, however, make decisions based on market conditions, comparable sales and affordability."
"Overpricing your home can reduce interest from the outset, especially as many buyers set maximum price filters when searching for properties online. If your asking price exceeds those limits, your property may never appear in their search results," he said.
Goslett said maintenance and presentation are equally important, as buyers often look for homes that are move-in ready, particularly when they are already managing higher borrowing costs.
Fix the small stuff
"Small maintenance issues, neglected gardens or poor first impressions can discourage buyers before they have even stepped through the front door. Investing time in repairs, decluttering and improving your property's kerb appeal can make a significant difference to how buyers perceive its value."
In a slower market, flexibility is another key factor in achieving a successful sale. Buyers generally have more choice and greater negotiating power, making it important for sellers to remain open to reasonable offers.
Goslett also advised sellers not to choose an estate agent based solely on the lowest commission. Instead, he said they should focus on finding an agent who offers the best service and has the experience to achieve the best possible result.
"During slower market cycles, it is even more important to work with a well-connected and experienced agent, even if they charge a higher commission rate," he said.
He added that an experienced estate agent can help sellers navigate changing market conditions with confidence.
"A qualified real estate professional will provide accurate pricing guidance, implement an effective marketing strategy and offer valuable advice throughout the selling process. In any market, realistic expectations combined with professional expertise give sellers the best opportunity to achieve a successful outcome," Goslett said.
