Overall, the latest economic and property market data points to continued weakness as we head into the second part of the year. With the so-called Ramaphoria-effect waning, analysts and economists believe that the challenges faced are deeper than anticipated and the economy and property market will take a little longer to recover than what we had hoped.
There is little we can do about the economic state and how this affects the property market. We therefore recommend that sellers and buyers guard against taking in too much of the negative noise around the economy. The reality is, that while the property market is not booming, it is still active in the high demand areas and price bands.
While there is no doubt that overall activity is down and price growth has slowed as an inevitable fall-out of a weak economy, we are still concluding sales on a monthly basis and sellers are still getting good prices.
The latest PropStats data for Rondebosch for the first six months of this year to end June shows that in the full title sector, some 39 properties have sold to the total value of just over R200 million (R203,586,000), and at an average selling price of just over R5,2 million. Expectedly, this is down compared to the first half of last year.
As a result of the weaker market, it also now takes slightly longer for properties to sell, spending on average around 81 days on the market. The average difference between the asking and selling prices has also widened to 9,9% compared to 7,4% during the first half of last year.
Although slower, there is still plenty of activity in the market, but what the statistics show us, is that price expectations seem to be out of step with the market.
Working with a strong local area agent who has been through the ups and downs is your best guide right now. This will ensure that your property is priced in the right range to attract buyer interest and that you get the best marketing advice for this market.
If you are serious about selling, choose a serious agent, don’t waste your time with online agencies who do not offer the stature and access to buyers, it is that simple.
Home is our Story and property our passion. With a demonstrable track record of sales success, Seeff agents know how to price and market your property. As experts in your area, you are in good hands regardless of your property needs, so be sure to contact us today!
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