Selling a home can be complex and time-consuming, influenced by market conditions, location, property condition, and pricing strategy.
Understanding how these factors play a part can help set expectations around the sales process. Adrian Goslett, regional director and CEO of RE/MAX of Southern Africa explains the overall condition of the real estate market is a primary determinant of how quickly homes sell.
“As things stand, the South African property market has experienced fluctuations because of poor economic growth, high interest rates, and political uncertainty around the elections,” he explains.
The average time to sell a property in South Africa might typically range from three to six months, though this can vary significantly from property to property.
On average, the time listed on remax.co.za before marked as sold was 70.3 days in 2023. In the Q1 2024 RE/MAX National Housing report, the average days until marked as sold dropped to 21.5 days.
Apart from the overall market conditions over which a homeowner will have no control, other specifics about the home might affect how long it takes to sell.
“The condition of the property is another essential factor. Homes that are well-maintained, modern, and move-in ready are more appealing to buyers and tend to sell faster,” Goslett mentions.
He notes properties requiring significant repairs or renovations might deter buyers, extending the selling period.
“Sellers are often advised to invest in repairs and home staging to make their properties more attractive to potential buyers,” he recommends.
Another factor that could delay the sale is the asking price. Goslett cautions overpriced homes, especially within the current economic climate, can linger on the market for extended periods, while competitively priced homes attract more interest and tend to sell faster.
“It is essential to conduct a comparative market analysis (CMA) to understand the pricing of similar properties in the area. Real estate agents can provide valuable insights and help set a realistic and appealing price,” he recommends.
“For sellers who want to expedite the process, it’s crucial to understand these factors and work with experienced real estate professionals to navigate the market effectively. By doing so, sellers can enhance their chances of a swift and successful home sale,” Goslett concludes.
