Selling a property involves several steps and can be a long process.
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Sellers should allow time to find a buyer who will make an acceptable offer, as well as time for the transfer and registration process to be completed.
According to Adrian Goslett, Regional Director and CEO of RE/MAX Southern Africa, finding the right buyer for the house will depend on several factors.
He explained that the average time on the market will differ from suburb to suburb and will depend on demand for the area as well as the price and condition of the house itself.
“Our latest national housing report reveals that housing priced between R800,000 and R1.5 million accounts for 28% of all transfers. However, houses priced above R3 million only accounted for 6.8% of transactions.
“Because the demand is much higher for houses priced below R1.5-m, it will be much faster to sell these types of houses compared to houses priced above R3-m. Homes that are ready to move in and don’t need any repairs or renovations also tend to sell faster than properties that need fixing,” he said.
On average, Goslett said an inexpensive home in good condition in an active market should sell within three months or less.
The October 2021 ETF Real Estate Barometer showed the average time on market was 8.6 weeks or 62 days.
“On average, properties listed on remax.co.za were marked as sold in just 61.2 days last year,” Goslett said.
Goslett added, unless market conditions have caused a shortage of buyers in the area or there are larger macro-economic factors at play, if a property is on the market for more than six month, the seller should assume that either the house was appraised too high, repair work might be needed, or the real estate agent might not be the best candidate for the job.
Once a home has been sold, the transfer and registration process begins.
Sellers can allow around three months for all of this to happen.
“It may take some time to get all the necessary documents in place, but once these are received by the deeds office, sellers should allow approximately 10-15 working days for the deeds office to process the transfer of the ownership, cancellation of the existing bond and registration of the new bond,” he explained.
Due to Covid, Goslett warned that there were also several backlogs and delays caused by the closure of the deeds offices.
“Transferred attorneys should keep the agent and seller informed of any delays as they occur,” he said.
The reality is that selling a property is not a short process.
Those in a rush to sell should appraise the home at fair market value upfront and hire an experienced real estate professional who can close the deal quickly.
“The fact is, there’s not much a seller can do to expedite the transfer and registration process, so partnering with an agent who can find a suitable buyer in the shortest possible time will be your best bet. a seller when it comes to selling a home fast,” Goslett said.