CEO Update
Category News
New balance is always hard to come by. As the market emerges from Lockdown, people are emerging either thrilled with their newfound love for their home or feeling the need for more living and working space. Previously well-defined spaces are morphing as homes play new roles, and living spaces adjust to serving new purposes. With the financial implications of a post COVID-19 world being well publicised, and highly speculated on, there are many who have put on their bargain boots and are on the hunt for the bargain of a lifetime. Many are ending up disappointed.
Post all major events of catastrophic proportions, the residential property market is always an excellent indicator of how the market will rebound and the lags expected thereafter. Since the easing of movement was welcomed back, our offices throughout SA have experienced a surge in activity with many high-end sales being concluded. As a boutique agency operating in the upper end of the residential market, we are noticing that Buyers' initial expectation to offer up to 30% below asking price has proven futile, as most Sellers will not let go of their prized assets for less than they deem reasonable.
Price counselling is an integral part of our role as Real Estate Agents, and we pride ourselves on ensuring our Seller's homes are appropriately priced for the market in which they find themselves, and that our Purchasers understand the inherent value of the property they're considering. Prices have on average declined by 10 - 15% from previous levels, but demand continues to climb. With low interest rates narrowing the gap between rental and ownership models, many are taking the conscious decision to buy up at previously unachievable levels.
Interestingly, supply has not ballooned since prior levels, with many owners deciding to stay where they are for the meantime.
Read our previous article here: https://www.hamiltons.co.za/news/brenda-gilbert/
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Contact Hamilton's Property Portfolio for all your buying or selling requirements:
Johannesburg (Head Office): 011 463 0155
Cape Town: 021 418-0328 or
Email to reception@hamiltons.co.za or admin@hamiltons.co.za
www.hamiltons.co.za
Author: Lisa