Property prices correcting.
When the residential property market is correcting – as is currently happening, especially in the Western Cape – pricing a home correctly becomes all the more important.
This is according to Crispin Inglis, co-founder of online estate agency PropertyFox.
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When the market is correcting, it takes a bit of time for sellers to realise that, although a house down the road might have sold for more in the past, that is not necessarily in line with the market anymore, explains Inglis.
In general, across the country, the property market appears to be stagnant and the annual growth in house prices is slowing. If one takes inflation into account, real house price growth is declining actually.
Currently, residential property stays on the market for an average of four months before it is sold – up from the previous average of three months.
According to Inglis, the Western Cape residential property market had an interesting year having to face challenges which included the impact of the drought.
Author: Crispin Inglis
Original publisher: Fin24