How long does a property take to sell on the Western Seaboard?
Category Cape Town Property Market
A 'property listing period' is what is known as the number of days between the time a property is first listed for sale and the time it takes for an offer to purchase to be accepted by the seller.
Typically, listing periods tend to be shorter when demand is high, and longer when the number of sellers exceeds the number of potential buyers. This is a strong indicator to assess when trying to determine whether the market is moving in favor of buyers or sellers.
According to the latest statistics from First National Bank, the average listing time nationwide has been decreasing since last year. It fell to 67 days in Q4 2020 from 76 days in Q3 2020. The main reason for this is the significant decrease in asking prices and actual sales prices (from 13% in 2020 to 10% in 2021).
Currently, in the Western Seaboard property market, the numbers indicate that the market seems to be swinging into what could be thought of as a seller-friendly market, particularly in the price brackets below R3 Million. We are seeing that sellers who price competitively from the start could expect a sale within the first 6 weeks of listing which is the ideal listing period to sell a property. When the listing period exceeds the 6 week mark, purchasers typically start asking the question, "why hasn't the property sold?". Thereafter, cheeky offers can come into play and ultimately a lower price is achieved as the property becomes "stale".
Therefore, it is vital that if you are considering selling, that the starting price of the campaign is strategically taken into account to ensure the highest impact from day one. At Quay 1 International Realty, we also make use of parameter advertising strategies that have been highly successful over the last decade globally. Our professional brokers are equipped to discuss the various strategies with you to ensure that you maximize the return on your
investment. CLICK HERE
Author: Ryan Greeff
