Price will tell how quick your home sells

The sale of a property involves multiple steps and can be a lengthy process.

Finding the appropriate buyer will depend on several factors. The average time on market will differ from suburb to suburb and will depend on demand for the area as well as the price and condition of the home itself.

Our latest National Housing Report reveals homes priced R800 000 to R1.5 million account for 28% of all transfers. However, homes priced over R3 million account for just 6.8%.

Because demand is much higher for homes priced below R1.5 million, they will be much quicker to sell. Homes that are move-in ready and do not require any repairs or renovations also tend to sell quicker than fixer-uppers.

On average, a well-priced home in good condition in an active market should be sold within three months or less. The FNB Property Barometer for October 2021 stated the average time on market was 8.6 weeks, or 62 days.

If a property is on the market for more than six months, the seller should assume the home has been priced too high, repair work might be required, or the estate agent might not be the best fit for the job.

Once a home is sold, the transfer and registration process begins.

Sellers can allow for roughly three months. It can take a while to get the necessary documents in place, but once these are received by the Deeds Office, it should take 10 to 15 working days for the Deeds Office to process the transfer, cancellation of the existing bond and registration of the new bond.

There have been backlogs and delays caused by Deeds Office closures due to Covid. The transferring attorneys should keep the agent and the seller abreast of any delays as and when these occur.

Those in a hurry to sell should price the home at fair market value and involve an experienced real estate professional.

Goslett, regional director and CEO of RE/MAX of Southern Africa