With the whole world recovering from Covid-19 lockdown and a dramatic 2020 brimmed with corruption and ill politics, the questions most people are asking are; When is the right time to buy property? And, will my investment be safe?
Although the property market countrywide experienced extreme precariousness, the Tzaneen property market however remained stable and to an extend showed drastic improvement.
Properties that have been on the market for more than 12 months now matured into the correct price range and are actually now selling.
Sellers have become aware that putting their houses on the market at the correct price will guarantee a quick sale.
With the interest rate cuts buying a home has become more affordable to buyers, making it a very feasible option when you consider renting vs buying.
Tzaneen has a very low level of stock and considering the fact that buyers and te- nants are both competing in the same pool, the search in finding a home to purchase has even intensified.
However, buyers still remain a little reluctant to take the plunge. So we return to the question haunting buyers. Is it safe to buy property in this whirlwind of unpredictability? Our answer…Yes, yes, yes.
Firstly, buyers should take advantage of the low interest rates and the banks willingness to finance. Secondly it will not help to wait for the prices to go down while the contrary is eminent and statistics proves that the prices are indeed surging.
Due to the infrastructure in Tzaneen, or rather the lack thereof, there are very few developments, and chances of Tzaneen growing extensively is unlikely.
Prices in Tzaneen increase YOY (Year on year), between 11 and 20%, in comparison to Pretoria for instance where prices increase between 5 and 9%. Mainly due to the slow development rate.
Sellers are certainly also taking advantage of the same fact that prices are increasing when putting their properties up for sale. However sometimes sellers decide on pricing without consulting with their local estate agent who have first hand experience of the prices in their distinct areas.
This might be a great concern seeing that buyers might then put in offers below market price presuming sellers should accept due to desperation or financial strain which is definitely not the case.
Sellers still have the proxy to decline low offers and rather opt to counter offer. Holistically, serious buyers usually sign within the first 2 weeks of the property being on the market at the correct price and sellers also achieved the best price during this time. Therefore it is crucial that sellers price correct.
Investing in a property at any age is pro-ven to be the best investment one can make.
So for the best advice on how to get the best property deal, whether you are buying or selling, do not hesitate to call your local Seeff agent. Send an email with queries or questions to nicola.strydom@seeff.com or whatsapp on 082 447 1512.
