Selling your home? Find out what the timeline looks like.
Category News
When putting your home on the market, one of the most pressing questions is how long it will take to sell. While pricing your property correctly is the most important part of ensuring a speedy sale, there are a number of factors that determine how long it will be before your home's new owner is signing on the dotted line. Herschel Jawitz, CEO of Jawitz Properties, provides his insights on the length of time that it typically takes to sell a property.
Typical selling times for a correctly-priced property
"A typical family home or apartment priced at or below the R2 000 000 mark typically takes between nine and 14 weeks to sell," Jawitz reveals. "However, when a property is priced at a level where buyers can see real value, an offer to purchase can be signed within a week of the property being listed."
Jawitz notes that there is a significant difference between the above-mentioned timeline and the time that it takes to sell high-end luxury properties. "There are two reasons for this," he explains. "Firstly, many people selling such properties have the luxury of time on their side. They may not even have to sell their home before they move out. As a result, many such sellers may be less willing to bring the price of a property to a level where buyers see value and are prepared to make an offer."
The second factor that Herschel Jawitz points out is that the pool of buyers who can afford to buy luxury properties is far smaller. "This means that supply will almost always exceed demand, and that homes will take longer to sell. Luxury properties can sometimes be on the market for as long as two years."
Factors determining the speed of a sale
As the old saying goes, real estate is all about "location, location, location", and Jawitz points out that positioning is one of the factors that will have an impact on how fast a property sells. "Property in major urban areas such as Johannesburg, Pretoria, Cape Town and Durban will always be in much higher demand than property in smaller cities or rural areas," he explains. "These properties will therefore generally take less time to sell, while properties in leisure markets are likely to take longer."
Jawitz adds that other factors include size and the quality of finishings. "However, the final decision for buyers will be driven by the price of the property relative to these factors. Buyers generally look for relative value between properties, which is always underpinned by price."
What homeowners can do to help
While finding a buyer for a property is a job for a Jawitz #RealPartner, families wishing to sell their home can assist by ensuring that the home presents well. "As is the case with most things, first impressions count," comments Jawitz. "Make sure your home is clean, decluttered and inviting. Buyers need to be able to visualise living in your home before they will make an offer."
A second important point that Herschel notes is the need for a seller to trust the #RealPartner that they are working with. "In order to make the right decision and price their home correctly, the owner must be willing to listen to the advice that we provide," he says. "It is important to remember that the longer a property is on the market, the more likely it is that it will sell at a price lower than the market price. If it had been priced correctly from the start, this could be avoided." He explains that incorrectly-priced homes send a message to the market that the seller is not serious about selling his or her home.
Jawitz Properties believes that selling a property is a journey based on a strong collaborative process between the seller and their appointed agent. This journey involves ongoing communication, transparency and trust. With a strong understanding of pricing and value in the suburbs in which we operate, we are able to work with our sellers to maximise the value of their home by proactively driving buyer interest. Contact us for more information.
Author: Jawitz Properties
