Buy, buy, buy - it’s a buyer’s market
PUBLISHED 15 SEP 2019
For years - make that decades - Cape Town residential property prices were rising so fast that many would-be buyers gave up on the idea of owning a home altogether.
If you’re one of them, we have good news: prices are falling, and it’s a buyer’s market. There has never been a better time to invest in a Cape Town home.
Prices fall with lower demand
It’s no secret that South Africa is going through turbulent times, and the Cape Town housing market is feeling the pinch.
Homes that were selling for upwards of R20 million are now going for significantly less - up to 40% less in some cases. The same trend can be seen in the apartment market, with beautiful units on the Atlantic Seaboard selling at 2011 prices.
Homes are taking longer to sell
With fewer foreign and local investors willing to splash out on astronomical home prices, houses in Cape Town are staying on the market longer - often for more than 3 months.
This combination of falling prices and slow sales puts serious buyers, who are willing to make an offer immediately, at a big advantage. That could be you.
A smart strategy for home buyers
If you’re in the market for a Cape Town home, we believe that now is the ideal time for you to view properties and put in an offer. Here are some tips that will help ensure a successful sale.
- Don’t pay less for a home you wouldn’t want to live in - no matter how attractive the price.
- Check out similar homes in the same area and take note of their selling prices - the Cape Realty team can assist you in finding this information.
- View as many homes as possible before you put in an offer - remember, the ball is in your court as a buyer right now.
- Don’t be afraid to make a competitive offer, even if it’s lower than the market price. Your agent can advise you as to the right price that has a good chance of being accepted by the seller.
If you’re ready to explore the Cape Town residential property market, contactus today. Our team is on hand to assist you.
Image Credit: https://pixabay.com/photos/sale-sold-hand-signature-house-3701777/