Property posers: discounts aplenty for bargain hunters
It’s not a great time to sell your house but there’s discounts aplenty to be had for bargain hunters, writes Joan Muller
Anecdotal evidence suggests that South Africans who are trying to offload their properties — especially those who live in higher-income areas where average prices exceed R4m — are typically waiting at least six to 12 months to find a buyer.
More worrying is that even if you get an offer it is likely to be markedly below asking price. Sellers who bought a property after 2014/2015, when house price inflation peaked, are even likely to get less than the outstanding balance on their home loan — the dreaded negative equity scenario (depending of course on how large their cash deposit was).