Why it's still a good time to sell in the current Cape Town property market
While the vast majority of the country has been stuck in a buyer's market for some time now, Cape Town has remained a notable exception for some time now. While broader market conditions have stagnated, they should likely get a nice boost, when the predicted interest rate cut finally takes place in the following few months. However, in the meantime, the Mother City still presents a unique opportunity for sellers.
If you're considering selling in the Cape Town property market, here's why you should:
Demand outstrips supply: The main reason why Cape Town property values are flourishing is due to the fact that the demand for properties still vastly exceeds the available listings. There are still hordes of buyers flocking from other provinces and overseas to grab their own slice of the Mother City, which has created a pocket of seller's market conditions.
Strategic pricing: When compared to other investments, it typically takes far longer to convert property into capital. However, by setting realistic prices aligned with market value you can expedite the sale of your home, even in the competitive Cape Town housing market. Our experience shows us that well-priced properties in high-demand areas are still moving swiftly.
Negotiation leverage: While buyers have the upper hand in many regions, sellers in Cape Town are continuing to enjoy a favourable position due to limited stock. This scarcity not only aids in maintaining value; it also provides significant leverage in negotiations. This means you can expect to receive your asking price and possibly more if you own a home in a particularly desirable area.
Potential sellers in Cape Town have been presented with an opportune window in the market while the rest of the industry waits for the interest rate to come down. When this inevitably happens, a fair amount of interest will be taken away from the Cape Town property market, as buyers may look to other localities to get more bang for their buck.
In the lead-up to this eventual cutback, sellers should be able to get more from the sale of their properties. For those considering selling, now may be an opportune time to discuss your options with a knowledgeable team that understands the current market's challenges and opportunities.
Understanding the specific trends and conditions of your local market is key, and if you're based in City Bowl or Atlantic Seaboard, then there's no one better than us!
Get in touch today!
28 Aug 2024
Author Seeff Atlantic Seaboard & City Bowl
