Buyer Market Continues To Dominate South African Property Scene
"Buyer Market Continues To Dominate South African Scene"
Johannesburg 3, 2024 the South African Property Market remained firmly in favor of buyers, with a surplus of properties for sale and low interest rates giving purchase the upper hand.
According to recent data, the natural average days to Selling a propety has increased to 120 days, indicating a buyer's market. This, combined with the current interest rate of 8.25 %, means that buyers have significant negotiating power in addition, many sellers are willing to consider offers below their asking price, making it an ideal time for buyers to secure a good deal.
The buyers market is most pronounced in the luxury segment, where high - end properties are taking longer to sell. However, all segments are experiencing some level of downward pressure on prices.
Industry experts advise buyer's to take advantage of the current market conditions, but also to be cautious to do thier research before making a purchase.