‘It really is a buyers’ market’
http://www.iolproperty.co.za/roller/news/entry/it_really_is_a_buyers
‘It really is a buyers’ market’
The extent to which the conditions in the South African residential sector are now in favour of buyers has not as yet been fully appreciated by many people trying to sell homes, says Tony Clarke, MD of Rawson Properties.
“Twelve months ago,” said Clarke, “in the Rawson Group we were finding that the difference between the asking and the achieved prices was on average 15%, i.e. 15% down on the asking price. An analysis of the latest figures shows that the difference is now 22%. This really is a buyers’ market – we have not seen so large a differential for 30 years.”
Properties, said Clarke, are now on average taking four to five months to sell. A year ago the time lag between their coming on the market and being sold was six to eight weeks.