Finding property bargains through urgent sales – and dangers to avoid
It’s a property buyers’ market, especially for bargain hunters in the higher price ranges
Investigate the structural integrity of the ‘bargain’ before you buy
It’s an opportune time for buying property.
Interest rates are lower than ever, and many people are forced to sell as the economic fallout from Covid-19 continues.
In the second quarter of 2021, 22% of property sales were by people relocating while 21% were by people suffering financial distress.
Urgent sales – whether a distressed property or relocating seller – can be a great opportunity to scoop up a home in a good neighbourhood.
Africa Melane interviewed RealNet Holdings Managing Director Gerhard Kotze.
Kotze gave advice on finding a good, discounted home – and on false bargains to look out for (scroll up to listen).
Below R1.5 million, there’s a very active market… But in higher price ranges… there’s a lot of stock on the market… That’s where you see a drop between asking and selling prices of between 8% and 15%...Gerhard Kotze, Managing Director - RealNet Holdings
For the bargain hunter, it’s a good time to be in property…Gerhard Kotze, Managing Director - RealNet Holdings
You have to look at the structural background of the property… which might be why the price is knocked down so low… We advise our sellers to get the inspection before they sell…Gerhard Kotze, Managing Director - RealNet Holdings
Source : https://www.123rf.com/photo_51418949_happy-family-standing-together-while-holding-a-sold-sign.html?term=black%2Bfamily%2Bsold&vti=mxpb7nyrbymyd5lorv-2-9