The timeline of selling a home in South Africa
Property owners who list a home for sale, often wonder how long it will take to attract the interest of the right buyer. This article breaks down the average time a house on market can be sold in.
The timeline of selling a home in South Africa
Many home sellers expect to list their property for sale, sit back and see the offers pour in within a month. In reality, it takes much longer, however, new data from FNB show that on a national basis, the average time homes spent on the market decreased in the first three months of this year. FNB says it now takes around 14 weeks and 1 day before sellers can hand over the keys to the new owner. This time frame is down from the previous 17 weeks and 2 days, an indication that the market is headed into a positive direction.
At a provincial level, FNB reports that homes are scooped up faster in Gauteng, taking 14.93 weeks to sell in the greater Joburg Metro and 10.64 weeks in the Tshwane Metro. Properties are sitting longer on the market in Nelson Mandela Bay at 22.07 weeks. In Cape Town, an average of 15.21 weeks will pass before a home sells while the average is 20.64 weeks in Ethekwini.
There are a variety of factors at play here. Obviously, if the price is right, sellers will have no trouble sealing the deal. Often, homes in the lower value band attract more interest, which is why sellers and their agents tend to sometimes put a smaller asking price on the table to entice multiple offers and push up the value of the home.
The location and condition also affect a home’s appeal to buyers, but more often than not, it all depends on the market conditions. If it’s a seller’s market and homes are high in demand, property will sell faster. The opposite rings true in a buyer’s market where there’s an oversupply of real estate; property will remain on the market longer before sellers are able to secure a buyer.
