Buyers competing for sought-after homes priced below R2.5 million are in some instances pushing up asking prices, reports fixed-fee agency.
Not only are asking prices in this price band readily being achieved, they are also sometimes being exceeded, with these high demand properties selling in one or two days. This is occurring where buyers are submitting competitive offers, resulting in properties being sold for above the asking price.
Despite the lockdown, our sales volumes have increased significantly year on year by 166%, 366% and 200% respectively for the months of June, July and August 2020, while enquiries have also more than doubled over this period. Although we sell most homes in less than 30 days, we are recently finding numerous properties being snapped up in just a few days.
Given our business model and technological capabilities, we were well-positioned and ready for lockdown as our online systems were already in place, which meant we could adjust quickly and easily to the new regulations. Our offer and administration process has always been online, and going forward, more and more buyers and sellers are benefitting from this capability. They are already finding value, judging by the number of 5-Star reviews we’ve received on Trustpilot.”