It’s no secret that the sale of a property is a multi-step, lengthy process. As a seller, you have to allow time both to find a buyer that will propose a satisfactory offer, as well as time for the registration and transfer process to be completed.
If you are looking to sell property in South Africa, then you’ve come to the right place. We’ll be taking a look at how long it really takes to sell property in this country. Read on for more.
Finding a Buyer
Finding an appropriate buyer for your property will depend on a number of factors. The average selling time for a property on the market will vary based on the suburb that the property is found in, the demand for the area, as well as the condition and price of the home itself.
Generally speaking, in an active market, a well-priced home that is in good condition can be sold in as little as three months, sometimes even less. The average time that a house spent on the market in 2021, according to the FNB Property Barometer, was 8.6 weeks, which is about 62 days.
When a Home Just Won’t Sell
Unless the conditions of the market have caused a scarcity of buyers in the area, or there are greater, uncontrollable macro-economic factors at play, if your property spends more than half a year on the market, you can assume that you have priced it too high.
This extended period on the market might also mean that your property requires repairs, or that your estate agent is not the best fit for selling your property.
Whatever the case may be, don’t give up hope - there is usually a perfectly logical explanation as to why your home has not been sold yet, and once you’ve determined what the reason is, you can work toward rectifying it.
Once the Home is Sold
After a property has been sold, the registration and transfer process will begin.
As a seller, you should allow for about three months for this to take place. It can take quite some time for all of the necessary documents to be put in place, but after they have been received by the Deeds Office, you can expect to wait another 10 working days for the office to process the property transfer.
The Deeds Office also has to cancel the existing bond, and register the new bond, which is why this is such a lengthy process. It’s all worth it in the end, though.
Don’t Rush Things
The reality is, there’s not much that you can do to speed up the selling process when it comes to property. If you’re really trying to make an urgent sale, you should partner with a real estate agent who will help you find eager buyers quickly.
Selling a property is, unfortunately, not a short process, but if you’re in a hurry, you should be sure to price your home a fair market value right from the beginning. Also consider involving an experienced real estate professional who can seal the deal quickly.