In 2022 we have already seen a couple of changes to the real estate industry. One of these changes is the Prime Lending Rate which have been increasing steadily from 7.25% at the end of 2021 to 7.50% in January and 7.75% at the last meeting in March. Should this trend continue we will be at 8.75% on 24 November 2022 with four more meetings left for the year, 24 November being the last one.
Putting this into perspective, the monthly repayment of a R 1 000 000 bond over 20 years at prime was R 7903.76 in January 2022 compared to R 8 837.11 at 8.75% at the end of 2022.
In the market where we sell most of our listings, +/- R 800 000 to R 3 000 000 it doesn’t seem as if anything has changed as buyers are positive and keen to buy. Many of the over-priced properties are falling away and the ones that are priced right sell within days of being listed leaving a gap in the market where there is a current shortage of well-priced stock.
“Well priced” does not mean that you are giving away the property. It merely means that a professional valuation has been done, considering current sales and listing stats in the area, street, complex, estate etc. Very important is also taking into account the current condition of the property, upgrades, defects, additions etc etc. Once all of the above has been established, an informed decision can be made about price.
Having sold many of our listings recently, we are once again, as always, looking for more properties to list and sell. We currently have buyers made up of investors, buyers buying for themselves and even tenants looking to get into the market, but we need stock. Two- and three-bedroom townhouses between R 800 000 and R 1 250 000 are very popular. Full title cluster properties as well as Estate properties and residential family houses between R 1 200 000 and R 3 000 000 are just as popular with buyers getting between 90% to 100% bonds in most cases where they don’t have bigger deposits.
The areas where we need stock is quite wide, from Ruimsig / Amarosa through to Little Falls, Strubens Valley, Wilgeheuwel, Honeydew Ridge, Honeydew Grove, Radiokop Allan’s Nek etc. There is definitely a shortage of well-maintained, well priced stock in the market. If you currently have your house in the market and it is not selling, it is probably over-priced or it needs a lot of work for the current listing price. Buyers do not mind paying a bit extra but then the property has to be worth it.
In summary, we need:
- Townhouses & Apartments
- Clusters in complexes & estates
- Estate houses
- Single residential family houses
Our services when listing and selling a property included the following
- Professional market related valuation of the property
- Professional photos and virtual tours (where possible) done by www.mpicphoto.com
- Virtual tours are added to the listing on various websites as well as on the Steyn Realty YouTube channel.
- All listings have extensive coverage on all our social media platforms which are updated regularly.
What buyers like
Buyers (in general) like properties that are neat and well maintained so that they don’t have to do much. Tiles or laminate floors are preferred to carpets. Cupboard space in the kitchen and bedrooms are important. With many people working from home these days, room sizes are quite important. Kitchens have to allow for more than one appliance that needs water as well as a bigger than standard fridges. Seems like everyone has dishwashers and big fridges these days. Additional plumbing in the garage is also a nice extra. A well maintained, neat garden without any overgrown bushes and trees makes a great impression.
As mentioned before we have recently sold many of our listings including an Estate Home in Le Mirage Estate for just under R 3mil, and several three bedroom townhouses in and around Wilgeheuwel of which one was bought by the tenant. Some of the properties that we sell don’t even make it to the big websites such as Property 24 as we match buyers and sellers even before listing.
To see our current stock please visit or website at www.steynrealty.co.za … some of the available stock include:
- 3 Bedroom 1st floor apartment in Weltevreden for R 595 000 with very good rental income of R 6200pm excluding water & electricity usage
- 3 Bedroom duplex in Honeydew Manor for R 1 195 000
- 3 Bedroom simplex in Wilgeheuwel for R 1 285 000
- 3 Bedroom simplex in Ruimsig, Hole in One for R 1 250 000 sold with a tenant that has paid in advance until Feb 2023. Rental income on this one is R 9500pm excluding water & electricity usage.
- We also have a sectional title office in Little Falls in an office park, 100m² of office space including a reception area and board room, sold with furniture and current partitioning for R 1 450 000 …. This one isn’t listed yet.
- Then we also have a 2.2has Smallholding out in Helderblom, a BnB, Guest houses setup for R 6 500 000 as well as a 176ha farm in the Sterkfontein area for R 12 900 000
The rental market is doing well but once again this is very price sensitive and Landlords have to be careful not to price the property too high and therefore lose out on potential tenants.
Our rental offering includes procurement, placement and monthly management of the account making sure that levies and other expenses are paid and dealing with general maintenance issues that might come up from time to time. We currently have +/- 70 properties on our books of which 90% are sectional title units.
We also have some available rentals which can be viewed on our website at www.steynrealty.co.za
For more info on any of our services, sales or rentals, please do not hesitate to give us a call.
Marnus: 072 264 7806 or email email@example.com
Juanita: 083 604 1231 or email firstname.lastname@example.org
You are also welcome to WhatsApp us with your query or to arrange a valuation.
… YOUR SALE IS OUR GOAL …
For all our stock …. Click here