Sellers overpricing properties by 20%-30%

Sellers overpricing properties by 20%-30%: Jawitz

Property sellers typically want their properties priced 20% to 30% above their real market value, which makes them less competitive than others on the market, according to Francois Venter, Western Cape regional sales manager for Jawitz Properties.

Venter said on Monday that some sellers did not realise that buyers had a lot more choice, and were far more patient than in the boom years of the property market.
The FNB Property Barometer's first-quarter estate agent survey showed an improvement in demand, but the bank said that this did not necessarily translate into more rapid sales.
"It is possible that tougher financial times have made many potential buyers more discerning, implying that they shop around for longer before buying," FNB said.
Venter said buyers used to view an average of 10 to 20 properties before making decisions and well-priced offers. Now buyers were viewing more than 50 properties before deciding whether to present an offer for the property.
"They're playing hardball and will only offer on a property they perceive as providing the best value for money," Venter concluded.

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