When is it too soon to sell a residential property you bought?
By: Brendan Michie, Director at Hammond Pole Attorneys
Whether or not South Africa will experience a buyer’s or seller's market for property in 2024 is challenging to predict, but several factors point towards a potential buyer’s market for some time to come. The economy is expected to remain weak, which will reduce the number of prospective homebuyers due to affordability constraints. High interest rates will lead to higher borrowing costs, indicating a market where buyers may have more bargaining power to potentially lower prices. On the other hand, a shortage of affordable housing in certain areas could push property prices higher, potentially supporting a seller’s market.
Either way, it is important for potential sellers to monitor evolving market conditions and educate themselves a...