What is happening in the Simon’s Town property market?
Jun 4th, 2008 by
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We are all aware of the workings of a Ferris wheel up and down in a big full circle. That’s what is happening in our 
property market and has been happening for decades. Up and down in a big full circle.
The bad news is that our little property cart is not at the bottom yet and worse is still to come. Runaway inflation, petrol prices, food prices etc etc and then of course the hike in interest rates are all factors boycotting our pockets.
So what to do regarding property? Do we hang on to our homes wondering how to repay the bond? Do we sell at a reduced value? Do we jump in and buy more property as it is a “buyers” market?
The property market, like our Ferris wheel will turn. Don’t panic and sell your house when it’s the worst possible time to do so. If you’re struggling with your payments do everything in your power to hold on to your home.
If you want to sell, remember that the property boom is over, so price your property realistically. If it is overpriced it will take a long long time to sell and houses that have been on the market for an extended time get stale and you will have to drop the price even more.
Although there is already more supply than demand, with more interest rate hikes the supply will increase further. If you are a buyer you will notice that bargains will start to appear more frequently and you will be able to negotiate aggressively.
Homeowners who are able to stay on the Ferris wheel will survive and home-buyers who are prepared to wait a bit longer before they buy will benefit.
Not the scenario that estate agents want but the truth and nothing but the truth.
Have a great day
Elmarie Horak
P.S. There are homes for sale in Simon’s Town where the owners are willing to discount for R2 million or more. This amazes me. Why be proud? Why not reduce the price and cut your losses now.
ProMO SimonsTownRealty: Phone today at 021-7864028 or 082 870 2004 if you want to sell a Simon’s Town house, want to “a house to buy in Simon’s Town” or if you want FREE Real Estate advice.
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