Transferring the ownership of a property from the seller to the buyer can sometimes be a complicated and misunderstood process. “Understanding the transfer sequence and having all the necessary documentation at hand before the start of the process will ensure that everything progresses without incident,” says Goslett.
This is according to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who says the process involves a number of parties, many of whom have conflicting interests.
“Regardless of each party’s interest in the process, all have to work together and coordinate their efforts to ensure that the documentation arrives at the Deeds Office simultaneously” says Goslett.
“Certain parties, such as the real estate agent, mortgage lender and bond originator, who have a financial interest in the transaction, often want the process to be concluded in the shortest possible time frame, much like the buyer and sellers themselves.”
He says understanding the sequence of events during the transfer procedure will assist buyers and sellers to accurately monitor the process and provide them with an idea of the time remaining at each stage. “On average the process can take around three months, starting from the date of sale and ending with the property being registered in the new owner’s name,” says Goslett. Whether you are looking to buy or sell, knowing the value of a property is an important step in the negotiation process. As such, it helps to know what factors play a role in property valuation.
There is a process involved, and being knowledgeable of it means you don’t have to “guess” the value of the property based on superficial elements
The primary factors that professionals use to value a home include:
These are quick and easy guidelines, but as any professional will tell you, there are a number of other factors that can also play a role, such as:
Hire an estate agent It’s always best to go to a professional. Estate agents can provide a CMA (Comparative Market Analysis) which will take into account market forces along with the value and selling price of other properties in the area.
Estate agents have an understanding of the property market, and the factors that play a role in property valuation. As well as providing an estimated property value, they can advise property sellers on whether they should attempt to sell above or below market value, and by what margin.
Use online valuation tools You can use Property24 to check property trends throughout South Africa. This tool allows you to see the seasonal and long-term changes in property prices and sales throughout the country.
Simply enter the suburb you wish to analyse and you’ll see stats such as:
Average asking price. Number of properties on the market per month. Sold properties. Total properties for sale. Who owns property in South Africa. Market value versus selling value Determining the market value of the home is just one step in the negotiation. If you’re the seller, you should not assume that the property price will end up being the same as your perceived selling value. Different factors can play a role.
For example, whether we’re in a sellers’ market or a buyers’ market. South Africa is currently experiencing a buyers’ market, which means the supply of luxury homes is exceeding the demand. As such, a seller may be forced to price the home well below the perceived value in order to offload it.
The negotiation game For home buyers, the market value makes a useful guideline for negotiating your offer to purchase. You don’t want your offer to be too far below market value, but an estate agent can advise you on your chances of securing a bargain deal.
The current buyer’s market provides the perfect opportunity to secure homes at below market value. If you’re looking to purchase a property, evo offers you tools that can make the home buying process easier.
If you are just thinking about buying a home, or are ready to put in an offer, evo gets you the best deal on your home loan – for free. To make the home-buying process that much easier, evo also offers a range of home loan calculators to help make the home-buying process easier. Get prequalified for a home loan with evo, then, when you’re ready, you can apply for a home loan with evo.