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Considering upscaling, downscaling or semigrating? signs that its time to move
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13th September 2022
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/ MEDIA STATEMENT / This content is not written by Creamer Media, but is a supplied media statement.
The COVID-19 pandemic has given rise to significant shifts in the residential property market. In the beginning, many were scaling back to clamber back on costs, however, as interest rates continued to dip between 2020 and 2021, many started to upgrade their homes and invest in bigger spaces. Now, with rising costs and major pressure on consumers, the market is changing once again.
Grant Smee, property entrepreneur and Managing Director of Only Realty Property Group, says that despite higher costs of living and a quick succession of interest rate hikes, the market remains surprisingly resilient. “While FNB’s latest Property Barometer indicated that the price growth of homes has slowed down (3.4% – down from 3.8% in May), there is still strong demand for homes as indicated in the market volumes that we are seeing,”
“This remains area and price bracket dependant.”
Smee adds that competition between the banks to secure home loans still favours homebuyers. “The banks continue to offer attractive interest rate discounts. ooba Home Loans’ latest statistics indicate that its customers achieved an average rate discount of prime less 0.30% – meaning that it’s still affordable and accessible to own a home.”
Upscaling, downsizing or semigrating?
Smee elaborates on key trends underpinned in FNB’s Property Barometer findings:
Signs that it’s time to move
With a lot of activity taking place in the homebuyers market, Smee says that there are various signs that one should note and that these decisions should be strategic. “Whether your reason for moving is centered around upgrading, downscaling or even semigrating, it’s vital that you keep these factors in mind to reduce your home’s time spent on the market and increase your chances of receiving your desired asking price.”
“So often we see a strong emotional attachment to a home. While this is a good thing, it’s easy to miss the signs that could put the sale of your home in jeopardy. I always advise both buyers and sellers to think rationally, rather than based on emotion,” Smee adds.
Edited by: Creamer Media Reporter
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