With interest rates skyhigh and homeowners struggling to sell their properties in the current South African property market conditions, are auctions a viable option?
Pretoria Homeowners under pressure to sell their property may choose to auction it in the belief that this is a quicker process that will reach a wider buying audience.
But in the current market conditions, says Tjaart van der Walt, CEO of the RealNet property group, this does not necessarily hold true. “Our experience shows that auctions to sell residential property are not drawing large numbers of interested buyers – and on average only one out of five properties currently offered on auction actually finds a buyer.”
Maryna van der Merwe of RealNet’s Polokwane office agrees. As regional chairman of the Institute of Estate Agents of SA, she has received reports from disappointed homeowners in Limpopo Province who went to considerable expense to put their homes on auction, just to find very low attendance and no offers that even matched the reserve price.
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