The property market is gaining momentum, and it’s an ideal time for sellers to capitalize on this shift, say contributors from Seeff Property Group.

Tiaan Pretorius, manager of Seeff Centurion, explains that the price is often the most crucial factor in attracting buyers. If a property is priced incorrectly or fails to offer value compared to the many other available options, it can hinder the sale process.

Determining the right asking price is a key challenge. According to Gerhard van der Linde, MD for Seeff Pretoria East, sellers often have inflated expectations of their property’s value, which may not align with current market conditions.

The greatest risk, he pointed out, is that serious buyers may overlook an overpriced property, leading to missed opportunities.

A seller’s higher price expectation often stems from their need to achieve a specific financial gain. Van der Linde stresses the importance of being transparent with the agent about financial needs, especially if an urgent sale is required.

This enables the agent to provide realistic guidance based on market conditions and time constraints.

Pretorius said that property agents rely on a Comparative Market Analysis (CMA) to suggest an appropriate listing price.

This analysis looks at recent sales and current listings of similar properties in the area, considering factors like size, condition, and features to establish a price benchmark.

Several factors influence the asking price, including the property’s location, amenities, size, condition, and demand for the property type. Additionally, the property is evaluated in relation to others in the neighbourhood.

For instance, a home with desirable features like a braai room or swimming pool may justify a slightly higher price. However, Pretorius cautioned that extravagant extras do not always guarantee a higher sale price, which is why overcapitalizing is a common pitfall.

With property listings now primarily available online, buyers have easy access to a wide range of options. Van der Linde noted that potential buyers can instantly compare properties within their price range and will typically focus on those that offer the best value for money.

An overpriced property risks being ignored, attracting fewer buyers and potentially remaining on the market for longer. This can lead to a price reduction, which could make the seller appear desperate, further discouraging buyers.

Van der Linde said that, based on decades of experience, an overpriced property is unlikely to sell for a higher price. In fact, it may end up selling for less than it would have if priced correctly from the start.