Firstly I am happy to report that the Deeds Office has caught up most of the 20,000 deeds backlog from July. They are almost back at their "normal" turn-around time of 6-10 working days. This is extremely good news for all parties involved in the transaction.
All conversations regarding the value of your home is strictly confidential, and even if you don't want to sell, but just want an indication of what your home is worth - Please do not hesitate to contact me on 0711 658 993.
Second piece of good news is that the market appears to be shifting from a Buyers Market to a balanced market. Days on the market has become shorter - now sitting just over 100 days, and the amount of stock in the market has reduced to 6 months worth of stock in the Noordhoek Valley. (Was 8 months in August and a whopping 14 months in March)
Data coming out of the Deeds office is still very good, and we might end off the year very close to a normal year - despite the challenges we have faced in 2020. Noordhoek Valley - Capri, Milkwood Park, Sunnydale, Sun Valley and Faerie Knowe.
So as with everything in life - there is a flip side to the good news too. The average price of properties is falling in the area. Capri has seen a 10% drop, Faerie Know a 32% drop with a 2% drop in Sun Valley. This does not mean that the price of your home has dropped! It just means that the lower end properties are selling, which is an indication of the economy we find ourselves in. Fewer buyers in the higher end, as their affordability has been compromised by the epidemic.
What is my home worth?
In the past we would have looked at data from Registered Sales, however in the current market, we would now need to take competition in the market, the lucky one's under offer and historical sales into consideration. As a market expert in the Valley, I can assist you with interpreting the data to ensure you make an informed decision.
Very few economists has been able to predict the property market, however in my experience families want to ensure their safety, and by buying your home, you are safer than a tenant.
As a professional I stay informed on the front line. We shift our mindset as the market shifts in order to be able to give you the best information to make decisions.
For any further information or to get your own assessment done, please do not hesitate to contact me.
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