This is according to Lizette Joubert, the Rawson Property Group’s Paarl franchisee, who said the country’s tough economic situation was definitely affecting the market.
“Although it hasn’t kicked prices into a decline in Paarl, it certainly is making buyers a lot more conservative when it comes to spending their money wisely,” she said, noting that the negotiation process has become more intense. “Buyers in Paarl are approaching sales from a very well-informed position. They know what properties are worth, they know what the market is doing, and they’re unwilling to overextend themselves on overvalued properties. Sellers who are unrealistic about their asking prices or are unwilling to negotiate are facing a tough sales process that’s unlikely to end up in their favour.”
She noted that the economy and increased supply were helping the even out the demand-supply ratio.
“This is going to make it more important than ever for sellers throughout Paarl to maximise the appeal of their property in order to remain competitive,” she said. “Paarl is an extremely desirable area with ongoing demand despite tough economic times, and even though the property market dynamics are changing, we still expect plenty of activity over the upcoming months.”