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Sellers rejoice: Housing market is swinging in your favour

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Average year-on-year home price growth at the end of April was 5.3%, compared to 2,62% in January, 2,85% in February and 2,94% in March, with “more buoyancy in the first-time buyers’ market, where the year-on-year growth in the average home price was 9,2% at the end of April, compared to 6,6% in January, 7,3% in February and 7,7% in March”.

This is according to Rudi Botha, CEO of BetterBond, who said this trend pointed to a market that was slowly turning in favour of sellers.

FNB confirms this, noting that the average time a property spends on the market before being sold has dropped from around 17 weeks to 14 weeks, that the percentage of sellers being required to drop their price to make a sale has declined from 95% to 91%, and that the percentage by which these sellers are dropping their price has diminished from an average of 10% to 8.2%.

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