Some 87% of home sellers drop their price by 9% in an attempt to speed up the sale and reduce the cost of keeping the home while applying for a new bond. This is according to FNB’s Property Barometer’s third quarter survey, which is 9%
Donna Sipman, RE/Max Masters property consultant, answers questions on the syndicate operating in Blair Atholl, Johannesburg.
How many property owners/sellers have been affected?
I’m not sure how many people have been affected, but I would say at least a dozen of the stories I know about are
Blair Atholl in Lanseria, Johannesburg, has reportedly been a victim of syndicates operating in the estate. This is according to Glenn Norton, broker/owner of RE/MAX Masters, who says the scammers appear to be serious buyers with the objective of gaining occupation of the homes.
Sellers beware: the plants in your garden may at best lower the price at which you can list, and worst, land you in prison.
The Alien and Invasive Species regulations, which form part of the National Environmental Management and Biodiversity Act, became law in 2014 and will
15%. This is the minimum deposit required by Absa* when a self-employed individual applies for a bond from the bank. And if you are deemed to be risky, the equity required may increase further.
Fewer South Africans are self-employed today compared to 2008 when the global
Fibre to the home is the next evolution in internet connectivity, and it could directly increase the value of your home.
In fact, Fiber to the Home Council Americas released a report in July showing a 3.1% increase in home values with those connected to the
92.5%. This is the average home loan amount South African banks are prepared to finance, according to numbers from BetterLife Home Loans. The bond originator, which rebranded from BetterBond in April this year, also reveals the average first-time home price is now R649,084.
While this price
New kid on the real estate block, HomeBid, says it only charges 1.95% commission on the sale of its clients’ homes, whereas the average is somewhere between 4.8% and 7.5%.
There exists a split between standard industry practice on the amount of commission real estate brands
Where will the new wealthy decide to build and live in their R10m+ homes in the future? Will the current, mostly white, suburbs around the country be pipped by new developments catered to a racially mixed super wealthy?
Currently it is unknown whether the increasing Indian,