I am looking for bargains on the river, any property that is, well, like a stressed sale?

Apr 7th, 2016 by Annalien in Advice to buyers, Advice to sellers

I  hear the words “it is a buyer’s market” more times a week than what I really want to.

It seems to me that buyers take this to mean that there must be many of the river properties on the market at highly reduced prices. Well, no, that is not the case and that is not what a buyer’s market mean, in my opinion.

Buyers also seem to think that due to factors like immigration, financial stress, bank repossessions, decline in value, etc, etc. there are sellers willing to sell their weekend homes on the river for next to nothing.

They do NOT believe me when I say I do not know of any.

I tell buyers to consider this:

  • Many river property owners bought their properties years and years ago. For cash. Their properties accumulated in value; hugely. Why would they want to sell below value when they do not have a bank breathing down their necks and when there is still such a huge demand for weekend homes on the Vaal?
  • River properties have not declined in value; quite the contrary, in my opinion. Many owners can easily afford to play the ‘wait and see’ game. If you are not stressed to sell, you know the market is bound to change sooner or later.
  • Many river home owners bought their properties during the property boom in 2006-2008 at prices that reflected the high demand in those years. They are now compelled to look for buyers for at least  the same amount they paid during the boom. To ask for less does not make good sense, does it?
  • My advice to buyers? It IS a buyer’s market, yes. That means you can shop around more than in the past, you can compare to your heart’s content, and then, most important, you can make offers. If you are lucky and your offer is not cheeky or insulting, you might just get your dream weekend breakaway home at a price that makes your heart sing.
  • Keep looking and keep on shopping, but do not insult the sellers.
  • Have a look at these bargains:  Bargain Box , March Madness , Priced to Go

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