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When to put house in market?


MMF
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Seen that the market is SO bad at the moment, we would like to know from all of you what you think and advise as our Agent said not to do it yet, but to wait for the Visa. We would like to enter Oz before our oldest turns 16 in Aug 2008. We still need to sell 2 houses and our business.

Thank you in advance. Should we sign a mandate or have open sales agent or list with Private Property?

Also were do we market our business and what would be the % commision with agent?

I am realy starting to stress!!!!!

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Hi there Mercia,

I can totally agree with you about being so nervous about when to sell up.

We to are still waiting for the CO to come back to us about our medicals and PCC's and are a bit hesitant to put the house on the market too soon .Who knows, it could be sold in a few weeks and on the other hand could take forever.That is what concerns me. Im sure there are many who are asking the same question and would also love to read all the forumers advice.

Take care and hope you get some valuable replies.

Eileen

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Hi Mercia.

If you are sure there will be no problems with your visa, put your house in the market. The market is VERY slow. Open agent and Private Property.

Our house is in the market since Sept and no takers, not even an offer. The people that is going to rent the house, is busy to draw up a offer to purchase. So let's hope that their loan will be approved.

Sorry dont know about selling of a business. Dont stress, this is all part of it.

Good Luck

Cheers vir eers

Sheila2Oz

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Seen that the market is SO bad at the moment, we would like to know from all of you what you think and advise as our Agent said not to do it yet, but to wait for the Visa. We would like to enter Oz before our oldest turns 16 in Aug 2008. We still need to sell 2 houses and our business.

Thank you in advance. Should we sign a mandate or have open sales agent or list with Private Property?

Also were do we market our business and what would be the % commision with agent?

I am realy starting to stress!!!!!

Don't know where you are staying, but our house are going into the market now. According to Pam Golding the average time in our area now is 68 days, but I guess it differs for every area in SA.

I would rather get it in sooner than later. If interest rates rise next month, that period is going to extend and prices are going to be even more under pressure. That said it is always a gamble. If rates stabilise then prices might start rising again towards the end of the year.

Question of taking waht your can or holding out for a weebit more. If I were you I will sell and rather go rent 3 months. Then atleast you can control things a bit more.

WRT the business well that all depends on what type of business, etc.

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I agree, you can always rent. Know people who's agent told them to wait for visa. Visas are in passports already and there is nothing happening with the house. Also it can take up to 3 months for registration, etc. She said that she wished agent advised her differently!

A

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Thank you for advise so far. Our Business is an Electrical Contracting Business and was and is in trade for 13 years with good clients. I am calling my estate agent Monday and going ahead as I do not see any reason why our visa will not be aproved. We can always send our furniture ahead and stay with family...... :huh: As far as the business goes i found out that the agent takes 10% of the sales price. In case the business does not sell we would lock up and close, then we would have to sell off bit by bit. We are so desperit to leave that even after recieving a GOOD contract and alot of Generator orders (with the Loud Shedding), we still wouldn't stay for all that money. This country is just not worth it anymore. Paying all the taxes and having helped alot of apprentices through ESETA and so on. :ilikeit:

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...... We can always send our furniture ahead and stay with family...... :ilikeit:

I don't think you can send your container before you get the visa.

Maybe store the furniture with the shipping co. you are going to use.

Edited by DeonJ
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Ok, but say we get our visa April we can send the container and stay for all the paperwork and meet with it in June. I am not sure if it will stay in storage till we get there. :ilikeit: incase we are late, due to unfinished businesses. Does anybody know?

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Hi there, we are in the same boat as you! We were initially only going to put our house on the market when and if we got our approval (expecting an answer by end of winter, early spring). But, we are in the upper end of the market, and houses sell really slowly, as only a few people are in that financial bracket. We decided not to do the whole LSD - we are want to get the visa and go. Now our problem lies with after the visa is granted, you only have about 6-7 months (?) before you have to initially set foot in Aus. As we are not going to go on a quick trip just to validate the visa, but are going over in one shot, that means that we must sell the house during that time... :ilikeit: We are not wanting to make any money - we just want to break even... but we only brought the house a year ago, and the market is soooo slow.

We have decided that we are going to put the house on the market next month. Even if we don't get into Aus, then we are going to apply to NZ. Either way, we are going to go somewhere! If worst comes to worst and we end up having to stay, I am not so attached to this house anyway, so I wouldn't mind getting another and downscaling a bit (especially considering the next elections and next president - I am not sure that property in SA is a good investment for the moment).

Edited by Gizmo
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Mercia, you can store your stuff that side, but it is expensive. On the house selling point, we are leaving in 12 days, and believe it , the Lord was on time, as we received an offer two days ago.... :ilikeit:

But put your house up now, much easier to rent and have a bit uncomfort, than moving with unfinished property stuff...

Just my take on it, as I had knots in my stomach for months, at least now I can relax. The market is slow, but picking up slightly. I think Gauteng is the worst...

Good luck in any way!

Elize

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It was not that long ago that we sat in the same boat as a lot of you do now.

We decided to jump in with both feet and to list our house with Private Property. It took 8 weeks before we had a signed offer and as luck would have it, we had a cash buyer. Five weeks after signing at the attorneys, our visas were granted.

It is a tough decision to make, but know that God is always in control.

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Hi

The best time to put your house on the market is NOW!. It is totally a buyers market at the moment and you will struggle to sell. Be prepared to drop your price in order to make the sale. You could always rent your house from the new buyer as a condition of sale. Dont forget that it takes about 8 weeks for the property to transfer into the buyers name.

We battled for about 3 months to sell with a significant drop in our price in order to sell. Dont wait, list now!

Ty

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As far as the business goes i found out that the agent takes 10% of the sales price.

you CANNOT be serious?? 10% sales commission is daylight robbery, you should not pay more than 5%. If the agent moans about it, there are enough other agents who will be hungry enough to do the deal for you. Do not let anyone dictate to you.

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Most agents I spoke to in Cape Town wanted upwards of 6% commission. A lot of them didn't even want to negotiate, and you can guess, I showed them the door... :)

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Wow, seems we were lucky then or it depends which area. We are in Plattekloof, Panorama, Welgelegen area. Here 3 agents were happy with 4,5%.

Edited by JWEL
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Commission depends on what price bracket you are in.

The higher the price, the lower the commission should be.

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We decided to sell when we started applying for our visas and thank heavens we did. It has been an absolute nightmare! We had problems with agents so definately do not sign any mandates. (And they will try and force you into it). Then the deal fell through on the house. Remember that with the new credit act it is difficult for people to get loans for large amounts and with the new interest rate. So even if you do get an offer in 1 month, it doesn't mean that the person will qualify in the end. It took us almost 8 months from putting our house on the market to registration. And I had a qualified buyer within 2 months. There is so much that can go wrong so rather rent if you have to. If you are lucky and the sale runs smoothly then at least you can earn interest on any profit you make on the house before you go.

Good luck!

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Sell!! NOW... If you are bonded, you will save money while you wait for your visa, and once sold, it takes a huge amount of pressure off.. For all who wish to know, we covered selling tips on a recent chat, what to do to actively sell your house.Just a few tips, that really work.. link is Immigration General, house selling market is so slow.

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This is how real friends talk!!! thank you all for your input and stuff the agent i am only paying 5%

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Private Property is the way to go as you only pay a once off listing fee ±R2 700 which gives you web exposure for 12 months as well as any additional advertising.

REMEMBER what ever you make on the sale of your property is yours .... NO HIDDEN COSTS... NO COMMISSION!!!

Our property was listed on the 10 December 2007 and we sold on the 10 January 2008 through Private Property!

We called the national call centre 083 913 1000 and found the response professional and prompt!

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Hi there,

I would suggest you put your house on the market now! There seems to be a lot of people that were quite lucky and sold right away but I know of SO many people that have had no luck even after having their houses ont eh market for 7 (sometimes longer) months.

My mother-in-law is trying to sell now and is really battling. Open agent and Private Property would be my suggestion and set the comm % round 5 - 8.

We sold our house last year already and have moved in with my mother-in-law. We have now sold both cars and just waiting for the "granted" to come through. Yes it is uncomfortable but hey when the "Granted" come through I am booking flights and away we go! hehe

You would much rather sit in the position to start making plans the minute your visa comes than sitting with a house you can not sell.

PS. I am not sure what area you stay in but wiht the market at the moment you never know.

Good Luck!

Nats

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Wow I am so encouraged by the positive thinking, I thought I was the only person that would be mad enough to market my house before the process is complete. In fact, I am still waiting for my skills assessment to come through and only writing IELTS in Feb (will only lodge in March - pending a 7 across band score). I said to the agent that I will list as soon as I have my skills assessment and any offers would be subject to my IELTS results, Yes I know, strange "subject to" inclusion.

I am chuffed that I will be emmigrating with lots of "forward thinking" people.

Deon

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I am chuffed that I will be emmigrating with lots of "forward thinking" people.

Deon

That's why we're all here and the rest are NOT :blush::lol::lol::thumbdown:

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I would also suggest to put your house on the market sooner rather than later. Private property is good, and also try open mandate. I called a few agents and told them my selling price and the AMOUNT of commission I'm willing to give. Most complained about the amount, and I simply stated that I'm not going to give 5-8% commission, as it doesn't take R50 000 to sell a house.

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