GROSSLY OVER PRICED?

PUBLISHED 8 SEP 2017   

Buying and selling real estate happen within a set of expectations and perceptions that have been entrenched in the property market over many years.  The perception that all properties offered for sale are at least 10% over priced, is easily accepted as truth by buyers eager to find their dream home at a good price.  In tough economic times, this perception becomes even stronger.  I was shocked recently by the news that all properties in Woodland Hills Wildlife Estate are over valued by 30% … but is this true?

Over the past twelve years, Woodland Hills Wildlife Estate has matured into an Estate where the value of properties show consistent growth.  Although growth has generally slowed to equal inflation, sellers who commit to ensuring that their properties reflect current trends and are presented in mint condition, are still seeing a significant return on their investment.



Are properties in Woodland Hills over valued by 30% ?  


Approximately 20% of houses offered for sale in Woodland Hills Wildlife Estate during 2016/17 were sold at full asking price.  The majority of the remainder of transactions were concluded close to the asking price with a variance of 5% or less.  Only a handful of properties sold significantly below asking price.


With the vast majority of transactions concluded within 5% of the asking price, it is safe to say that houses offered for sale in Woodland Hills Wildlife Estate are not over valued. 



What can buyers expect to pay for a house in Woodland Hills Wildlife Estate?


The price at which entry level houses sold during 2016/17 range between R2.6mil and R3.2mil, depending on the size, quality of finishes and type of accommodation offered.  Luxury family homes range from R4.9mil to upwards of R10mil, while an average size family home can be purchased for R3.5mil to R4.5mil.



How can buyers ensure they get value for money?


Sellers represented by Retha van Zyl Real Estate, generally carefully consider the prevailing market and accept pricing of their properties based on recent comparable sales.  Comparable sales serve as a strong indicator of what buyers are willing to pay for properties, and what banks are willing to finance.  Read my article “Get your money’s worth in Woodland Hills Wildlife Estate” for guidance on market value.



Retha van Zyl Real Estate offers free advice on the market value of properties within Woodland Hills Wildlife Estate.  Contact Retha on 0834510511 or e-mail retha@rethavanzylrealestate.co.za for a consultation.