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SELLING a house may be tougher than in the past, but it's still possible if buyers acknowledge the realities, says Steve Caradoc-Davies, who heads up local estate agency Homenet Platinum.

These include that the number of properties for sale in Somerset West has more than doubled; in the last few months the numbers of sales have dropped in the area by as much as 50%; some banks have stopped 100% bonds; banks are declining up to 50% of bond applications; further large interest rate increases are expected - up to 2%; many buyers are reluctant to purchase because of the above facts; and, bank repossessions are on the increase as many homeowners default.

"If you are a genuine property seller, and you do want your property sold, you have no alternative but to consider the facts and respond to them," says Caradoc-Davies.

"Our responsibility as professional estate agents is to share the facts with you to assist you in making an informed decision."

Sellers need to consider there are fewer genuine buyers than there have been for years. Caradoc-Davie says these buyers used to look at 14 properties on average before they buy, but now they view up to 60 properties before making a choice.

"That means they are only buying the properties that represent the best value.

"If you want your property to stand a chance you need to make sure your price is significantly more appealing than that of your competition," he says.

"You need to ensure your property is being properly marketed, which includes being on show, on the internet, and in local newspapers."

Caradoc-Davies says it is "very likely" that if a homeowner purchased their property less than two years ago and they need to sell, that they will make a loss, "and may even have to sell below the value of the outstanding bond".

He suggests that the only way to determine what buyers are willing to pay today is to have a recent comparative market analysis done. This will look at the recent sales over the past few months and give a factual indication of what the price should be.

"The facts will prove, over and over again, that if you delay adjusting your price to meet the market you will end up selling for less than market value. And that's not something we enjoy seeing," he says.

He says sellers should look for ways to make the property competitive. Consider a flat selling fee if your property is priced over R1 800 000 as this will significantly reduce the fees you pay and make your price much more attractive to buyers. Furthermore, make sure the property presents at its absolute best. "Take care of small maintenance issues that could detract from your property's potential. Make sure that access for buyers is as easy as possible by cooperating with your agent for appointments," he says.

"Conditions are not ideal"
Sellers should also consider enhancing the marketing of the property with special advertising packages to make it stand out.

"The current market conditions are not ideal. Unfortunately estate agents have no control over them," he says. "All your professional estate agent can do is help you to make the best of the conditions to maximize your value and get it sold, soon. The market may be tough - but properties are still selling."

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