During the last quarter of 2018, the property market started showing signs of the strain already felt by the rest of the economy.
Purchasers became more prudent, sellers more intent on their asking price and investors very reserved when perusing the market.
The facts were undeniable: We were heading into a buyer's market.
These were much the same conditions as in 2008 when the property market 'crashed' due to the worldwide economic recession that occurred that year.
As Seeff Strand had dealt with this kind of economic climate before, we as a team focussed our energies on the one thing that pulled us through the hardship before- being proactive.
We worked as a team when assessing a house for valuation so that the seller could make an informed decision when considering the asking price when selling their home.
We also conducted price counselling with those sellers whose homes had been on the market for a while.
We also intensified our traditional, digital and social media marketing in an attempt to generate maximum exposure for our listings.
During the current economic conditions, it isn't difficult to understand why the purchaser would naturally want to hold back on any kind of transaction.
We also find ourselves in an election year; staring a crucial vote in the face.
There is still a glimmer of hope as the Repo Rate stayed the same and market conditions started to ease during the first part of 2019.
All things considered, I can't help but wonder; Why Wait?
There is no guarantee on the market improving and only positive market activity will once again stimulate an economy ready for growth.