Three out of four residential properties are now being sold for less than the asking price and the average time a home remains on the market before it is sold has increased from eight to 10 weeks.
Jan Kleynhans, the chief executive of First National Bank (FNB) Home Loans, yesterday attributed changes in the market predominantly to the implementation of the National Credit Act in June and the cumulative effect of interest rate hikes over the past year.
Market activity is now at its lowest level since the inception of the FNB Property Barometer survey in 2003.
14 August 2007
Selling A House Becoming Difficult
Homeowners struggling to sell their property
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1 comment:
This John Loos is a funny guy, he should've been a comedian...
busrep.co.za
August 14, 2007
By Roy Cokayne
"I think the market is on its way downwards until the first half of 2008. But it will be a soft landing. This year is probably going to be the worst year of the decade for the residential property market."
moneyweb
Jackie Cameron
29 May 2007 14:20
"In the report, respected property economist John Loos revises his forecasts upwards.
He was expecting prices to increase by 85% between 2005 and 2010 – and now expects this percentage gain to be closer to 100%."
Im a bit confused it now, so whats it going to be? Up, down, soft landing and 100% gain. We're in for a bumpy ride.
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