National Elections: What It Means for Your Cape Town Property's Value
As the national elections draw near, we understand the uncertainty that can impact property decisions. While it's natural to seek certainty before making significant moves, historical data indicates that the period before, during, and after elections can offer opportunities for sellers in the property market.
Christine Marsh, Regional Manager at Quay 1, highlights the critical role of interest rates in shaping the property market. Despite any short-term fluctuations due to elections, historical data suggests that the anticipation of interest rate cuts in the second half of 2024 is expected to stimulate sales activity in the Cape Town region. Lower interest rates not only enhance affordability but also instil confidence among buyers, potentially driving up demand.
Josh Van Tubbergh, General Manager at Jambo Homeloans, reinforces this sentiment, noting the increased application volumes since the beginning of the year. With a robust rental market and promising yields for buy-to-let investments, first-time homebuyers are eyeing the Western Cape as an attractive investment destination.
Traditionally, sellers often wait for the dust to settle after elections before listing their properties, anticipating a more stable market. However, while some sellers are holding off, there remains consistent demand from buyers. People need homes regardless of political circumstances, and investors are always seeking opportunities to diversify their portfolios. By listing your property now, you're entering a market with fewer homes to compete with while buyer interest remains robust!
If you're considering selling your property, now may be the perfect time to act. Our team of area specialists are here to guide you through the process to ensure that you capitalise on the current market conditions. Click the button below to connect with a broker or to receive an updated valuation for your Cape Town property.
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