This means sellers will need to remain realistic about their asking price as demand is likely to remain low until we see greater recovery, says Adrian Goslett, chief executive of Re/Max of Southern Africa.
“Buyers are also advised to be extra cautious about their spending habits if they hope to secure bond approval, as it is likely that banks will tighten up their lending criteria over this time,” Goslett advises.
Most importantly buyers and sellers are encouraged to lean on the support and advice of experts in the industry, such as property practitioners and bond originators.