Property Barometer - Reasons for selling homes
FNB - South Africa
“OLDIES” CONTINUE TO BE A STRONG DRIVER OF RESIDENTIAL SALES
While the need to “downscale due to financial pressure” and the desire to “upgrade homes” are key drivers of residential property selling, they are not the biggest drivers. Rather, it is still South Africa’s ageing middle-to-upper income classes that remain the most important driver of residential selling according to the 2nd Quarter 2013 FNB Estate Agent Survey.
In the FNB Estate Agent Survey, one of the questions asked of survey respondents is to provide an indication as to the key reasons for selling. 8 categories of reasons for selling properties are provided. They are “Downscaling due to financial pressure”, “Downscaling with Life Stage”, “Emigrating”, “Relocating to Elsewhere in SA”, Upgrading”, “Moving for Safety and Security Reasons”, “Change in Family Structure”(Divorce, etc)”, and “Moving to be Closer to Amenities”.
The largest percentage of sellers, i.e. 21% is believed to fall into the category “Downscaling due to Life Stage” as at the 2nd Quarter 2013 survey. This form of downscaling refers to those sellers who desire a smaller home, either because they are getting older or because their offspring have left home.
While 21% is slightly down from the previous quarter’s estimate of 23%, the level has hovered at or above 20% since 2011, and is sharply higher than the lowly 12% registered in the 2nd quarter of 2008.
Property Barometer Reasons for Selling Jul 2013
Property owner's rights 'are absolute'
IolProperty - South Africa
The owner's right to a property is a real right that can be enforced against the 'whole world'. It is, in a sense, an absolute right.
A tenant decides to rent out the outbuilding and the garage since the lease does not stipulate that she cannot sub-let.
Can the landlord, who is the owner, demand a share of the tenant's rental income? Let us take another example where the landlord/owner discovers that his tenant sells lemonade and orange juice made from the fruits taken from the trees planted by him on the property leased to the tenant.
Does the landlord have a claim to the tenant's income or can he prevent the tenant from accessing the fruits? Can the owner not enforce his rights, since he has an absolute right? The owner's right also includes what is legally referred to as jus abutendi, that is, he is entitled to alter and destroy the property, which a tenant cannot do.
Property Barometer - Estate Agent Survey
FNB- South Africa
2nd Quarter survey sees a slight decline in Estate Agent perceptions of activity, but this appears due to normal Winter seasonal factors.
However, while still pointing to broad residential activity strengthening when seasonal factors are ignored, certain responses to the survey questions by the sample of agents may be suggesting an expectation that the recent pace of improvement may be about to lose some steam.
Broadly, therefore, agents expectations regarding residential activity improvements have been moderating over the past year or so.
Stock issues have been noticeably more significant over the past few quarters than previously, with more of the agents with stock issues citing shortages as opposed to oversupplies), suggesting that gradually over time demand is gradually making gains on residential supply.
Overall, therefore, agents have seen more improvement in market conditions in the 2nd quarter, but are far from unanimous regarding the strength of the drivers of the market in the near future.
Property Barometer Home Buying 2nd Quarter 2013
Paddocks Private Consulting is back
Paddocks - South Africa
Paddocks Private Consulting Service is now available again, offering two types of consulting: Fixed cost private email consulting and traditional private consulting. Adjunct Professor Graham Paddock leads the consulting division and is assisted by Jennifer Paddock and Anton Kelly.
Fixed Cost Private Email Consulting – We take your instructions via our online no-obligations request form. We quote you a fixed fee that, if accepted, you pay upfront; and we deliver the requested work to you within an agreed timeframe by email. It’s efficient, easy and there are no nasty surprises when it comes to the bill. A modern way of legal consulting.