New property evil: desperate agents undervaluing homes
RealEstateWeb - South Africa
Beware the desperate agent looking for a quick sale - estate agency boss
Rawson Properties' MD Tony Clarke says conditions in the SA residential property market have made some of the less successful agents desperate - which in turn can be bad for sellers.
I am now regularly approached for advice from property sellers who accuse their agents of acting unethically. (Fortunately these complaints almost never relate to agents in the Rawson Group.)
A situation which, it appears, is now cropping up regularly is that the agent undervalues the home to achieve a quick sale so that he can collect his commission. Some agents are now desperate and will resort to this tactic to get hold of much needed earnings.
In one case, the agent compounded the crime by bringing down the price radically and then selling it to a relative.
RealEstateWeb.co.za
Cut won't save house prices
Fin24.co.za - South Africa
Johannesburg - Home owners have received an interest-rate cut in their Christmas stocking only four times in the past 46 years.
It could happen this year as well, but it would not arrest the downward momentum in the housing market, says Jacques du Toit, senior property analyst at Absa's Home Loan division.
Nominal house prices on an annual basis have experienced only one down-cycle in the past 40 years, and all signs are there that another will start in the coming month.
Du Toit says although an interest-rate cut holds good news for the consumer, it will not save the housing market from falling nominal house prices.
Fin24.com
What can a Property Investor do in the Current Financial Crisis?
PrivateProperty - South Africa
It's a well-known fact that the rich make or hold their wealth in real estate. It's also well-known that real estate is a sound long-term investment. So why do people panic and try to sell their real estate investments when they know the market will turn for the better if they hold onto their investments a little bit longer, if not forever?
If you're exposing yourself to constant negative news on too regular a basis, you're probably panicking about the state of the world's banking systems, the market reactions to the credit crunch and talk of a pending recession. Your perception can become your reality.
PrivateProperty
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