Timid buyers slow to act - even when the price is good, says APKF manager.

Although the drop off in home sales has now been a reality for some 24 months, it is "quite amazing" that there are still sellers who stick determinedly to prices that are 10% to 20% higher than those of the real market, says Helen Hoekstra, Manager of Anne Porter Knight Frank’s Camps Bay / Sea Point and Green Point branch.

That, says Hoekstra, is problem number one in her territory these days. Problem number two, she adds, is that buyers are taking far longer to commit, often when there is absolutely no reason for a delay.

"In the previous boom era", said Hoekstra, “people were buying on impulse and with far too little research - any deal was, probably rightly, considered a good one. Now, however, even very obvious bargain offers, which are unlikely ever to be repeated, are being mulled over and debated and reconsidered, particularly if the home is priced above R4m."

In the R1 million to R3 million market, added Hoekstra, there is always far less hesitation and a far greater desire to get in on the home owner’s bandwagon.

"While it is true that many of today's younger, middle class people prefer to rent in a prestigious address, and invest their extra cash elsewhere (i.e. not in property), our experience is that home owning is still seen by the majority of Atlantic Seaboard residents as a desirable goal - but these days they are not in a hurry to become owners."

APKF, said Hoekstra, has seen significant growth this year in the Atlantic Seaboard areas which her branch serves. They now have over 200 properties on their stock list and 15 agents are employed full time.

"We expect sales turnover, already up on the last year, to rise by further by the end of 2011. The areas in which our Atlantic Seaboard agents work are very much in demand. As stock here is limited, prices here can only go up."

For further information contact Helen Hoekstra on 021 438 4338 or email helen.hoekstra@anneporter.co.za.