View Full Version : Just view a resale condo, seller holding on to asking price
Just itchy leg go & view a resale condo at red hill yesterday, seller holding on to asking price, 6 groups viewed.
Anyone pls report where got good lobang in good location where seller wants to sell cheap.
Just itchy leg go & view a resale condo at red hill yesterday, seller holding on to asking price, 6 groups viewed.
Anyone pls report where got good lobang in good location where seller wants to sell cheap.
How much is the condo?
How much is the condo?
Seller asking $1.5+m.
Seller asking $1.5+m.
How much psf?
How much psf?
About $1350 psf.
It's not that ex. Why should the owner drop px? I think rental in that area is good if it's within walking distance of Redhill MRT.
Every condo and every unit is different, and every seller is also different. Some non sincere sellers can hold on to their high asking prices for months or even years if there are agents willing to cooperate, while some sellers will lower prices if not able to sell within 2 weeks.
Every buyer has to do his own homework to decide whether the seller is just testing market and his luck (non-sincere sellers) or he is really selling.
Every condo and every unit is different, and every seller is also different. Some non sincere sellers can hold on to their high asking prices for months or even years if there are agents willing to cooperate, while some sellers will lower prices if not able to sell within 2 weeks.
Every buyer has to do his own homework to decide whether the seller is just testing market and his luck (non-sincere sellers) or he is really selling.
Helo TWIST & TURN cum DIVERT ATTENTION EXPERT MR B.. you talked BIG BIG say "many".. now you say "some".. you sibeh jialet leh :doh:
:D
http://forums.condosingapore.com/showthread.php?t=16552
is it metropolitan?
after echelon set that kind of standard, the owner may question his own asking.
Every condo and every unit is different, and every seller is also different. Some non sincere sellers can hold on to their high asking prices for months or even years if there are agents willing to cooperate, while some sellers will lower prices if not able to sell within 2 weeks.
Every buyer has to do his own homework to decide whether the seller is just testing market and his luck (non-sincere sellers) or he is really selling.
Again! Another emotion inflicting posts.
Total Rubbish!
Office Boy been in the market for more than a decade and the above is pure rubbish.
When buying a property, you decide on the price you want to pay (valuation plus or minus a premium/discount) and get a good again to go for the kill.
No need to be emotional, you make a good decent offer, seller reject coz he wants higher (of course he got his reasons). That means price cannot match. MOVE ON!
Dont keep harping and harping like some econ-minimart wanna be people here and start talking about sincere not sincere.
People who likes are stir things up are certainly the MOST INSINCERE of the lot.
DKSG
Just itchy leg go & view a resale condo at red hill yesterday, seller holding on to asking price, 6 groups viewed.
Anyone pls report where got good lobang in good location where seller wants to sell cheap.
Investment? Why not go take a look at Killiney 118? My client just bought a unit there about $2225psf.. compare to surrounding pretty good... still have some developer units available and end Feb 2013 TOP
The Studio can consider but if you are looking for 2 bedroom.. depends if you can handle the layout of the house.. although now under construction.. can go up take a look.. door all unlocked and on the doors got indication whether if the unit is sold or not :D
office boy today on the offense. heh.
office boy today on the offense. heh.
Getting hot under the collar liao :beats-me-man:
Getting hot under the collar liao :beats-me-man:
I think somebody slipped something into his coffee in the office liao.
Speaking of "No need to be emotional", I guess it is very obvious who is being emotional here. And the result of being emotional is - there is no logic in his post. Is someone's ricebowl at stake?
Speaking of "No need to be emotional", I guess it is very obvious who is being emotional here. And the result of being emotional is - there is no logic in his post. Is someone's ricebowl at stake?
In case you did not understand or act blur....i think he meant you are trying to stir poo and get others to be emotional. While you seem cool and calm by bringing up stats like 'how many thousands read your desperate thread' implies owner r getting desperate, seriously, it's really childish and sounds a lot like how people posts in hardware zone, temasek review etc.
I can also say for someone who keeps creating new threads to stir emotions and in such frequency with couple of days, I can tell you are pretty desperate buyer. With each CM, you probably waited for prices to drop but of coz that I'd not happened. With CM7, you thought this CM is drastic and start getting excited that maybe, just maybe prices
.....continue from previous post (accidentally touch 'submit reply'.....
Prices will drop this time for you to buy. For investors, and probably those who invested subsequent to last few CMs, they are either sitting on paper profits and happily collecting rental income or bound by SSD which restrict them from selling anyway....I really can't see how prices will crash or drop significantly unless there is a series of -ve economic impact events or -ve black swan events.
No need to get so excited and create so many threads within days....ai zai, stay calm lah. How to invest in ppty if cant stay calm. Ppty is high risk game you know....
Just itchy leg go & view a resale condo at red hill yesterday, seller holding on to asking price, 6 groups viewed.
Anyone pls report where got good lobang in good location where seller wants to sell cheap.
If you dun mind, can share the name of the condo? Tanglin View, Tanglin Regency or Metro??! Or others :) especially if you feel prices r too high.
However, if you do not wanna share.....maybe you think it's not a bad price but hope it will be a bit lower.....
My personal opinion is in current market, $1,350 for Tanglin area resale seems alright. But please dun tell me it's bad facing like generator, waste collection centre etc. For those units, I wouldn't buy even if its super cheap coz some money I would rather not earn. I usually will not buy something which I myself do not want to use.
After the CM where foreigners have to pay 10% ABSD (CM5??), I saw quite a few fire sale or below market price units being advertised. This could be because earlier buyers were relatively weaker and with profits in the bag, they were willing to sell with lower profits. This time round, I believe investors has lower LTV and with SSDs, you won't find that many fire sales. And in my experience, usually lousier units are sold during these times. Better units are sold in boom time when price records r set 1 week after another.
Jaykj, you have made a lot of assumptions which is your prerogative. I wouldn't have waited so long to write the first post if your assumption was correct. But anyway, I just wrote something on another thread, so pardon me for my laziness of copying here, to address some of your points.
"
Some talked about the hope of a market crash, no no no, that is never my intention, neither my hope. If you read carefully, all I said is the residential market will tilt towards the buyers due to larger reduction of demand than reduction of supply, and there maybe some price declines, market crash is less likely in the low rate environment, barring external shocks. It is also possible that you are going to see a two-tied performance, whereby those mass market (for example, quantum below 1.5m) will see less decline due to the strong presence of first-timers, while those slightly more expensive ones will see larger price decline as it is not usually for the first-timers, and all buyers except first-timers are affected.
And can some forumers stop linking me to some others? Their minds must be entrenched to the belief that there is only 1 bear in the forum dominated by bulls (owners with vested interest). And it doesn't make sense keep talking about missing the boat, what goes up must come down, we as investors do our own homework on when to exit some and when to buy more.
"
My personal opinion is in current market, $1,350 for Tanglin area resale seems alright. But please dun tell me it's bad facing like generator, waste collection centre etc. For those units, I wouldn't buy even if its super cheap coz some money I would rather not earn. I usually will not buy something which I myself do not want to use.
For Tanglin Regency, Tanglin View, the south-facing units may have to put up with construction from Echelon and the other land parcels not yet launched. Some north-facing units in Tanglin View will be blocked by the new devt in Prince Charles Crescent. For Metropolitan, don't buy units facing the MRT track as there is noise.
Ascentia Sky I don't think you can get at that psf unless it's a very big fire sales.
chiaberry,
you're quite familiar with redhill area...
what do you think of the new developments coming up? there's Mon Jervois and another bigger plot along Prince Charles Crescent - any pro and cons?
Ok, it is Alessendra.
Freehold.
Poor condo facility, very close to HDB, near road side, near MRT, low floor, stack 4, house layout ok.
felicia_sg
22-01-13, 20:29
I would think economist is not "economist", just like "indomie" is not simple mee, "teddybear" is not so "teddybear" after all. I am a contrarian.... :ashamed1:
Helo TWIST & TURN cum DIVERT ATTENTION EXPERT MR B.. you talked BIG BIG say "many".. now you say "some".. you sibeh jialet leh :doh:
:D
http://forums.condosingapore.com/showthread.php?t=16552
ya i have been wondering why this project cannot sell? pardon me if i mistaken...
Investment? Why not go take a look at Killiney 118? My client just bought a unit there about $2225psf.. compare to surrounding pretty good... still have some developer units available and end Feb 2013 TOP
The Studio can consider but if you are looking for 2 bedroom.. depends if you can handle the layout of the house.. although now under construction.. can go up take a look.. door all unlocked and on the doors got indication whether if the unit is sold or not :D
chiaberry,
you're quite familiar with redhill area...
what do you think of the new developments coming up? there's Mon Jervois and another bigger plot along Prince Charles Crescent - any pro and cons?
They are in a more "atas" location. Ambience will be nicer as they are nearer to the GCB areas. But they will be further from MRT esp Mon Jervois.
Have to see the pricing and layout etc. But personally if it's for investment, I still think it's better to be nearer to MRT and amenities.
Ok, it is Alessendra.
Freehold.
Poor condo facility, very close to HDB, near road side, near MRT, low floor, stack 4, house layout ok.
Hmmm....this is neither here nor there. In between 2 MRT stations. Very small devt. The main pro is that it's freehold. Apart from that, there's not much else going for it.
Regulators
22-01-13, 22:51
it would be $150k plus of ABSD down the long kang for anyone buying 3rd pty and above :doh:
Seller asking $1.5+m.
it would be $150k plus of ABSD down the long kang for anyone buying 3rd pty and above :doh:
So have 3 rd or 4th beter hold tight tght?
Ok, it is Alessendra.
Freehold.
Poor condo facility, very close to HDB, near road side, near MRT, low floor, stack 4, house layout ok.
Alessandrea near to MRT??? the nearest MRT is Tiong Baru plaza MRT and it easily takes > 10 minutes to walk there. I used to live in Henderson Crescent Blk 106 when I was a kid.
Near to none condo facility - yes
very close to HDB - agree
near road - yes
but at least it is freehold.
forgot to add:
rental seems decent at that place. Probably because it is near to town and shopping mall is within walking distance.
630m away from MRT....considered close?
Ok, it is Alessendra.
Freehold.
Poor condo facility, very close to HDB, near road side, near MRT, low floor, stack 4, house layout ok.
it would be $150k plus of ABSD down the long kang for anyone buying 3rd pty and above :doh:
how long do most people take to save $150k...
seller holding on to asking price?
Not so sure about it. Have been viewing resale for 3 months. Always have the feeling that the seller not into nego, they're always asking for higher than the preceeding transacted price. Moreover, agent doesn't follow up perhaps the demand is too good for them to even need to follow up.
While just right after the CM7, as appt made b4 the CM7 announcement, viewed 2 units at diff condo over the weekend. To my surprise, both agents calls to follow up this week on my interest.:eek: ... unexpected actually. Finally, the agent is working hard liao ...
Iya, with this CM7, how can we proceed to even offer with the 7% ABSD? :beats-me-man: :beats-me-man: :beats-me-man:
seller holding on to asking price?
Not so sure about it. Have been viewing resale for 3 months. Always have the feeling that the seller not into nego, they're always asking for higher than the preceeding transacted price. Moreover, agent doesn't follow up perhaps the demand is too good for them to even need to follow up.
While just right after the CM7, as appt made b4 the CM7 announcement, viewed 2 units at diff condo over the weekend. To my surprise, both agents calls to follow up this week on my interest.:eek: ... unexpected actually. Finally, the agent is working hard liao ...
Iya, with this CM7, how can we proceed to even offer with the 7% ABSD? :beats-me-man: :beats-me-man: :beats-me-man:
go look at new sale by developer lor. some are offering to defray that cost for you by giving you extra discount.
Regulators
23-01-13, 23:25
the worse part is after saving so hard for these people, they use that savings to pay penalty and throw into the drain. do the naive out there think that govt really gives two hoots about rising pty prices? absd reminds me of those erp n coe, money keep going into govt pocket but traffic condition no significant difference. :doh:
how long do most people take to save $150k...
go look at new sale by developer lor. some are offering to defray that cost for you by giving you extra discount.
hanoh... that's the only way for now.
the worse part is after saving so hard for these people, they use that savings to pay penalty and throw into the drain. do the naive out there think that govt really gives two hoots about rising pty prices? absd reminds me of those erp n coe, money keep going into govt pocket but traffic condition no significant difference. :doh:
precisely.not worth dumping the money to Govt pocket sia. :tsk-tsk: :tsk-tsk: they wont think of you as a local Singaporean. When they grow, they give you peanut GDP bonus.
hanoh... that's the only way for now.
天无决人之路。there's always a way.
proud owner
24-01-13, 02:57
seller holding on to asking price?
Not so sure about it. Have been viewing resale for 3 months. Always have the feeling that the seller not into nego, they're always asking for higher than the preceeding transacted price. Moreover, agent doesn't follow up perhaps the demand is too good for them to even need to follow up.
While just right after the CM7, as appt made b4 the CM7 announcement, viewed 2 units at diff condo over the weekend. To my surprise, both agents calls to follow up this week on my interest.:eek: ... unexpected actually. Finally, the agent is working hard liao ...
Iya, with this CM7, how can we proceed to even offer with the 7% ABSD? :beats-me-man: :beats-me-man: :beats-me-man:
i have a close friend who is an agent
i know from her ... its tough being an agent
shes to protect and work the best she can for her clients..say a seller
and act according to what the clients want...otherwise client can complain to CEA and agent can get fined for no reason ... even if client is wrong.. agent still have to pay to defend himself and this money is not refundable
so agents always do what the clients want .. even when they know its not right
maybe in your case ..the seller said to agent the price they want to sell is 3.5 mio ...even if similar units in the same project or nearby projects are going at say 3.0 mio .. theres is very little agent can do ...
some clients specifically tell agent " Dont bother to call me if buyer cannot match my price"
some clients even scold agents if they come back with a buyer say at 3.3 mio ... 200k less ...
who wants to be scolded ?
maybe thats why your agent did not get back to you ...
after CM7 ... maybe the seller are more willing to accept counter offer ...
maybe thats why the agents got back to you ...
i feel that alot of times ..how agents behave ...is a results of how their clients treated them ...
seller holding on to asking price?
Not so sure about it. Have been viewing resale for 3 months. Always have the feeling that the seller not into nego, they're always asking for higher than the preceeding transacted price. Moreover, agent doesn't follow up perhaps the demand is too good for them to even need to follow up.
While just right after the CM7, as appt made b4 the CM7 announcement, viewed 2 units at diff condo over the weekend. To my surprise, both agents calls to follow up this week on my interest.:eek: ... unexpected actually. Finally, the agent is working hard liao ...
Iya, with this CM7, how can we proceed to even offer with the 7% ABSD? :beats-me-man: :beats-me-man: :beats-me-man:
I think the seller has read this forum and did what I mentioned ? Put up unit for sale at the last-5 average selling price and see if they have got offer ?
DKSG
Anyone view house this weekend? Did owner drop price?
what make you think the seller will drop price? Im trying to understand your mentality. If you are seller, will you drop price for nothing?
the impact of the CM 7 should be bore by the developer...stay calm and they will absorb the stamp duty if they want to attract more sales...:rolleyes:
but if you are impatient, then, dont blame anyone...:o
Anyone view house this weekend? Did owner drop price?
i am actively looking for resale properties these few weeks and i must say that time seems to be in my favor as buyer esp after CM7. Guess I will rather take my time slowly choose since with time i pay off my mortgage more and have more savings even assuming selling price of pte ppty remains stablised ... doube win win for me
what make you think the seller will drop price? Im trying to understand your mentality. If you are seller, will you drop price for nothing?
the impact of the CM 7 should be bore by the developer...stay calm and they will absorb the stamp duty if they want to attract more sales...:rolleyes:
but if you are impatient, then, dont blame anyone...:o
My friend viewed The Clift just before CM 7, 1 br asking 2600 psf, he offered 2400 psf (already record price), the seller asked him to fly kite. Immediately after CM 7, the seller accept 2400 psf but he now asked the seller to fly kite.
My friend viewed The Clift just before CM 7, 1 br asking 2600 psf, he offered 2400 psf (already record price), the seller asked him to fly kite. Immediately after CM 7, the seller accept 2400 psf but he now asked the seller to fly kite.
It's always in people's mentality and wish to drive a hard bargain but to try to buy below market price or to sell way above market price is a waste of time for seller or buyer.
However, if I'm your friend, I will take the offered price of $2400 coz that's the price I would be willing to pay, considering the new CM7. If your friend now revised his price down due to CM7, he is in fact looking for fire-sale and I think he is better off looking at those who advertised at current market rate or EVEN below but usually cones with inferior attributes. Ask your friend not to waste his time viewing those which ask high or record price.....those owners' units usually have superior attributes or premium view units. Otherwise, your friend wouldn't have offered record price anyway.
It's always in people's mentality and wish to drive a hard bargain but to try to buy below market price or to sell way above market price is a waste of time for seller or buyer.
However, if I'm your friend, I will take the offered price of $2400 coz that's the price I would be willing to pay, considering the new CM7. If your friend now revised his price down due to CM7, he is in fact looking for fire-sale and I think he is better off looking at those who advertised at current market rate or EVEN below but usually cones with inferior attributes. Ask your friend not to waste his time viewing those which ask high or record price.....those owners' units usually have superior attributes or premium view units. Otherwise, your friend wouldn't have offered record price anyway.
not necessarily since as u are well aware - willing buyer and willing seller basis. Its up to the negotiation and relative bargaining power of the parties concerned and its all on a voluntary basis. U can never distinguish fully and safely whom is really a genuine buyer and who is just window-shopping. The fact that someone is willing to put up a cheque bid (however below market price) indicates a more somewhat serious intention to want to buy and hence should not be discouraged. Up to seller to take or just leave it and the process goes on no?
Eeerrmmm ...
I think you gotta put things into perspective leh ...
How does $2,400 psf mean prices come down ?
If people now willing to take $2,200 psf, then considered price come down.
AT 2,400, it is still record price, prices still going up!
Your friend is inexperienced, viewing a unit calling 2,700 is considered amateur in the investment circle. Experienced buyer view a unit asking for 2,450 and then make offer at 2,380, close at 2,390-2,410.
Thats how you go about buying.
Certainly dont need and Office Boy to point out that this episode is strange.
DKSG
Eeerrmmm ...
I think you gotta put things into perspective leh ...
How does $2,400 psf mean prices come down ?
If people now willing to take $2,200 psf, then considered price come down.
AT 2,400, it is still record price, prices still going up!
Your friend is inexperienced, viewing a unit calling 2,700 is considered amateur in the investment circle. Experienced buyer view a unit asking for 2,450 and then make offer at 2,380, close at 2,390-2,410.
Thats how you go about buying.
Certainly dont need and Office Boy to point out that this episode is strange.
DKSG
if the owner bought at $1800psf, knocking off $200psf to seal the deal will still net a good profit of 167%.
not necessarily since as u are well aware - willing buyer and willing seller basis. Its up to the negotiation and relative bargaining power of the parties concerned and its all on a voluntary basis. U can never distinguish fully and safely whom is really a genuine buyer and who is just window-shopping. The fact that someone is willing to put up a cheque bid (however below market price) indicates a more somewhat serious intention to want to buy and hence should not be discouraged. Up to seller to take or just leave it and the process goes on no?
True, its up to seller to take it or leave it. On the other hand, I know some of my friends when making offers, they always take seller's asking and discount 20%, sometimes 30%. They just love to bargain and sometimes they know they will never pay anything close to the seller's asking price. To me, why bother to waste the time of the seller, tenant, agent and themselves when they have no intention to buy at that price anyway. Even fish market does not operate this way.
These friends of mine feel if seller dare to ask this kind of price, then buyer also have a right to offer what ever price they wanna offer. As for me, I'm very selective in house viewing (partly time is too precious) because there are just so many properties around to choose. Even within the same condo, usually there will be a few similar units available. If dun have, look at neighbouring condos or houses. I will never waste time when I see an agent or seller asking prices which I'm not willing to pay. In fact, for my last 2 purchase, I paid close to the seller's asking and didnt bargain. Some agents will screen buyers by informing seller will not entertain if asking price not met. And if I really like the unit (eg the stack and level that I like), I will just politely tell agent if seller ever changes their mind, do call me back.
True, its up to seller to take it or leave it. On the other hand, I know some of my friends when making offers, they always take seller's asking and discount 20%, sometimes 30%. They just love to bargain and sometimes they know they will never pay anything close to the seller's asking price. To me, why bother to waste the time of the seller, tenant, agent and themselves when they have no intention to buy at that price anyway. Even fish market does not operate this way.
These friends of mine feel if seller dare to ask this kind of price, then buyer also have a right to offer what ever price they wanna offer. As for me, I'm very selective in house viewing (partly time is too precious) because there are just so many properties around to choose. Even within the same condo, usually there will be a few similar units available. If dun have, look at neighbouring condos or houses. I will never waste time when I see an agent or seller asking prices which I'm not willing to pay. In fact, for my last 2 purchase, I paid close to the seller's asking and didnt bargain. Some agents will screen buyers by informing seller will not entertain if asking price not met. And if I really like the unit (eg the stack and level that I like), I will just politely tell agent if seller ever changes their mind, do call me back.
On the other hand, l think the time is right to start low balling.
Sellers may spit at you though.....
On the other hand, l think the time is right to start low balling.
Sellers may spit at you though.....
It would be better not to view at all and wait for a drop in asking price.
It would be better not to view at all and wait for a drop in asking price.
Haha.... l believe to view and offer a ridiculously low price is more demoralising
Haha.... l believe to view and offer a ridiculously low price is more demoralising
You're wasting your time. Spend more time with your family lah.
Property cycle is quite long. When the time comes, you'll be buying from the banks, not from owners.
Until then, you can low ball, as the bank will accept any price as long as it covers their mortgage.
:p
Haha.... l believe to view and offer a ridiculously low price is more demoralising
If i am the seller, i would think there are still many buyers in the market and i will eventually find a buyer to match close to my price.
Imagine you put up for sale and not a single viewing for 3 months.
You're wasting your time. Spend more time with your family lah.
Property cycle is quite long. When the time comes, you'll be buying from the banks, not from owners.
Until then, you can low ball, as the bank will accept any price as long as it covers their mortgage.
:p
Not true. Banks are quite firm with their pricing. I find it alot easier to get better deals from individual sellers.
If i am the seller, i would think there are still many buyers in the market and i will eventually find a buyer to match close to my price.
Imagine you put up for sale and not a single viewing for 3 months.
if the buyer can afford to hold, not having a single viewing in 6 months wouldn't be a problem too. some are just testing waters, hoping to bait a good catch.
in the meanwhile, just rent it out.
My friend viewed The Clift just before CM 7, 1 br asking 2600 psf, he offered 2400 psf (already record price), the seller asked him to fly kite. Immediately after CM 7, the seller accept 2400 psf but he now asked the seller to fly kite.
Asking price is asking price.. and each seller just "playing" with their "nett selling price" in their mind.. depending on their sentiment
So changing of the "asking price" is not important.. if the seller didn't change their "nett selling price" in their mind
that's why, if an agent you trust tells you it's a serious seller/buyer, then it is worth looking at. otherwise, it's just testing mkt on both sides, trying to fish for good deal.
If i am the seller, i would think there are still many buyers in the market and i will eventually find a buyer to match close to my price.
Imagine you put up for sale and not a single viewing for 3 months.
I experienced this first hand post Asian financial crisis as a Seller.
Very demoralising..... plus the unit was tenanted out, so l had to make special arrangements for viewing too. In the meantime, tenant also lowballing me on the rent.... haha lagi stress.
Both are bad, l don't know which is worse.... haha
Not true. Banks are quite firm with their pricing. I find it alot easier to get better deals from individual sellers.
Yes.... l got the steepest discounts from individual sellers. Especially distressed seller.
Splitting couples who want a quick settlement tend to yield to lower prices.
Developers have deep pockets and hardly budge on their prices
thomastansb
29-01-13, 11:53
It's always a cycle. When rental drops or cannot rent out and no viewing for 2 months, then seller will be desperate. When rental is strong, buyer will be desperate because seller don't have to sell.
I suggest that you wait a while. Rental is dipping especially in CCR. 2013 and 2014 have a lot of supply coming on board. If he don't want to sell, there are many who want to sell. No right or wrong. Just right price and right opportunity.
some rent is better than no rent eh?!
It's always a cycle. When rental drops or cannot rent out and no viewing for 2 months, then seller will be desperate. When rental is strong, buyer will be desperate because seller don't have to sell.
I suggest that you wait a while. Rental is dipping especially in CCR. 2013 and 2014 have a lot of supply coming on board. If he don't want to sell, there are many who want to sell. No right or wrong. Just right price and right opportunity.
With 100k more people per year it might not happen. And when people know the long term plan they just need to hold and hold.
Unless there is a crisis and unemployment there is very less chances of any major correction.
True, its up to seller to take it or leave it. On the other hand, I know some of my friends when making offers, they always take seller's asking and discount 20%, sometimes 30%. They just love to bargain and sometimes they know they will never pay anything close to the seller's asking price. To me, why bother to waste the time of the seller, tenant, agent and themselves when they have no intention to buy at that price anyway. Even fish market does not operate this way.
These friends of mine feel if seller dare to ask this kind of price, then buyer also have a right to offer what ever price they wanna offer. As for me, I'm very selective in house viewing (partly time is too precious) because there are just so many properties around to choose. Even within the same condo, usually there will be a few similar units available. If dun have, look at neighbouring condos or houses. I will never waste time when I see an agent or seller asking prices which I'm not willing to pay. In fact, for my last 2 purchase, I paid close to the seller's asking and didnt bargain. Some agents will screen buyers by informing seller will not entertain if asking price not met. And if I really like the unit (eg the stack and level that I like), I will just politely tell agent if seller ever changes their mind, do call me back.
I can see where you are coming from but the mechanics of negotiation are such people want to lowball with the view of coming to a compromised middle ground to deal the deal most of the time. It's like doing a commercial trade of oil and gas, an industry that I have spent years in. I have so far never come across a unit I like so much that I would buy outright at seller price and as seller myself I also will mark up a bit as bargaining leverage as it is not uncommon for me to expect some horse play bargaining by buyers. Some bargain for fun and leave but my previous flat was sold to someone whom bargained with me for half a day before really buying when all alom I thought he play play nia then I play along until I shock he give me cheque haha
With 100k more people per year it might not happen. And when people know the long term plan they just need to hold and hold.
Unless there is a crisis and unemployment there is very less chances of any major correction.
It's true that holding power is key but I know of several colleagues whom are quite highly leveraged on debt with 2 properties hoping to cash in but now really getting worried when one flat rental just up no tenants and another they stay so need to service mortgage using own funds - eat Maggi mee or own bring bread for lunch no joke to really tide over. Those people will be getting a little bit more anxious than most to attempt to sell at still currently good price to net a tidy sum for their risk taking
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