Guys, what is the mood like in the market currently? Anyone been to any show flats? Resale ? Still holding strong or cooling down ?
Junior
Guys, what is the mood like in the market currently? Anyone been to any show flats? Resale ? Still holding strong or cooling down ?
Newbie
Depends who you ask. An agent will say to the seller: "property cycle peaking liao better cash out now !"; and to a buyer:"property prices can only go up, target population 6.5 million, buy now or miss the boat !"Originally Posted by CCR
At least that's what i'll say if i'm one
Junior
But we are not agents what..... So seriously does anyone sense market quieten down?
Senior
Based on statistics and figures, market definitely has quietened significantly. Passed by an ECs project. Nice lightings and spacious showroom with only about 4 agents standing behind the counter. No one else. I believe there are still demands but potential buyers are just watching cautiously, waiting for the next opportunity to enter again.
Exalted
depending on projects...u go to those luxury projects now even during wkends....high chance u r the only buyer thereBased on statistics and figures, market definitely has quietened significantly. Passed by an ECs project. Nice lightings and spacious showroom with only about 4 agents standing behind the counter. No one else. I believe there are still demands but potential buyers are just watching cautiously, waiting for the next opportunity to enter again.
Newbie
What about resale? Have been looking for a unit for quite some time already and quite demoralising to see the price going up instead of softening. The data realeased so far is conflicting also... make me even more confuse after reading the various reports.
Exalted
u often realised the asking prices is 5-10% above latest caveats rite? hehe
Newbie
Transaction/volume is defo down but prices are either flat or even up.
I am surprised with some of the caveats filed.
It;s now down to external shocks and interest rates...
Newbie
As in pte residential resales? buy if u die die need one to stay other than HDB...
Else wait for strong external shocks to Spore cos it works usually but u must have the stomach to time & bite when the herd is fleeing... the contrarian way
Exalted
while waiting for external shocks....better pray the prices dun rise too high....the higher it goes....the higher will be the next trough
Newbie
yes, im wary of that too... thght u like big bubbles... hehe
Exalted
big bubbles so tat i can offload some and there will be more firesales during next downturn as well.....every yr gradual rise of let say 5%+40% downpayment....meaning prices r getting harder to crash during next downturnyes, im wary of that too... thght u like big bubbles
Senior
Just make sure that your investments and job are not badly affected by external shocks also.Or else how to buy.
Newbie
take up multiple jobs loh....Just make sure that your investments and job are not badly affected by external shocks also.
Exalted
den like dat become slave to ur tenants wor
Newbie
Yup, looking at pte residential resale for home stay and like Devilplate mentioned most of the owners are asking 5-10% above the latest caveat and are quite firm on their selling price. Don't deny that i have the herd mentatlity also but then can't help worrying that the price will soon be out of reach if i don't coommit soon.
HDB is abit too pricy for me swallow due to the high valuation and also the crazy cov that sellers are asking.
Senior
But at 5-10% above caveat, private property owners are also asking crazy prices... HDB can be crazy precisely becoz private housing prices are also crazy! In the long run, prices will climb, 10 years or 20 years. You will never find a landed going for $200k today like in the 1970s. With inflation, your property price today will surely appreciate. Since you are getting for home stay, no worries! Just go buy now when interest rates are still low so can enjoy some low monthly mortgage payment rather than waiting till interest rate goes up and what if prices still increase ... super loser then. (But remember to calculate your monthly installment based on 3% instead of the current 1% to have a more realistic view of your monthly commitment). Time is on your side if u are staying in there. Unless u are very certain prices will fall, then hold on. Otherwise, go for that dream home soon!
Junior
based on the few projects I have interest on, resale volume is significantly down. On the other hand, asking price is up. since owners are only paying a tiny 1% mortgage, there is no incentive to cut price.
Newbie
This is what we Chinese call "eat full, sell buns"
Newbie
So what would be your advice to sellers of resale? Likewise what would be your advice to buyers now?
Newbie
So what will be your advice to sellers of resale now who want to sell?
Junior
advice to resellers. Do you have a better use for the cash you'll be getting? Sit in bank and wait for market to crash? May not happen. Just have enough cash to ride out another crisis (if it happens).
advice to buyers. Take your time to shop. It might take you months before you find anything you like. If it's something you really like, what's paying another 10% more for it? Unless you're expecting a major correction of much more than 10%.
Senior
If you have decided on selling and its just a matter of timing, then start looking for buyers... Put a high asking price and see if there's someone who's willing to pay. Drag for about 2 months till election to see how market is responding. If got seller to pay your asking price, you won't lose out. If don't have then adjust accordingly based on next 2 months' observation lor...That is a seller talking....
But buyers will tell you to stop raising price further... inflation is >> 5% already...
Junior
Same feedback here... All resale sellers 5 to 10 % higher... And I actually come across two of my frens actually managed to transact at that price they are asking.... Will be reflected in Apr data... Asked my fern in DTZ investment sales team, he say market still very firm, no incentives from owners to sell coz interest low and all got jobs and bonus from last year so no rush to sell.... Moving forward DTZ views is that unless got big external shocks, cooling measures will have no use..... I am really surprised that the latest measure no use man.... Any other feedback from other gurus here?
Junior
Cannot say no use!!! Wah lau later reporter see liao go write newspaper ! MBT later give it to us how? It's damn useful, 90% 1 house owner will feel the pinch with 40%.
Junior
I feel the pinch coz no money to buy another property coz of 40% LTV... Really want to buy one I really like but stuck with the LTV.. Got enough for 30% only sian.... So it's affecting me.... But dont knowmwhy others got so much money can keep buying and sellers instead of lowering prices, can call higher prices some more....
Exalted
how to tame the liquidity monster
btw always been taking 50 to 60% loan only....make sure i dun over commit myself
Music of the night
The higher the Chinese int rate go, the more Chinese will come to buy property in Singapore ....
Ride at your own risk !!!
Exalted
i dun tink its due to int rate as they dun even take loan....hehe
its due to their govt measures
but den if our px spike up by them...MBT may nid to showhand on his measure? i worried not well calibrated....
Senior
CCR, the seller is probably in the same situation as you, if they don't sell high, they can't afford the 40% downpayment for the next place.
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