I have just bought another property.
My previous motto was: "Properties should only be bought and not sold. Unless enblocked then quickly buy a replacement property".
Now that I think the market is getting smarter, I have to move one step ahead and the motto has changed to "... buy a replacement property even before the en bloc!".
You need to pre-empt those who may pre-empt you.
The reason I have posted so many old news clippings is to drive home the point that all these corrections whatever doesn't matter at all.
The most dangerous thing in buying properties is not buying (does that sound like a riddle?) and not the corrections.
Look at the following 1985 property classfieds (I know some members here are quite tired of looking at them but I need to drive home a point).
Does it really matter if one of these $400,000 landed houses you bought corrected by 20% and you lost $80,000? What's $80,000?
Nowadays even the COV of HDB flats is much highter than that (Reporter has just reported that a $170,000 COV confirmed for a Bishan HDB flat).
http://forums.condosingapore.com/sho...&postcount=674
The corrections, if they occur, only appear stressful during the here and now. But on hindsight, its actually quite irrelevant because money loses its value real fast and when COV of HDB reaches $1.7 million, you will realise that what a waste of time it was agonising over whether to buy a $1 million condo.
“The modern banking process manufactures currency out of nothing.”.
- Lord Josiah Stamp, Former Director of the Bank of England (1937)
“At the end fiat money returns to its inner value—zero.”
- Voltaire (21 November 1694 – 30 May 1778)