Discover What Else You Can Focus On Beyond PSF – Here’s How!
TLDR When considering real estate investments, factors like property size, location, and PSF play crucial roles in determining affordability. Smaller...
Read More
TLDR
When deciding to sell your house in Singapore’s competitive real estate market, timing is crucial. Selling during a seller’s market can lead to higher profits due to high demand and low supply. However, factors like needing to buy a replacement home or recent refinancing should be considered. Ultimately, the best time to sell depends on your specific motivations, whether financial reasons, changes in family lifestyle, or stagnant property prices. Understanding your goals and the market conditions will help you make the most of your property sale.
Deciding when to put your house on the market can be a tricky decision, particularly in today’s highly competitive real estate landscape where home prices are reaching record levels, but with interest rates rising and warning signs of a looming economic slowdown.
Can You Really Time The Market When It Comes To Selling Your House?
No one could have anticipated that after the COVID-19 pandemic hit, housing prices would reach a peak like never before. It is notoriously difficult to predict the direction of price movement when it comes to buying or selling a house, even with transaction data. What is documented is merely a snapshot of the past, a moment in time which has already passed. Thus, the real challenge is gauging when prices will hit an all-time low or soar to unprecedented heights.
With condo resale prices reaching record levels and having climbed for 28 straight months, now may be the time to consider cashing out of your condo unit.
By 22 December 2022, the average psf price of a resale condo in the Core Central Region (CCR) stands at S$2,135, the Rest of Central Region (RCR) at S$1,601, and the Outside Central Region (OCR) at S$1,269.
Considering the current seller’s market, it could be a savvy move to sell your house now, as you have the chance to reap the benefits of higher prices and greater profit. On the other hand, if your house is an investment, holding off may bring even bigger returns in the long run. Ultimately, it all depends on what you want to gain from the sale of your home.
Why It’s Good To Sell Your House During A Seller’s Market
When supply is low and demand is high, a seller’s market emerges, and people are willing to fork out higher prices for what’s available.
1. You Could Possibly Fetch More Than Your Listed Price
Given the high demand and low supply of houses, you can maximise your sale price and profits by making your property stand out. With an abundance of buyers in the market, you can potentially sell higher than your asking price if your home is highly desirable and competitive. With the right marketing and showcasing, you can create a bidding war and attract multiple offers, allowing you to leverage the best deal possible.
2. You Can Unlock The Gains Faster
If you list your property during a seller’s market, you have a great chance of quickly selling it – even if it has a few undesirable features, such as being close to a rubbish chute or on a lower floor. This could allow you to capitalise on your gains even sooner!
When It’s Not Good To Sell Your House During A Seller’s Market
In a seller’s market, selling your house may be very tempting; however, you should always remain mindful of the next phase of your homeownership adventure.
1. You Need To Buy A Replacement Home
If you’re planning to sell your only home but don’t want to move in with your family or rent, you may need to purchase a replacement. Unfortunately, in a seller’s market, you might have to pay a hefty price for it. Before committing to buying the next home, make sure you can afford it, even if you have the sale proceeds and a home loan. Otherwise, it might be wise to put off the home-selling plan.
2. You Recently Refinanced Your Home Loan
If you refinance your home loan, you’re usually locked in for two to three years; selling your property during this time will incur an early redemption penalty, thus diminishing any potential profit.
Nevertheless, The Best Time To Sell Depends On The Motivation You’re Selling
Don’t be tempted to sell your house just because it’s a seller’s market and all your neighbours are unloading theirs; the best time to sell your house depends entirely on your reasons for doing so.
1. You’re Selling It For Financial Reasons
If you find yourself needing to sell your house due to financial difficulties, you may be struggling to make ends meet, or perhaps interest rates have risen, leaving you wanting to lighten your debt burden and downsize to a more affordable residence. Or, maybe it’s time for a change and you’re in the market for something newer that doesn’t require all the upkeep your current house needs. Whatever the reason, it’s best to sell the house quickly so you don’t miss out on the best possible price.
2. There Are Changes In Your Family Lifestyle That Require You To Change House
Maybe you’ve added another addition to your family, or your two children no longer want to share a room, but your current home is too small for this. Or, maybe your house has stairs and you’re already fed up with climbing them up and down. Selling your current house for the funds needed to buy a new one seems like a sensible solution, yet you’d rather put up with the issues than wait for prices to rise before taking the plunge.
3. Your Property Price Have Been Stagnating For The Longest Time
The location of this house might be ideal, but unfortunately, the price has been stagnant for quite some time and there’s no indication of any imminent developments in the vicinity that could lead to any substantial increase in the value. Perhaps it’s time to put this property on the market and invest the funds in a more profitable asset, such as a property near an upcoming transformations.
You May Also Like …
Simplified Guide to Buying Landed Property in Singapore
TLDR When considering buying a landed property in Singapore, you have options like terrace homes, semi-detached houses, and bungalows. Understanding...
Read More
Buying a Mega Development Condo? Here are 5 Overlooked Issues You Should Know
TLDR In the world of mega-developments, living in a large condo with over 700 units can bring challenges like ongoing...
Read More
When Should You Consider a Shorter/Longer Home Tenure?
TLDR Understanding the benefits of long-term home loans is crucial for financially conservative individuals in Singapore. Opting for a longer...
Read More
Top 5 : Best Street Art Murals in Singapore
Singapore, a vibrant and multicultural city-state, is not only known for its iconic landmarks and delicious cuisine but also for...
Read More
Pitfalls of Owning a Boutique Condo: 5 Insider Insights You’ll Wish You Knew Earlier
TLDR When considering boutique condos, be mindful of potential drawbacks such as dominating families influencing rules, lack of privacy due...
Read More
Surprising Prediction: Will Singapore Property Prices Drop in 2024?
TLDR When considering the current real estate market in Singapore, it's crucial to understand the impact of factors such as...
Read More
Top 5 Street Food Markets in Singapore
Singapore, a melting pot of diverse cultures, offers an incredible array of street food that tantalizes the taste buds of...
Read More
Resale Viewing Do’s and Don’ts: Expert Advice from a Singapore Real Estate Agent
TLDR The blog post provides valuable insights for first-time buyers on navigating the resale property market in Singapore. It covers...
Read More
What Type of Properties Can a Permanent Resident PR Buy in Singapore?
TLDR When it comes to purchasing property in Singapore as a Permanent Resident or Foreign National, there are specific restrictions...
Read More
Top 5 : Best Laser Tag Arenas in Singapore
Laser tag has become an increasingly popular activity in Singapore, offering adrenaline-pumping experiences for people of all ages. This exciting...
Read More
Why There’s No Perfect Time to Enter the Market
TLDR When it comes to property transactions, understanding the factors influencing rising prices is crucial. The pandemic has driven up...
Read More
The 5 Secrets To Successful Singapore Property Investing Revealed
The vibrant property market in Singapore has attracted numerous investors and speculators looking to profit from the nation's thriving conditions....
Read More
5 Tips : How To Choose The Right Property Agent To Help With Your Singapore Property Investment
Choosing the right property agent is crucial to the success of your Singapore property investment. A good agent can provide...
Read More
What Are The Key Factors That Contribute To Property Valuations And Why Are They So Crucial?
TLDR Understanding property valuations is crucial for both buyers and sellers in the real estate market. Property valuations involve two...
Read More
Top 5 : What Are The Key Factors That Drive Foreign Investment In Singapore’s Real Estate Market
Singapore, a thriving city-state in Southeast Asia, has become a magnet for foreign investors looking to capitalize on its booming...
Read More
How Will Singapore’s Development Influence The Real Estate Markets In Bedok, Changi, Pasir Ris, And Tampines : 2023
TLDR You will find detailed insights into upcoming housing developments in the East of Singapore, specifically in areas like Bayshore,...
Read More
Singapore’s Luxury Real Estate Market: The 5 Most Luxurious Neighborhoods
The 5 most expensive neighborhoods in the city, and are home to some of the most exclusive and opulent properties...
Read More
Should Foreign Buyers Be Deterred By the 30% ABSD?
TLDR Foreign buyers interested in private residential properties in Singapore is a common sight due to the country's positive reputation...
Read More
Top 5 Factors : Why Not All Properties Appreciate Steadily
Real estate has long been considered a lucrative investment option, with the potential for significant returns. However, not all properties...
Read More
