Is Singapore’s Property Market on the Verge of a Crash? Understanding the 5 Factors at Play
The Singapore property market has long been an attractive option for both local and international investors. However, as with any...
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TLDR
When considering selling your home, several key indicators can help you determine if it’s the right time to make a move. Factors such as the need for more space, an influx of property ad flyers, increased volume of viewings in your area, many neighbors selling their homes, and the opportunity to capitalize on the current market can all point towards a favorable selling environment. By staying informed about these signs and leveraging expert advice and data-driven strategies, you can make an informed decision that aligns with your real estate goals for the future.
Though it may seem counter-intuitive to sell your home after having invested so much time and money into making it look perfect, now may be the time to take advantage of the hot market in 2023 and reap the rewards of a profitable sale.
Here are 5 compelling reasons why you should make the decision to put your home up for sale today and get the best price possible!
1. Do You Require A Room That Is More Spacious Or More Compact?
If you are feeling like your home no longer fits your needs, it might be time to consider “right-sizing“. Whether you initially purchased your home before you had children and now find you are running out of space to accommodate their growing books and toys, or your adult children have left and you no longer require such a large dwelling, selling might be the best course of action.
Let’s get the obvious out of the way – if you need to sell, then you should sell.
The great thing about your next home is that it will be much better suited to your needs, offering you far more comfort. However, it’s important not to let potential buyers know of your immediate need to sell and move, as this could allow them to negotiate a lower price.
2. Frequent Ad Flyers
The occasional flyer from property agents can be an annoying nuisance, and a tremendous waste of paper; yet, it can also provide insight into a seller’s market. If you start to see multiple flyers crammed into your gate frame from different agencies, that’s a sure sign that the market is ripe for buyers.
If you’re in this situation, it could be a smart move to conduct your own research. To start, you need to grasp the current worth of your home and what it could fetch in the present market.
This usually happens after a BTO flat has finished its five-year Minimum Occupancy Period. It’s usually then that homeowners stand to make the most impressive return on their real estate investment.
Put simply, it’s the most up-to-date and ready-to-go flat available without waiting for construction.
3. Volume of Viewings
Have you noticed unfamiliar faces wandering through your neighborhood lately, accompanied by someone sporting a lanyard? Do these strangers appear to be curiously inspecting the area?
If this is happening multiple times, it could be an indication of increasing interest in properties in the area.
If you can determine which property is for sale, pay attention to the number of people coming at various times, particularly on the weekends. This should give you an idea of the demand for units in your vicinity.
“Demand is on the rise, and so are prices! If you want to get an accurate snapshot of the number of transactions taking place in your area, it’s time to reach out to me and let me know.”
4. So Many Of Your Neighbours Are Packing Up And Leaving
Checking what your neighbours are doing can be a great indicator if you should sell or not. Although following the crowd is not typically recommended, the collective thought of multiple people can back up making the same move. The market is run by collective behaviour, and if everyone is selling, it could be worth looking into.
Stay ahead of the game by regularly checking property listing websites. If you want to check completed transactions, HDB’s Resale Flat Prices can be accessed here and private property resale prices here.
5. It’s Time To Take Advantage Of This Chance To Purchase
If you have your sights set on a new, desirable property such as one of the many new launch condominiums available this year, you may want to consider unlocking the potential of the built up equity in your current home before selling it.
Ready to take the next big step in your real estate venture? For many HDB owners with the dream of owning a private property, it can be tempting to sell and purchase a luxurious new residence.
But with a careful “Asset Progression” strategy, you can create a legacy of wealth for generations to come.
Constructing Your Wealth Accumulation Plan
Strategizing your path to success can be daunting; that’s why we recommend enlisting my help to work with you to meticulously plan the steps you need to take in order to write a new chapter for you and your loved ones.
Let’s make 2023 the year you make the most rewarding property choice for your future self. Contact me now and make the decision that your future self will be thankful for!
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
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