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
When Is the Right Time to Sell Your House?
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 …
Top 5 Factors : Why Now Is the Perfect Time to Invest in Singapore’s Real Estate Market – Insider Analysis!
Singapore's real estate market has always been an attractive investment destination for both local and international investors. The city-state's stable...
Read More
A Milestone for Singles: New HDB Rule Prioritizes Proximity to Parents
TLDR The upcoming Family Care Scheme (FCS), launching mid-2025 in Singapore, prioritizes singles applying for BTO flats near their parents,...
Read More
Singapore’s Best Kept Real Estate Secrets: 5 Insider Tips for Savvy Investors
Singapore's Best Kept Real Estate Secrets: 5 Insider Tips for Savvy Investors Here are 5 insider tips for those looking...
Read More
5 Tips : Riding the Wave: How to Profit from the Upcoming Boom in Singapore’s Property Market
Singapore's property market has always been a hot topic among investors and homebuyers alike. With million-dollar HDBs being sold and...
Read More
Why Older Freehold Condominiums Are Losing Their Edge in En‑Bloc Deals (2025)
TLDR Older freehold condominiums in Singapore are losing their edge in en‑bloc deals due to several structural shifts. Developers increasingly...
Read More
7 Essential Considerations to Keep in Mind When Assessing a Floor Plan for a New Condominium Development
TLDR When selecting a property unit, carefully examine the floor plan beyond aesthetics. Consider non-living spaces like ledges and void...
Read More
District 15 Resale Vs New‑Launch Condos — The Real Story For Larger Family Units
TLDR District 15 remains a prime family location in Singapore, with resale condos offering larger layouts and raw space, while...
Read More
Top 5 Factors : Why Investing In A Property With A Good View Can Be A Profitable Move In Singapore
Investing in a property with a good view in Singapore can be a profitable move for several reasons. Here are...
Read More
Singapore Homes Prices Falling? Is This The Beginning Of A New Trend?”
TLDR The Singapore property market has seen a slight dip in private home prices after a significant increase over the...
Read More
Top 5 Cocktail Bars in Singapore for a Night Out
Singapore, the vibrant city-state known for its impressive skyline and diverse culture, is also home to an exceptional cocktail scene....
Read More
Does Sell 1 Buy 2 Strategy Still Works Today in 2024?
TLDR When considering the "Sell One By Two" property investment strategy, keep in mind that it involves selling your previous...
Read More
Are Cluster Landed Homes Still a Good Investment? Analyzing Their Performance Over the Past Decade
TLDR When it comes to cluster housing, freehold properties like Bishopsgate Residences command top prices, whereas bargains can be found...
Read More
5 Homeowners Share Their Biggest Regrets Delaying Their Property Purchase in Singapore
In the fast-paced and ever-evolving property market of Singapore, making a timely decision to purchase a property can make all...
Read More
Timing the Market: Lessons from Singapore’s Property Price Fluctuations
TLDR Singapore’s property market has seen price declines during major crises such as the 1985-1989 pre-recession, 1996-1998 Asian Financial Crisis,...
Read More
5 Factors : The Benefits Of Investing In A Property With Good Access To Green Spaces In Singapore
Real estate investment has always been considered a sound investment decision, as it offers long-term growth potential and a reliable...
Read More
Is Great World Quietly Becoming Central Singapore’s Most Livable Locale?
TLDR Great World, located in Singapore’s Core Central Region (CCR), offers a unique blend of heritage, community, and convenience distinct...
Read More
Beyond Marina Bay Sands: Uncovering Singapore’s 5 Little-Known Secrets
Beyond Marina Bay Sands: Uncovering Singapore's 5 Little-Known Secrets Singapore is a small country with a rich history and culture....
Read More
What Impact Will Decreasing US Interest Rates Have on Homeowners in Singapore?
TLDR The Fed’s recent 0.5% rate cut is likely to lower Singapore’s SORA-based home loan rates, benefiting those with bank...
Read More
Top 5 Best Green Spaces to Picnic in Singapore
Singapore, a bustling city-state known for its modern architecture and vibrant culture, is also home to numerous green spaces that...
Read More
