Quick Guide for Condo Sellers: Timeline to Sell Condo in 2023
TLDR When selling a condominium in Singapore, understanding the critical steps is key. First, ensure you are not liable for...
Read More
TLDR
The Singapore housing market is a rollercoaster of unpredictable changes. Three homebuyers share their experiences: Tristan waited too long due to cooling measures, Daniel sold too soon and spent years renting, and Steven bought small units too early. It’s hard to give one-size-fits-all advice on buying or selling property. Seek strategic real estate advice and connect with the right buyers for success.
The Singapore housing market is a lot like a rollercoaster ride – unpredictable and full of ups and downs. Changes can happen in the blink of an eye and sometimes, decisions that seemed smart at the time can end up being not-so-smart later on.
We’ve put together some stories from homebuyers who have faced this truth head-on.
Let’s see if we can learn something from their experiences.
1. Playing the Waiting Game with “Temporary” Cooling Measures
Meet Tristan, who back in 2011, almost bought a second condo. His thought process was simple: “We were thinking of buying a small unit for my daughter who was renting at the time. The plan was for her to live there until she bought her own place, and then we could rent it out.”
But then the government introduced a three per cent ABSD (Additional Buyer’s Stamp Duty). Tristan thought this was just a temporary measure. He asked his agent if he should wait until it was removed. She suggested it might not be a bad idea. So, he waited.
Fast forward to 2013, and the ABSD increased to ten per cent. That’s when Tristan decided to buy, but he ended up with a less desirable unit and paid the seven per cent ABSD unnecessarily.
To add insult to injury, property prices had gone up from around $1,100 to over $1,300 psf during his waiting period. And today, the ABSD is even steeper, standing at 20 per cent for a second property purchase.
2. Selling Too Soon And Spending Years Renting
Then there’s Daniel, who sold his unit one year from completion. “The location was perfect – just minutes from my office and close to my in-laws. But the buyer was keen, and the return looked good,” he explains.
After selling, however, Daniel couldn’t find a suitable replacement. He ended up renting in various places over the next 4.5 years, until he finally bought his current unit – which is less than a km from his original one!
3. Investing Too Soon And Buying Units That Were Too Small
Steven was always excited about property investment. By the age of 30, he had bought two one-bedroom units with the help of his dad and uncle. But when he decided to settle down few years later, he realized both units were too small for a family. He had to sell them at a time when the market wasn’t so good.
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.
You May Also Like …
6 Unexpected Property Warning Signs That Can Be Negative for Some, But Beneficial for Others
TLDR When considering property preferences, what may appear as a disadvantage to some buyers could be a unique opportunity for...
Read More
The Advantages and Disadvantages of Purchasing an Auction Property in Singapore
TLDR When considering purchasing a property through auction in Singapore, remember that you can potentially get a great deal below...
Read More
Ouch! How Owning a Million-Dollar Home Can Sting with a Whopping $300K Interest in Just a Decade!
TLDR When considering property investments in Singapore, it's crucial to monitor home loan interest rates closely. Even a slight increase...
Read More
35 Brand New Condominiums Nearing Their ABSD Deadline 2023
TLDR The blog post discusses the looming ABSD deadline for several new launch condos in 2023, highlighting the impact on...
Read More
The Best Time to Invest in Singapore’s Property Market: Timing is Everything
Investing in the property market is a significant decision that requires careful consideration and analysis. One crucial factor that determines...
Read More
5 Tips To Spot Winning Investment Properties In Singapore
Investing in real estate is an exciting and potentially lucrative venture. In Singapore, a thriving property market attracts both local...
Read More
5 Tips for Renting Property in Singapore
Renting property in Singapore can be a challenging task, especially for those who are new to the country. With Singapore's...
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
The 5 Most Popular Types of Properties to Buy in Singapore
The 5 Most Popular Types of Properties to Buy in Singapore 1. Condominiums: Condos are popular among buyers because they...
Read More
5 Factors : Why Singapore’s Property Market Is Still A Safe Haven For Investors
Real estate investment has always been a popular choice for investors looking to generate passive income and build long-term wealth....
Read More
Top 5 Museums in Singapore for Art and History
Singapore, known for its vibrant culture and rich history, is home to a plethora of museums that cater to art...
Read More
5 Things to Know About Singapore’s Urban Redevelopment and Landscape Changes
As one of the world's most densely populated cities, Singapore has undergone significant urban redevelopment over the past few decades...
Read More
Will New Launch Condos See a Drop in Prices Soon?
TLDR The real estate market in Singapore is experiencing a trend of lackluster bids for prime properties in various locations....
Read More
Singapore’s Real Estate Market: Disproving 5 Common Misconceptions
Singapore's real estate market is a complex and dynamic market that can be difficult to navigate for new investors. With...
Read More
Top 5 Fine Dining Restaurants in Singapore if You are Visiting Us!
Top 5 Fine Dining Restaurants in Singapore if You are Visiting Us! Singapore is known for its diverse and delicious...
Read More
Singapore’s Property Market: Will the Newly Proposed 2023 Cooling Measures, Including a 60% Foreigner ABSD, Make Waves or Mere Ripples?
TLDR The recent surge in Additional Buyer's Stamp Duty (ABSD) rates in Singapore targets mainly foreigners and entities, with rates...
Read More
Here Are 6 Interesting Facts About The Minimum Occupation Period (MOP) That Not Many People Know About In Singapore
TLDR When it comes to understanding the Minimum Occupation Period (MOP) set by the Housing Development Board (HDB) in Singapore,...
Read More
The Top 10 Traits Of A Good Real Estate Agent
TLDR Jayson Ang, a reputable real estate agent in Singapore, offers extensive experience and a data-driven approach to guide clients...
Read More
Planning for Retirement: Considerations for Downsizing Your Property
TLDR Downsizing your home for retirement can bring financial security, closer family ties, and new adventures. Consider the benefits of...
Read More
