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
TLDR
The property market in Singapore post-Covid has seen a surge in HDB and private property prices, with a noticeable plateau in resale flat prices. The implementation of Plus and Prime schemes segregates upgraders from non-upgraders, impacting the market dynamics. Amidst speculations of a slowdown in private housing prices, there could be a shift towards more affordable housing options, potentially affecting resale condo demand. Factors like job market uncertainty, regulations, and rental income dynamics further complicate the decision-making process for buyers and sellers. To navigate these complexities, strategic real estate advice and market insights are crucial in making informed decisions.
2024 Property Market: The Good, The Bad, and The Story!
“Ah, the elusive dream of buying a house in Singapore. Many have uttered the words ‘easy peasy’ when it comes to home ownership here, but let’s be real, no one has ever actually said that. The road to owning a property in this bustling city is often fraught with challenges, twists, and turns. And as if that wasn’t enough, the arrival of Covid-19 has only added more hurdles to the already arduous journey.
But fear not, dear reader. As you embark on your quest to find the perfect condo, we’re here to guide you through the maze of downpayments and help you make the right decision as a first-time home buyer. So sit back, relax, and let us be your trusted source of information on all things condo-related in Singapore.”
Following the Covid pandemic, HDB prices experienced a meteoric rise, reaching double-digit growth rates. A mere comparison between the price disparity from the peak in 2013 to the present would be akin to comparing a crushed anthill to the majestic Mount Everest. However, the surge in private property prices has outpaced even the HDB prices, further widening the gap and overshadowing the performance of resale flats.
Unfortunately, the exorbitant growth in resale flat prices cannot be sustained, as it has already begun to plateau. As a result, aspiring upgraders will face an uphill battle in their pursuit to bridge the ever-widening chasm in the upcoming years.
In addition, the implementation of the Plus and Prime schemes have come into play, segregating those who wish to upgrade from those who do not. This means that those who have no intention of upgrading will no longer compete with those who do, as the former would not consider purchasing a flat that can only be resold after approximately 14 years.
Amidst the chaos of an impending tech industry apocalypse, with layoffs looming and economic fears on the rise, whispers of a possible slowdown in private housing prices have surfaced. Some speculate that this may result in a surge of demand for more affordable housing options, perhaps even in neighboring Malaysia. For the unaffected citizens of Singapore, this could be a golden opportunity. However, for those affected by the industry shake-up and facing reduced incomes, their attention may turn towards the resale condo market, where prices have become markedly lower than those of newly launched units. This surge in demand for resale condos may spell trouble for the median-income upgrader, who is already struggling to afford family units in new developments.
As the job market remains uncertain, some may be forced to part with their properties due to layoffs or reduced salaries. Yet, our debt levels and savings act as a counterweight to these potential sales. With regulations like the TDSR and the use of CPF savings for mortgage payments, even those who have lost their jobs may not be driven to desperate measures. After all, our human nature does not easily accept the idea of losing money on our prized properties.
But wait, there’s more to this delicate balancing act. The recent allowance for up to eight unrelated tenants in a single residence has lifted rental income, although the market may be showing signs of a slowdown. And while landlords rejoice at the increase in rental income, they must also bear the burden of rising interest rates and property taxes. Another case of good news offset by bad news.
Truly, the current state of affairs resembles a seesaw; every positive development is met with a corresponding negative one. And I, for one, refuse to hastily declare whether this is a favorable time for buyers or sellers.
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 …
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
Top 5 Hawker Centres in Singapore for Local Food
Singapore, a melting pot of diverse cultures and rich culinary heritage, is home to some of the most delectable local...
Read More
The Importance of Due Diligence in Property Investing in Singapore
Investing in property can be a lucrative venture, but it also comes with its own set of risks and challenges....
Read More
5 Tips : How To Buy A Property In Singapore As A Foreigner
Singapore's property market is a popular choice for both locals and foreigners looking to invest in real estate. However,...
Read More
CPF Accrued Interest On Housing: Learn What It Is and How to Calculate It
TLDR Understanding the CPF accrued interest on housing loans is crucial for Singaporean homeowners. When using CPF funds to finance...
Read More
Top 5 Luxury Dining Experiences in Singapore
Singapore, known as the Lion City, is a melting pot of cultures, cuisines, and luxury experiences. With its rich history,...
Read More
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
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
5 Factors Affecting A Property’s Resale Value
The real estate market is a complex and ever-changing landscape, with various factors influencing the value of a property. When...
Read More
Decoding the HDB Classification: The New Prime, Plus & Standard – What It Means for Singaporeans
TLDR The National Day Rally 2023 introduced a new classification for HDB flats, replacing the old 'mature versus non-mature estates'...
Read More
Finding the Perfect Match: Top 20 : A Guide to Choosing the Best Property Agent in Singapore
TLDR When it comes to buying or selling real estate in Singapore, having a professional and knowledgeable property agent is...
Read More
Why Chinese Investors Should Not Be Deterred by ABSD: 5 Reasons
Why Chinese Investors Should Not Be Deterred by ABSD: 5 Reasons Here are the top 5 reasons why Chinese investors...
Read More
The 5 Most Common Mistakes First-Time Buyers Make (And How to Avoid Them)
The 5 Most Common Mistakes First-Time Buyers Make (And How to Avoid Them) Here are the 5 most common mistakes...
Read More
Top 5 : Is Investing In Properties Worth In Singapore?
Investing in properties has long been considered a reliable and profitable venture, and Singapore, with its robust real estate market,...
Read More
Using CPF Funds to Finance Your HDB Flat or Private Property in Singapore: A Comprehensive Guide
Discover the extent to which your CPF savings can be utilized for the acquisition of a HDB home in Singapore,...
Read More
5 Things to Know About the Singapore Property Tax System
5 Things to Know About the Singapore Property Tax System Here are 5 things you need to know about the...
Read More
Top 5 : Key Reasons to Invest in Industrial Property in Singapore
Singapore, a small yet densely populated country, has emerged as a significant player in the global industrial property market. Its...
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
Top 5 Tourist Attractions in Singapore
Top 5 Tourist Attractions in Singapore Singapore, a vibrant city-state located in Southeast Asia, is known for its diverse culture,...
Read More
