Thinking of Selling Your Home in 2024? 5 Vital Realities Every Seller Must Face
TLDR From 2022 to 2024, Singapore's housing market underwent significant changes, with a shift from scarcity to a boom in...
Read More
TLDR
HDB’s old strategy of hiding Cash Over Valuation (COV) data isn’t cooling Singapore’s resale flat market anymore. Prices keep breaking records, driven by cash-rich right-sizers from the private market and sky-high private property prices making million-dollar HDBs look reasonable. Without public COV data, buyers only see final transacted prices, pushing future prices even higher. Public perception is key—if $2 million HDB deals become common, HDB’s stance may backfire. The market faces a critical test in 2025. Whether to buy, sell, or wait depends on individual circumstances. Strategic advice and a data-driven approach are crucial for making informed decisions in today’s unpredictable market.
The COV secret sauce isn’t working anymore. Record-breaking prices keep coming: $1.73 million yesterday, $1.88 million today in Bishan. That last one’s a maisonette from 1991 – practically a spring chicken among its kind, given HDB stopped building these units in 1995.
Remember 2014? When resale prices went wild, HDB played its trump card: hiding COV data. Buyers and sellers had to shake hands on price before seeing valuations. Overpay? Too bad – loans won’t cover that premium. The strategy worked beautifully then. Zero COV became standard, and prices took a nice, long nap.
Until Covid hit.
Why isn’t this old trick working now? First, meet the right-sizers. These folks just sold private properties at peak prices. They’re swimming in cash and happy to overpay for their forever HDB home. Who needs to worry about COV when you’re sitting on a private property windfall?
Private market prices aren’t helping either. That $1.4 million Henderson flat from 2022 looks almost quaint now. When private options hit $2 million, a million-dollar HDB starts making twisted sense.
Here’s the real deal: past transactions drive future prices. We see final prices but not COV amounts. Was that $800,000 flat really worth $800,000, or did someone pay $100,000 over value? Nobody knows. The next buyer just sees $800,000 and builds from there.
HDB faces a critical challenge: keeping flats under $2 million. They’ve already flagged one misleading $2 million listing (it was actually two units). But public perception is everything. If that $1.88 million Bishan unit sells, and others follow, HDB’s “unrealistic” stance might backfire spectacularly.
They pulled one rabbit from the hat with COV concealment. Time for another trick? 2025 should tell.
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 : 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 Romantic Date Spots in Singapore
Singapore, known for its stunning skyline and diverse culture, is a melting pot of romantic opportunities just waiting to be...
Read More
Transaction Volumes Remained Subdued Due To The Dearth Of Inventory In Q4 2022
TLDR The Urban Redevelopment Authority (URA) Flash Estimates for Q4 2022 show a 0.1% increase in non-landed private home prices...
Read More
How To Avoid Top 5 Common Investment Pitfalls When Investing In Singapore Property
When investing in Singapore's property market, it is crucial to be aware of the common pitfalls that can lead to...
Read More
Your Key to a Happy Retirement in Your HDB? Let’s Unveil The Mystery Behind the Lease Buyback Scheme!
TLDR The Lease Buyback Scheme (LBS) is gaining traction among older Singaporeans looking to boost their retirement income by selling...
Read More
5 Reasons : Why Singapore’s Rental Market Is Still Lucrative For Property Investors
Singapore's property market has always been an attractive investment option due to its stability and potential for high returns. While...
Read More
Navigating the Singapore Property Market as a Foreign Investor: What You Need to Know
Singapore, a thriving hub of business and commerce in Southeast Asia, boasts a highly developed economy and a robust real...
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
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
Breaking Through the Stalemate of En Bloc Sales
TLDR The Singapore property market faces challenges with the ongoing en bloc stalemate. Lower success rates, higher development risks, and...
Read More
Top 5 : Common Characteristics Of Singapore Condos That Make Them An Attractive Investment Opportunity For Foreign Buyers
Singapore, a thriving hub of business and commerce in Southeast Asia, has become an attractive destination for foreign investors looking...
Read More
Top 5 : Best Quirky Museums in Singapore
Singapore, a vibrant and diverse city-state, is known for its rich history, cultural heritage, and modern attractions. While the city...
Read More
The Top 5 Factors to Consider When Investing in Industrial Property in Singapore – Expert Insights!
Singapore, a thriving hub of business and commerce in Southeast Asia, offers a robust real estate market with various investment...
Read More
5 Impacts Of The Singapore Government’s Cooling Measures On Property Investing
The Singapore government has implemented several cooling measures over the years to regulate the property market and prevent it from...
Read More
Discover Singapore: 5 Must-See Attractions for a Culture Lovers’ Paradise
Singapore, a bustling metropolis in Southeast Asia, is a melting pot of cultures and traditions that offers a unique blend...
Read More
Can You Make the Leap to a Condo Upgrade in 2024?
As the Chinese New Year festivities wind down, folks are once again on the prowl for new homes, and understandably,...
Read More
NUS Real Estate Survey Reveals Growing Optimism Among Industry Leaders
TLDR A recent survey by the National University of Singapore (NUS) highlights increasing optimism among real estate industry leaders. The...
Read More
Top 5 Reasons : Why Ultra-Rich Families Racing To Park Wealth In Singapore
Singapore, a small island nation in Southeast Asia, has become a magnet for the world's ultra-rich families seeking to park...
Read More
Property Unpacked: Is GLS Impacting Property Values?
TLDR The Government Land Sales (GLS) program in Singapore is critical for developers to obtain development land, with sites released...
Read More
