Monday, September 15, 2008

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A Home-Buyer and Home-Owner honest view of the private property market outlook

The following forum discussion provides a candid view of the outlook of the Singapore private property market from the perspective of a home buyer who has recently bought his home; and a home-owner who, like many other home-owners, has no intention of selling his home.

Home buyer wrote:
Dear Forumers,
Just sharing a reality. I have recently had an offer of $820k accepted for a 999-yr leasehold condo along upper Bukit Timah Road. That works out to be abt $740psf.

The initial asking price for the unit is $795psf. Some of the units are even asking for $850psf and above. Good luck to them.

I actually made 3 offers to different units in the project and all of a sudden, all 3 came back on the same day. I guess the owners must have just received the notification of TOP from the developer and is panicking to get their loans approved.

My point is, prices are slowly, but surely coming down. I would not have committed on the unit if I was not shopping for a home to stay in the vincinity due to vested interest.

I would rather wait till next year.

So dear bulls aka. property agents in this forum, please provide facts when you are trying to push across a message.

Do not flood this forum with contruction costs, MM's vision of the golden years, IR dream, etc.......

The harder one tries to wipe away an ink smudge, the worse it gets.....

Home Owner replied:
It's truely generous of you to tell us your experience and honest view of the market outlook, despite just having bought a unit yourself. I'm a home owner along the same district too and I share your view. To say that property price is moderating is not only being just downright honest but as a home owner with no intention to sell my home, I actually welcome the moderation, rather than see the price get chased up to the sky by speculators and then crash sharply. The only people who will go on talking up the market are the property agents and the desperate hot potatoe sellers which are the so called "bulls" here.

Anonymous wrote:
It's refreshing to hear from you guys. I must say the seller of the Upper Bukit Timah unit is a fortunate fellow in times like this, even thoough he has been quick to seize the scant opportunities in a falling market. Anyway, I have seen expectations drop by 10% in areas like Thomson and Bishan too.

In the end, it all boils down to incomes. It doesn't matter if lots of FT's flood the market but if their incomes don't match, prices cannot be sustained. And FT's are even more averse to taking heavy mortgages.

Posted by anonymous in the Singapore Property Forum

May also want to read:
History of Singapore Property 1960 to 2008
When to Buy, When Not to by
Property Price Index Graph Plotter & Online Property Valuation
Your Property Investment Determines Your Financial Success in Your Life


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Dear visitors:
Your comments are most welcome!

The blogger here has been affectionately named by close allies as "Smart Buyer" but really, he's not smart. Smart Buyer just believes that being prudent is smart. That's the essence of the message of this blog and Smart Buyer hopes it'll benefit other property buyers.

Smart Buyer :)