8 Answers

I'd say that referencing to SRX value or EdgeProp or bank indicative valuations are just the early indicators where buyers are looking at when it comes to making an offer to the property. Given that you are coming in from a seller's perspective, it is only natural that you feel that this maybe unjustifiable and your property should be worth more. Nothing wrong with that. Given that I have recently concluded a condo sale for a record high in the project, I know where you are coming from, however, it does comes at the expense of time if you are looking to sell at record high price.

Do you have the patience for this or do you have the timeline to allow for this to take place? Given the transparency of the Singapore's real estate market, if you are a buyer today, are you then willing to pay above last transacted high record for a similar unit that is not exactly well renovated, not exactly having the best facing or other physical conditions but yet expected to pay $200psf more than last transacted, that could be just around 2-3 months or more back? If you are unwilling to do so, then many other buyers are also like you. They are likely to be scouting around other projects, other similar units before they even decide to make any offer or not.

It takes more than just SRX valuation or EdgeProp or bank indicative to sell, but the overall market situation awareness and the ability to analyse the traits in order for buyers to be convinced why they should part with their top dollar to buy a unit at record high price, which was what I managed to convince the cobroke agent and the buyer. And let's be honest, it did take me 1 or 2 days, not even 1 to 2 months. It took me almost 6 months to create this record.

The sold in 1 month or sold in 1 viewing at record price advertisements didn't tell you the background of their success story usually. Either the agent have taken over someone else's listing where all the hardwork has been done and the timing favours the new agent or they are just damn plain lucky. Market moves and doesn't behave abruptly for a unit to sell at record high in just 1 viewing.

I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

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Hi, recently there are a few transactions in the market for new sale records for condo, and they have a good justification for it mainly due to their renovations as well as other factors. It is possible to market the unit at a price higher than the valuation indication, The reason why agents will initially mention the indication or valuation first is to give the seller a rough guide of what bank loan in principal are the banks willing to provide, but if your unit deserves a much higher price, it is possible to market at that higher price.

Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

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Landon Chew
97 39 60 40
landonchew@email.com Read More
Hi Sir/Mdm,

It is possible to sell your property at prices higher than the SRX indicative valuation or the bank valuation. It depends on several factors such as the unique selling points of your property and how the marketing plan of the agent.

I have done many units at record high prices. Please feel free to contact me so that I can gather more information from you and assist you further!

Nick Tan
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“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically, he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
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I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
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Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
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Susana (Buyer) Read More

I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Have a good day ahead. By the way, I don’t see anything wrong with your statement as all property owner would want to sell high and to break a record price if possible. But you just got to be prepared to wait longer for that buyer who is willing to pay a premium for you property.

Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
Why Agents Use Market Data (SRX, EdgeProp, Banks):

Realistic Pricing: These resources provide recent condo transaction data, helping agents recommend a competitive yet achievable selling price.
Bank Valuation: Banks consider market value when approving loans. An overpriced condo might lead to loan rejection for potential buyers, delaying the sale.
Faster Sales: A price aligned with the market attracts more qualified buyers, potentially leading to a faster sale.
Challenges of Record-Breaking Prices:

Market Saturation: Very high prices might not reflect the current market average.
Limited Buyer Pool: Fewer buyers can afford record-breaking prices, limiting the pool of potential buyers.
Time on Market: An overpriced condo might sit on the market longer, potentially leading to price reductions later.
So, what can you do?

Discuss Your Goals: Talk openly with your agent about your ideal selling price and timeline.
Data & Negotiation: While considering market data, you can still negotiate your listing price within a reasonable range.
Alternative Strategies: Discuss alternative marketing strategies with your agent to attract buyers willing to pay a premium (e.g., highlighting unique features).
Remember: A good agent can balance your goals with market realities to achieve a successful sale. Don't hesitate to communicate openly and ask questions.
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We agents usually provide valuation/SRX/EdgeProp as a general guideline with recent transaction units in the similar estate or nearby vicinity. This pricing will then thus be able to attract ready buyers.
Of course you can try to attain the top selling price but would it affect your next purchase? Is it worth the wait? The challenge in selling a condo at market record price will take strong advertisement presence, right timing and competent agent.

Some owners sell their condo for personal reasons too, not necessarily for the records profits. But to answer your question, yes a higher transacted price can do indeed change some owner's mindset.

I would like to answer more of your questions if you can reach me @ 97979927  .

Looking forward,
Edmund Read More
Hi, appreciate your sharing. Able to create the environment if you are looking to sell above the last done pricing.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Stewart-PropNex (Senior Associate Division Director) Read More
Hi Do contact me at 97970200  to understand more and discuss

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Propnex Read More