It is currently a seller's market with most sellers asking at above valuation. However, the silver lining is there are some units that are being auctioned off by banks. Therefore, there is a possibility you may be able to snag some good deals in the market.
Hope this answers your question.
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1) Resale unit usually does not have the capital appreciation seen from new launch.
2) The best outcome in terms of capital appreciation for the resale units is when a collective sales successfully went through. The en-bloc price is usually 30~40% premium compared to the resale price of an individual unit.
3) The advantages of resale are:
(a) Immediate move in
(b) Able to assess the pros and cons using naked eyes and all the other senses.
4) Singapore property is quite unique in a way that very rare people have to sell at a loss. Most of the negative sales we heard are because the selling price is insufficient to pay off the CPF accrued interest.
5) Do note that CPF accrued interest rate is accumulated in terms of 2.6% per annum. Thus if your property did not manage to appreciate 2.6% and above, you will face a consequence of the negative sale.
6) There are also cases saw in 2013 where the property price plunged down due to the cooling measure. And the owner is unable to hold till the market picks up.
7) Thus other than to time the entry timing, it is best to ask whether you are able to hold it till a better exit timing.
Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636, or email: firstname.lastname@example.org if more information is needed.
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In the resale market where there are still significant number of 1st time owners still yet to sell, they will play a critical role in determining if resale owners like you will enjoy growth as their gain is considered based on their entry price and can be lower than your entry price. This will delay the price growth of your property.
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Its because of the pandemic not despite the pandemic that prices are soaring. if its for own stay and its a HDB/private i reckon you to purchase. However, if its for investment the market has currently swung towards leasehold resale private and freehold resale private. The prices of new launch private aren't as competitive as it use to. Probably due to increased cost of construction(lack of labour and materials) and land prices.
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I think it largely depends on the unit that you're going to purchase and the price you purchase it at. There are thousands of resale listings in the market, and not all will perform at the same rate of growth going forward.
Some factors affecting growth includes:
- supply and demand
- development size
- surrounding area property type and unit mix
I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.
Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305. I will be happy to assess and share with you the possibilities for you in the current market.
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