Hi,
There are many ways to gauge if the sellers are genuine. Firstly, if the price that they have placed are not right, there will be no take up from the buyers around the area. Then they will be forced to make a decision, to drop their asking price or withdraw their property from the market.
As for the prices, its really subjective. Recently, Oxley gardens got sold $900K above valuation (note that valuation was at 2.2 so its close to 50% over value) and i also got a case where i got an offer of $700K over valuation and boy was i shocked. Of course, this are prime locations and its not fair to base judgements on these examples.
However what i would really want to say would be that the property market in Singapore is governed by free market forces and willing buyer/willing seller.
Last year during recession, I introduced a unit that was very well priced, my buyer maintain stance that market will crash further. The market picked up after 2 months, in the end he chose another unit at a much higher price because "market has picked up and there is potential gains".
best of luck!!
Ken Tan
Huttons Asia Ltd
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