COV Discussion

[DevilPlate]

Overall weren’t much transactions in the area, but 2 latest transactions just in May was 800k and yet they’re looking at 1M. 🫠 wonder if I wait it out the prices will ease up?

How come the other thread someone said his fren cannot sell Sumang 4rm flat….

im confused now…..

 

[drkcynic]

Reviving this thread.. anybody bought resale recently? The places I viewed are all looking at close to 200k COV based on indicative valuation/ past recent transactions seems pretty impossible for me to get a hdb at this rate

Why do you waste everyone's time when you knew you weren't going to buy? You turning up for viewing reinforces the owner's perception that there are carrots out there.

Stay away from ridiculous pricing.

 

[Nanonited]

Why do you waste everyone's time when you knew you weren't going to buy? You turning up for viewing reinforces the owner's perception that there are carrots out there.

Stay away from ridiculous pricing.

Turn up to lowball? Lolol

 

[Ronaldo88]

This is how prices had gone up fast and furious becos of desperate or cash loaded buyers..all sellers want more than recent transaction..

 

[hwmook]

Reviving this thread.. anybody bought resale recently? The places I viewed are all looking at close to 200k COV based on indicative valuation/ past recent transactions seems pretty impossible for me to get a hdb at this rate

I just bought lor, not so crazy. I got my unit at a price 2.2% higher than recent transaction. Valuation is just 0.75% lower than recent transaction. How long ago is the recent transaction and which floor compared to the unit you viewed?

 

[DevilPlate]

It is quite obvious Bro Billy went to view those prime located relatively new flats for eg. bendemeer light and newly MOPed flats along Henderson Road (asking 1k+ psf)

 

[Billyboo]

I just bought lor, not so crazy. I got my unit at a price 2.2% higher than recent transaction. Valuation is just 0.75% lower than recent transaction. How long ago is the recent transaction and which floor compared to the unit you viewed?

Recent transaction is in April 2023, last transaction level 10 but the one I viewed was level 8

 

[Billyboo]

It is quite obvious Bro Billy went to view those prime located relatively new flats for eg. bendemeer light and newly MOPed flats along Henderson Road (asking 1k+ psf)

Not really, built in 1984

 

[hwmook]

Recent transaction is in April 2023, last transaction level 10 but the one I viewed was level 8

Then ask the seller to fly kite, too much already. If 800k in Apr23 lvl 10 then the valuation will likely be around this figure only. 1m asking price is very crazy in this case.

 

[Billyboo]

Then ask the seller to fly kite, too much already. If 800k in Apr23 lvl 10 then the valuation will likely be around this figure only. 1m asking price is very crazy in this case.

ya I think cos he wants to include his reno price in the sale (renovated 5+ years ago).. but when he price like that the surrounding 4 rooms also price similarly in the same estate (695 last transaction now asking 880 ‍‍‍)

 

[red_devilz]

Simple. Just walk away or look for other sellers. Purchasing resale/subsale requires patience to hunt down for serious sellers. There are many bait listings/test market listings as many have mentioned.

If you need it urgently then LLST bite the bullet and buy.

 

[hwmook]

Simple. Just walk away or look for other sellers. Purchasing resale/subsale requires patience to hunt down for serious sellers. There are many bait listings/test market listings as many have mentioned.

If you need it urgently then LLST bite the bullet and buy.

Many weird sellers in the market, I offered to buy a unit at seller asking price but seller still want to consider so I walk away and offer for another unit. Eventually this seller had to sell at 30k lower price. Buying house really need patience and luck IMO.

 

[red_devilz]

Many weird sellers in the market, I offered to buy a unit at seller asking price but seller still want to consider so I walk away and offer for another unit. Eventually this seller had to sell at 30k lower price. Buying house really need patience and luck IMO.

Yea experienced the same. Offered seller's asking price for a subsale unit, and agent came back days later and said that seller wanted to increase price. So I just walked away.

One other annoying thing is time wasting seller agents and sellers, when they hold up and take a long time to respond. Those are red flags as well and I ignore them. Don't need to be held hostage by these jokers.

 

[marshmallow96]

Simple. Just walk away or look for other sellers. Purchasing resale/subsale requires patience to hunt down for serious sellers. There are many bait listings/test market listings as many have mentioned.

If you need it urgently then LLST bite the bullet and buy.

Either bite the bullet and buy, or get somewhere cheaper... not every location sells at this kind of price

 

[DevilPlate]

Yea experienced the same. Offered seller's asking price for a subsale unit, and agent came back days later and said that seller wanted to increase price. So I just walked away.

One other annoying thing is time wasting seller agents and sellers, when they hold up and take a long time to respond. Those are red flags as well and I ignore them. Don't need to be held hostage by these jokers.

One tip....need to stage seller's agent or even yr own agent....

Even u willing to pay at listed price....always bid abit lower and let them counteroffer....

Last time flipping period like 2006 to 2007 and 2009 to 2011, was way worse.....seller everytime and anyhow up prices

Hate those bait listings but we can always report them to CEA nowadays

 

[red_devilz]

One tip....need to stage seller's agent or even yr own agent....

Even u willing to pay at listed price....always bid abit lower and let them counteroffer....

Last time flipping period like 2006 to 2007 and 2009 to 2011, was way worse.....seller everytime and anyhow up prices

Hate those bait listings but we can always report them to CEA nowadays

I did. One of them counter-offered way above their original asking price. It was a carouhell experience for me and I'm so glad it's a buyers' market now.

 

[Billyboo]

Many weird sellers in the market, I offered to buy a unit at seller asking price but seller still want to consider so I walk away and offer for another unit. Eventually this seller had to sell at 30k lower price. Buying house really need patience and luck IMO.

Yea experienced the same. Offered seller's asking price for a subsale unit, and agent came back days later and said that seller wanted to increase price. So I just walked away.

One other annoying thing is time wasting seller agents and sellers, when they hold up and take a long time to respond. Those are red flags as well and I ignore them. Don't need to be held hostage by these jokers.

One tip....need to stage seller's agent or even yr own agent....

Even u willing to pay at listed price....always bid abit lower and let them counteroffer....

Last time flipping period like 2006 to 2007 and 2009 to 2011, was way worse.....seller everytime and anyhow up prices

Hate those bait listings but we can always report them to CEA nowadays

thanks for the insight and advice- super helpful! I’m a first time resale buyer and was new to COV etc and was surprised by the current listed price differential with recent transactions - good to know it’s not all that “normal” and there’s hope in waiting it out with some patience and lots of luck!

 

[red_devilz]

thanks for the insight and advice- super helpful! I’m a first time resale buyer and was new to COV etc and was surprised by the current listed price differential with recent transactions - good to know it’s not all that “normal” and there’s hope in waiting it out with some patience and lots of luck!

There was a tip I heard from one of the forumers here, but not sure how true.

It was mentioned that the chances of success in purchasing resale is higher if you do not use a buyer agent, so the seller agent does not need to co-broke (share comms) and will tend to recommend your offer to the seller.

Anyway good luck!

 

[marshmallow96]

There was a tip I heard from one of the forumers here, but not sure how true.

It was mentioned that the chances of success in purchasing resale is higher if you do not use a buyer agent, so the seller agent does not need to co-broke (share comms) and will tend to recommend your offer to the seller.

Anyway good luck!

From my memory, this is not applicable for HDB, cos HDB is seller pays seller agent, buyer pays buyer agent. unlike private properties for which buyer doesn't pay commission, buyer agent shares commission with seller agent.

 

[red_devilz]

From my memory, this is not applicable for HDB, cos HDB is seller pays seller agent, buyer pays buyer agent. unlike private properties for which buyer doesn't pay commission, buyer agent shares commission with seller agent.

I see! I didn't know resale hdb buyers need to pay comms to their agents. Learned something new!