HDB Resale Valuation

[sigeena]

Just curious how to guage a price to offer

Unit selling at $550k

SRX x-value $500k
99.co last sold $509k (same size, different floor, sold in Jan 2021)

Are there alot more units on sale?

Most of the time, I would expect valuation to be the same as last transacted price. So I very much expect they are selling with expectation of 50k COV.

 

[Bluehouse]

So far only one sold this year.

Since the previous sold unit was level 7-9, would a 3rd floor command the same expectations on price?

 

[todomachi]

So far only one sold this year.

Since the previous sold unit was level 7-9, would a 3rd floor command the same expectations on price?

Willing Buyer, Willing Seller. Just go with the price that you are comfortable with. If they reject, then just move on to other units.

 

[sigeena]

So far only one sold this year.

Since the previous sold unit was level 7-9, would a 3rd floor command the same expectations on price?

With only 1 unit sold, like insufficient data to decide.

Is COV going to be a problem? If yes, then maybe consider other places with higher transaction volume.

 

[drunkelephant]

Just curious how to guage a price to offer

Unit selling at $550k

SRX x-value $500k
99.co last sold $509k (same size, different floor, sold in Jan 2021)

Market is hot
seller will hold for $550k
but rational buyer will offer $500k
5% cov is fair, $525k

 

[Kevin.S]

So far only one sold this year.

Since the previous sold unit was level 7-9, would a 3rd floor command the same expectations on price?

Yes 7-9 floor will have a higher valuation amount

Normally floor 1-3 - low value
4-6 - average
7-9 - slightly more
above 9th floor - higher valuation

but floor level is just 1 factor, need to see if its right next to a mrt, nearby amenities etc

difficult to analyze with just 1 transaction. most probably you will end up paying COV. Good luck

 

[jeffprobst]

I wonder how accurate Srx is. Just otp a unit at close to 400 arx show valuation at 410K. The last recent transaction for that block was 398k but the rest were 370k. unsure if valuation will factor in market condition and such.

 

[koohansen]

I wonder how accurate Srx is. Just otp a unit at close to 400 arx show valuation at 410K. The last recent transaction for that block was 398k but the rest were 370k. unsure if valuation will factor in market condition and such.

Mine was 3 room resale, just MOP.
Last Transaction was 375k the same month as my valuation, but highest was 400k the month before my valuation. But both of that units are higher floor than mine. Same block.

Jetval: 340k
SRX: 362k
HDB: 365k

 

[jeffprobst]

Mine was 3 room resale, just MOP.
Last Transaction was 375k the same month as my valuation, but highest was 400k the month before my valuation. But both of that units are higher floor than mine. Same block.

Jetval: 340k
SRX: 362k
HDB: 365k

hmmm. I only check Srx. Noted shall go hdb and netball to check. thanks for the advixez

 

[jeffprobst]

valuation report came out with cov of 24k. dunno want to continue with the purchase since like the unit but based on past transaction record, only one unit transacted was closed to the seller looking price. other units around the estate were way lesser than valuation report. so I be paying superb high premium for that unit. like the location but feel not worth it.

Also the when selling process with greedy seller and seller agent... keep telling us need pay this and that after final price confirm. Couple with the fact that my agent also keep convincing me to go with the cov. keep telling me the agent will look out for their customer interest one. but when I ask my agent stuff she like no interest for me.

 

[todomachi]

valuation report came out with cov of 24k. dunno want to continue with the purchase since like the unit but based on past transaction record, only one unit transacted was closed to the seller looking price. other units around the estate were way lesser than valuation report. so I be paying superb high premium for that unit. like the location but feel not worth it.

Also the when selling process with greedy seller and seller agent... keep telling us need pay this and that after final price confirm. Couple with the fact that my agent also keep convincing me to go with the cov. keep telling me the agent will look out for their customer interest one. but when I ask my agent stuff she like no interest for me.

Ultimately u have to ask yourself, what is your plan for this unit. Are you gonna stay for long term or looking to just sell it again in 5 years time. This have an impact as to one should pay for the COV or not. Also with this COV that you need to pay, how does it impact your cash flow for the purchase or does it affect your renovation plan?

Another point to consider, are you ok to wait and find more units coz there are people who have been searching for 9 to 12 months and eventually gave in and paid for the COV.

Nobody would look after your interest except your own. Just my own point of opinion

 

[jeffprobst]

Ultimately u have to ask yourself, what is your plan for this unit. Are you gonna stay for long term or looking to just sell it again in 5 years time. This have an impact as to one should pay for the COV or not. Also with this COV that you need to pay, how does it impact your cash flow for the purchase or does it affect your renovation plan?

Another point to consider, are you ok to wait and find more units coz there are people who have been searching for 9 to 12 months and eventually gave in and paid for the COV.

Nobody would look after your interest except your own. Just my own point of opinion

yeah. unlikely to sell since do not see how I will profit from flipping in future. actually able to pay off the cov. impact wise in future - unlikely since I be still working. Just feel that the 24k cov is equivalent to a reno loan which make me feel not worth it.

experience with selling side was bad. last 15 min pressure us to increase our bid. once confirmed price told us have to pay for HIP even though we have already confirm presale that HIP will be bored by the seller.

My agent (family related) initially told me valuation will match or at most prep 10k-15k which I'm comfortable with. now, with cov report out, told me to use my cash to pay for the cov and take a reno loan or just eat his words. also keep making me feel is my fault for wanting that location, and hence, the premium, which make me realised I have issue with my agent giving me such bad advice/financial advice.

both seller and my agent keep pressuring me by saying the previous highest bidder, and considering the current market.. so I am actually jaded and inclined against buying cause of the agents.

asked my friend for advice. most told me whats the point of getting the unit and feel jaded about it while location is good and even if I can afford.

 

[belgarathc]

yeah. unlikely to sell since do not see how I will profit from flipping in future. actually able to pay off the cov. impact wise in future - unlikely since I be still working. Just feel that the 24k cov is equivalent to a reno loan which make me feel not worth it.
experience with selling side was bad. last 15 min pressure us to increase our bid. once confirmed price told us have to pay for HIP even though we have already confirm presale that HIP will be bored by the seller.
My agent (family related) initially told me valuation will match or at most prep 10k-15k which I'm comfortable with. now, with cov report out, told me to use my cash to pay for the cov and take a reno loan or just eat his words. also keep making me feel is my fault for wanting that location, and hence, the premium, which make me realised I have issue with my agent giving me such bad advice/financial advice.
both seller and my agent keep pressuring me by saying the previous highest bidder, and considering the current market.. so I am actually jaded and inclined against buying cause of the agents.
asked my friend for advice. most told me whats the point of getting the unit and feel jaded about it while location is good and even if I can afford.

I think having cov is fine if you like the unit and there are important attributes that cannot be captured in the valuation. But what is most important is that you should feel good about the purchase.

 

[jeffprobst]

I think having cov is fine if you like the unit and there are important attributes that cannot be captured in the valuation. But what is most important is that you should feel good about the purchase.

yeah. that's why 50/50 about it.

 

[hs_ww88]

yeah. that's why 50/50 about it.

do you mind sharing which area is this unit at?

 

[zzzzzzz]

yeah. that's why 50/50 about it.

buy house must happy

if no happy buy already everyday feel regeret only

singles like us get the short end of the stick cos can either buy 2 rm bto or if want bigger than 2 rm, can only buy reasles

people like us who buyed resales is fund the bto-flippers' "lottery" earnings for their housing upgrades/ retirement etc

 

[jeffprobst]

buy house must happy

if no happy buy already everyday feel regeret only

singles like us get the short end of the stick cos can either buy 2 rm bto or if want bigger than 2 rm, can only buy reasles

people like us who buyed resales is fund the bto-flippers' "lottery" earnings for their housing upgrades/ retirement etc

Yeah. Can't flip for profit. even if another life schanging stage and need to relocate confirm need sell at a lost.

 

[jeffprobst]

do you mind sharing which area is this unit at?

Near nex...

 

[jeffprobst]

buy house must happy

if no happy buy already everyday feel regeret only

singles like us get the short end of the stick cos can either buy 2 rm bto or if want bigger than 2 rm, can only buy reasles

people like us who buyed resales is fund the bto-flippers' "lottery" earnings for their housing upgrades/ retirement etc

Unit area are okay. but dun like the seller and seller agent. like con man like that. Okay la. see how. anyway buy not for flipping.

 

[Pueh Kee]

valuation report came out with cov of 24k. dunno want to continue with the purchase since like the unit but based on past transaction record, only one unit transacted was closed to the seller looking price. other units around the estate were way lesser than valuation report. so I be paying superb high premium for that unit. like the location but feel not worth it.

Also the when selling process with greedy seller and seller agent... keep telling us need pay this and that after final price confirm. Couple with the fact that my agent also keep convincing me to go with the cov. keep telling me the agent will look out for their customer interest one. but when I ask my agent stuff she like no interest for me.

If u looking for a forever home and no intention to sell it ever again, maybe u can go ahead if u like it so muxh

but i wouldnt if i were u. I especially detest ppl flipping hdb for profits, if condo i nothing to say but hdb is the basic shelter for ppl to stay, even if i like the unit i will not support their cause, especially to my detriment.
It doesnt help when u hired a buyer agent who seem to encourage u to pay above market valuation, seem like ur agent is looking out for her pwn interest nia

anyway for a cov 24k im quite aure there are way more out there which is better