HDB Valuation

[Kkkaaaiii Mark II]

Can a seller enter into a fake OTP with his friend just to find out his valuation?

 

[Kevin10]

Can a seller enter into a fake OTP with his friend just to find out his valuation?

Why not just engage a pte valuer instead of faking a OTP ?

 

[halfnode]

Why not just engage a pte valuer instead of faking a OTP ?

cheaper? haha

 

[Kevin10]

cheaper? haha

Is it ? haha, not sure though.

 

[Carnage]

Base on experience, SRX and EdgeProp valuation not accurate. Off by more than 20k.

Urban Zoom off by 17k.

The valuation was a surprise to me, I expected it to be higher. Now appealing the results, although I'm not optimistic about getting a much higher valuation.

 

[Amber2012]

Base on experience, SRX and EdgeProp valuation not accurate. Off by more than 20k.

Urban Zoom off by 17k.

The valuation was a surprise to me, I expected it to be higher. Now appealing the results, although I'm not optimistic about getting a much higher valuation.

Do update if you may. Am curious how an appeal for revaluation may turn out.

I rely on SRX during my purchases - and I notice it’s like stock. During one full week, the aga aga valuation there changed 3x. Variance $20k plus minus.

Ultimately still depends on the final official hdb’s.

 

[Carnage]

Do update if you may. Am curious how an appeal for revaluation may turn out.

I rely on SRX during my purchases - and I notice it’s like stock. During one full week, the aga aga valuation there changed 3x. Variance $20k plus minus.

Ultimately still depends on the final official hdb’s.

Valuation by HDB valuers is via 2 options, paper valuation or physical valuation.

Unfortunately, in my case it was physical valuation as there were no flats sold in the block in the last 2 years.

I understand paper valuation are more common for areas with high volume of resale transactions.

In fact the sellers' agent said not to rely on SRX valuation as it is not accurate for HDB as it doesn't take into account racial bias. I.e. chinese eligibility usually results in higher resale price compared to Malay / Others.

 

[Amber2012]

Valuation by HDB valuers is via 2 options, paper valuation or physical valuation.

Unfortunately, in my case it was physical valuation as there were no flats sold in the block in the last 2 years.

I understand paper valuation are more common for areas with high volume of resale transactions.

In fact the sellers' agent said not to rely on SRX valuation as it is not accurate for HDB as it doesn't take into account racial bias. I.e. chinese eligibility usually results in higher resale price compared to Malay / Others.

No vicinity blocks to take reference to for your offer price?
Buyer agent can also access to valuation price (not just transaction price) for those blocks, thru their paid portal.
I agree on the last para on different ethnicity purchase records.
Good luck.

 

[Ocence89]

Would like to find out how much COV is someone willing to pay for?
I’ve been viewing houses for the past 1-2 months, viewing over 20 houses. Understand that some houses with rather good or well maintained reno, people are willing to pay for a COV.
But there was a house that we viewed, the other buyer offered $10k more than the offer price, with over $20k COV estimated. There’s nothing much on the reno/interior of the house. Just well maintained and with sufficient sunlight into the house.
So, wondering what are these people thinking?

 

[Amber2012]

We all know COV is a very personal threshold, therefore no science to it so I’ll share about my views.

Willing COV = how bad the buyer wants the unit (example near parents/school/work place/“nice” unit number/etc. And it doesn’t even matter if the house is sufficiently renovated. I mean it can be a contributing factor but some things are 钱能解决的就不是问题, like example willingness to pay a COV to live near parents).
To aid him, perhaps his last property sold he has substantial gain to pump into the COV (becomes a more breezy decision).

So many contributing factors I can think of but it boils down to “popularity” of that unit + willing/needy buyer.

I was thinking to myself the most I would pay for COV is $20k-25k; fortunately result matched my offer price.

 

[Ocence89]

Thanks for sharing.

Guess I just got to keep trying

We all know COV is a very personal threshold, therefore no science to it so I’ll share about my views.

Willing COV = how bad the buyer wants the unit (example near parents/school/work place/“nice” unit number/etc. And it doesn’t even matter if the house is sufficiently renovated. I mean it can be a contributing factor but some things are 钱能解决的就不是问题, like example willingness to pay a COV to live near parents).
To aid him, perhaps his last property sold he has substantial gain to pump into the COV (becomes a more breezy decision).

So many contributing factors I can think of but it boils down to “popularity” of that unit + willing/needy buyer.

I was thinking to myself the most I would pay for COV is $20k-25k; fortunately result matched my offer price.

 

[g_t2006]

Would like to find out how much COV is someone willing to pay for?
I’ve been viewing houses for the past 1-2 months, viewing over 20 houses. Understand that some houses with rather good or well maintained reno, people are willing to pay for a COV.
But there was a house that we viewed, the other buyer offered $10k more than the offer price, with over $20k COV estimated. There’s nothing much on the reno/interior of the house. Just well maintained and with sufficient sunlight into the house.
So, wondering what are these people thinking?

well maintained is a very big plus already!

i guess there's very little to hack as well, thus saving on the hacking cost?

 

[Carnage]

No vicinity blocks to take reference to for your offer price?
Buyer agent can also access to valuation price (not just transaction price) for those blocks, thru their paid portal.
I agree on the last para on different ethnicity purchase records.
Good luck.

This update is over a week late.

Actually HDB valuer replied me over a week ago, the vauluation was unchanged. Citing Comparison Valuation method.

It appears that volume of transactions in the vicinity and block affects valuation by alot.

 

[Amber2012]

This update is over a week late.

Actually HDB valuer replied me over a week ago, the vauluation was unchanged. Citing Comparison Valuation method.

It appears that volume of transactions in the vicinity and block affects valuation by alot.

Thanks.
Did you proceed or forgo?

 

[dirtysock]

Got my valuation today, very lucky not to have COV! Was prepared to fork out 10-20k for COV.

Based on last transacted price in the block, offered 10k more than the last transacted price.

 

[AikiBoy]

Got my valuation today, very lucky not to have COV! Was prepared to fork out 10-20k for COV.

Based on last transacted price in the block, offered 10k more than the last transacted price.

where?

For my case, I end up paying COV.. but at least the place is well maintained.

At first I offer the price the seller posted. a couple offer higher than me. I top up a bit still lose to that couple so I gave up. not worth paying more.

Weeks later seller agent call me if i still want the place coz the couple gave up the place.

So I waited another week for their OTP to expire before issue new OTP to me. i accepted. before I received the call, i viewed few houses but I dont like them. (anyone same as situation me?)

My search begins about 1 or 2 months after phase 2. During this period, I feel like ppl are snatching up resale very fast. viewed a few places... most of them sold out so fast. some even higher than what posted...

 

[dirtysock]

where?

For my case, I end up paying COV.. but at least the place is well maintained.

At first I offer the price the seller posted. a couple offer higher than me. I top up a bit still lose to that couple so I gave up. not worth paying more.

Weeks later seller agent call me if i still want the place coz the couple gave up the place.

So I waited another week for their OTP to expire before issue new OTP to me. i accepted. before I received the call, i viewed few houses but I dont like them. (anyone same as situation me?)

My search begins about 1 or 2 months after phase 2. During this period, I feel like ppl are snatching up resale very fast. viewed a few places... most of them sold out so fast. some even higher than what posted...

Punggol area.

The couple probably gave up cause of the COV.

I would have offered them my initial offer when the seller agent call back, or try to negotiate lower price lol.

Those cheaper and good condition resale house moves fast ...

 

[AikiBoy]

Punggol area.

The couple probably gave up cause of the COV.

I would have offered them my initial offer when the seller agent call back, or try to negotiate lower price lol.

Those cheaper and good condition resale house moves fast ...

Actually the agent got warn us to expect to pay COV and got show me the message the other party offer and that the couple got lots of budget for COV.

I got kaypoh ask y they gave up. say the couple's parents no happy with the place.

no sure if true or not. But the COV is lesser than I worried. so just pay lor.
I go back and look at the price of the area ppl are selling now... all rise by another 20~30k higher than mine.. consider i heng.

 

[Carnage]

Thanks.
Did you proceed or forgo?

We went ahead with the purchase at the last minute.

I sat down with another agent who was of the opinion that resale prices in mature estates are unlikely to retard, instead prices will continue to increase leading to higher COVs this year.

This is also in line with the Resale Price index and the bulk of BTOs in mature estates reaching MOP is almost past the peak.

 

[Amber2012]

We went ahead with the purchase at the last minute.

I sat down with another agent who was of the opinion that resale prices in mature estates are unlikely to retard, instead prices will continue to increase leading to higher COVs this year.

This is also in line with the Resale Price index and the bulk of BTOs in mature estates reaching MOP is almost past the peak.

Congrats on your new home.