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Thread: Is it a good timing to buy resale flat now?

  1. #41
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    Default Re: Is it a good timing to buy resale flat now?

    Quote Originally Posted by victorlee10 View Post
    Actually you can consider those ulu places that need low COV and have low valuation as well. Then when the market drop you can move to your dream place. 370k + 50k for a 3 room sounds very scary... Personally I don't think it is worth it.
    I agree that 370k + 50k for a 3 room is crazy price... did the agent show you the valuation report?

  2. #42
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    Default Re: Is it a good timing to buy resale flat now?

    Quote Originally Posted by NovJoe View Post
    Hiya... nowsdays, even BTO is more like buying ToTo and waiting to strike the mere $30... Dunno ballot for how many times liao, feels like giving up. 1 BTO of approx 600 units gets more than 6 times of people balloting to it. The CCK is a fine example. That BTO place is right in front of my parent's flat and I'm a first timer so I should naturally get a higher chance but I wasn't selected. Why? Simple, 588 units for ballot but close to 4000 applicants applying for the units.

    Resale value keeps rising, BTO keeps getting harder to get ballot number. Gosh!
    You are not alone....

  3. #43

    Default Re: Is it a good timing to buy resale flat now?

    Quote Originally Posted by Haze View Post
    I felt that agent play a big part. last night went to view a 3room flat at west area.
    Corner unit, very original condition, Valuation 370k and guess what.. the owner want 50k cash.
    too expensive , dont buy. change the stupid agent. 3 rooms for 370k?? 370k u can get a 5 rooms flat. dont waste money..

    i changed few agents before, 1 of them also like that, tell me 40k cov is "normal". i simply block her incoming call.
    Last edited by ninelives; 6th July 2010 at 11:52 PM.
    Objection !!!

  4. #44

    Default Re: Is it a good timing to buy resale flat now?

    Quote Originally Posted by Virgo View Post
    Resale flats are like stocks. Everything that goes up will come down.

    .
    since when HDB price has dropped before?
    Last edited by ninelives; 6th July 2010 at 11:57 PM.
    Objection !!!

  5. #45

    Default Re: Is it a good timing to buy resale flat now?

    viewed a 5 rm resale flat at ghim moh recently... valuation 660k + 70k COV......

    crazy prices!

  6. #46

    Default Re: Is it a good timing to buy resale flat now?

    Quote Originally Posted by ninelives View Post
    since when HDB price has dropped before?
    Bubble in the making.....

  7. #47

    Default Re: Is it a good timing to buy resale flat now?

    Quote Originally Posted by zaren View Post
    viewed a 5 rm resale flat at ghim moh recently... valuation 660k + 70k COV......

    crazy prices!
    Can average income's pay catch up with escalated public housing prices?

  8. #48

    Default Re: Is it a good timing to buy resale flat now?

    Quote Originally Posted by zaren View Post
    viewed a 5 rm resale flat at ghim moh recently... valuation 660k + 70k COV......

    crazy prices!
    Thats insane price. Well, to be able to sell at such prices, the seller better had another property to stay in, or able to bunk in with parents. Else, sell high buy high , or , downgrade to a 3 room at a ulu location ?

  9. #49

    Default Re: Is it a good timing to buy resale flat now?

    Quote Originally Posted by victorlee10 View Post
    Actually you can consider those ulu places that need low COV and have low valuation as well. Then when the market drop you can move to your dream place. 370k + 50k for a 3 room sounds very scary... Personally I don't think it is worth it.
    haiz.. my mum said if i wan to move out, got to live near her -__-

  10. #50

    Default Re: Is it a good timing to buy resale flat now?

    Quote Originally Posted by Reno View Post
    I agree that 370k + 50k for a 3 room is crazy price... did the agent show you the valuation report?
    No, the Ah Pek Agent did not show me the valuation report. He said he forgot to bring.
    Wondering is he trying to test market, if have ppl willing to pay for 50k then he can brainwash the owner to sell and buy a another one?

  11. #51

    Default Re: Is it a good timing to buy resale flat now?

    Quote Originally Posted by ninelives View Post
    too expensive , dont buy. change the stupid agent. 3 rooms for 370k?? 370k u can get a 5 rooms flat. dont waste money..

    i changed few agents before, 1 of them also like that, tell me 40k cov is "normal". i simply block her incoming call.
    My current agent whom helping me to find house.. my col enaged him before said he is good.
    he told me current market COV 60-80k is normal. If i have low cash, i cannot particular about the fengshui and the house condition.

    There was one unit, a divorce case, the unit lay out have sharp corners. My fren uncle said its not good.. in chinese "Jiao Tou Dou Kuo Jia Dou".

    Another unit, Kitchen pipe ceiling have a big hole, all walls have to plaster cover due to too original condition, I brought my contractor friend to view. he advised just to plaster all the walls and ceiling will cost me a few k already. Somemore the kitchen ceiling condition will worst after a few yrs..

  12. #52
    Member iMac08's Avatar
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    Default Re: Is it a good timing to buy resale flat now?

    i paid 50k COV for my 4room(val is 450K) but location is gd. my wife and i gave up the idea of owning a car to cash in on the house.... nobody really knows how the market move....you need then LL got to buy..we delay and went to try ballot and it was hell cause that time all the rules never change and we can't get...in the end the same area that we buy now raise almost 50k++

  13. #53
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    Default Re: Is it a good timing to buy resale flat now?

    Quote Originally Posted by scanner View Post
    Can average income's pay catch up with escalated public housing prices?
    the truth i feel is cannot....even if they can buy...what kind of lifestyle will they be leading...no saving and when children comes....just gonna get worse.....

  14. #54
    Senior Member Virgo's Avatar
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    Default Re: Is it a good timing to buy resale flat now?

    Quote Originally Posted by stonefish35 View Post
    Haha, exactly thats my thinking too ,should I need a agent. Its a zero sum game. Higher COV for seller, agent also gain. Seller happy, let agent also handle the buying or rental of other properties the owner may have, recommend friends etc.

    I guess, its the job nature. Unless we are able to have a MAS style of regulation ,review and control, Code of conduct, professional ethics etc for housing industry, I guess such bullshXX is here to stay, 50K COV. With the person at helm at HDB now, i doubt that will happen in our lifetime anytime soon...
    50K COV is just crazily high. I bought my unit from the open market about 13 years ago, and paid only 5K COV. That time already considered high liao, taking into consideration the condition of the flat is not in such a bad stage (still ready-to-move-in condition).

    Can't imaging COV has now risen to such a crazy level. I guess it's also due to the supply and demand curve. Recently I also receive a lot of pamphlets from agents in my mail box on the sale of my unit. Can fetch 50-60K COV blar blar blar...A lot of willing buyers from China, Hong Kong, etc. I guess our good government has allowed many to become PRs and thus pushing the prices of public housing that high. This newly 'crowned' PRs may have worked for many years, having quite a substantial amount of savings, and willing to pay that amount to purchase HDB units.

    To add to this, the agents grab this opportunity to push the selling price and COV as high as possible. Anyway, they only stand to gain. Can you imagine if one agent can be both the buyer and seller's agent? Commission on both sides?
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  15. #55
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    Default Re: Is it a good timing to buy resale flat now?

    I just got the keys to my resale flat last week in Serangoon North

    It is an EM

    I paid $35k COV - the valuation was $445k.

    Prior to this, we had been looking for a flat (balloted for Duxton Pinnacles in the leftover exercise but mostly in resale) for the last 9 months. That was around the time that the economy was coming out of the financial meltdown. The media didn't help when they kept reporting stuff like 100k COV paid for Bishan flat, so on and so forth. Whipped the market into a frenzy. As you can imagine, COVs kept moving away from me - we couldn't earn enough to keep pace with it!

    It bordered on ridiculous, some of the prices. One EM that I saw in Lorong Ah Soo was in original 24 year old condition including stained and soiled floor tiles, the owner wanted no less than 40k COV. I looked the agent in the eye and asked, what do I get for 40k? It wasn't near anything except a bus stop in front of the block.

    We walked.

    The point is this: sellers can ask for whatever COV they like - it is up to the buyers to decide whether it is worth it or not. View enough flats, gain enough experience to know a good unit when you see it, make an on the spot offer to close the deal and don't regret after that. Don't forget to budget for renovation as well. Its easy to get carried away when you're bidding to buy a unit against another buyer.

    The unit that I bought, I made an offer without knowing the valuation (the seller's agent claimed the valuation report wasn't out yet). Hence the COV would be variable depending on the valuation. But I had already priced the worth of the unit myself, done the homework to know the past resale transactions history for the area to know what to offer.

    But take heart, the fever is over, my feeling is that the COV are stabilizing, sellers are realizing that people aren't paying ridiculous COV anymore, and lowering their expectations. You just need to be patient and find the right unit.

  16. #56
    Moderator diver-hloc's Avatar
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    Default Re: Is it a good timing to buy resale flat now?

    Quote Originally Posted by zaren View Post
    viewed a 5 rm resale flat at ghim moh recently... valuation 660k + 70k COV......

    crazy prices!

    If you are the owner.... it would be 'Reasonable Price'....

    TS... sadly its a matter of can you wait or not. Try for BTO units at off central areas if you can wait.... and for godsake there isn't 'Ulu' areas in Singapore because we are so bl**dly small and sooner or later the area will be built up.

    We cannot have everything we wish for.... be it price, location, floor (high), size... etc.

    Best of luck on your hunt.

    Scuba & Father... For Life

  17. #57

    Default Re: Is it a good timing to buy resale flat now?

    feel like its another 97 bubble waiting to happen. im happy if it does cos time to cash in on it. when people are crazy, its time to be scared ...

  18. #58

    Default Re: Is it a good timing to buy resale flat now?

    Quote Originally Posted by ninelives View Post
    since when HDB price has dropped before?
    For resale, yes.. At least for my parents' place.. Bought a 5-room near Hougang MRT for $4xxk in 1997, price dropped during the next few years, now back to the price we bought..

  19. #59
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    Default Re: Is it a good timing to buy resale flat now?

    Quote Originally Posted by behyx View Post
    For resale, yes.. At least for my parents' place.. Bought a 5-room near Hougang MRT for $4xxk in 1997, price dropped during the next few years, now back to the price we bought..
    The seller of my unit is still selling in the red - he told me he had bought the unit in '96 for $520k, but now he's sold it to me at $480k. Prior to this it had dropped to probably high-300k or low-400k in the lean years between 2003-2006, I think.

  20. #60

    Default Re: Is it a good timing to buy resale flat now?

    Quote Originally Posted by scanner View Post
    Can average income's pay catch up with escalated public housing prices?
    I think you bring up a valid point. Just few days ago a minister said our current median wage is 2300-2400 per month. Last time when I bought my flat my loan officer told me that the max a young chap like me can borrow is 100x my monthly salary. So assuming both husband and wife earn the median wage, they can borrow 4600 x 100 = 460k which I feel is sufficient even for today's flat prices. I guess it's the 20% downpayment and COV that is killing everyone.

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