Is it a good timing to buy resale flat now?

[aryanto]

Government want to increase Singapore population, but HDB was scaling back construction after asia financial crisis (1997), 911, SARS, and Bird Flu incidents. More demand, less supply (PR can only buy resale flat), it is elementary economics my dear.

Plus the "market pricing" of new HDB flat push the price further up.

 

[papermelodydoll]

seriously, with the "econ going up" (I dont see how it is, since my pay and everything remains the same but everything else becoming more and more ex)
housings are ONLY going to get more expensive.
not forgetting there are more and more and more PRs coming into Singapore? These ppl need housing too.

even when the "econ was down" (last year) the prices of HDB never drop but in fact increase.
and yeah, like someone mentioned here, rental 2k x 12months.. one year of rental alone is going to cost you 24k.
you do the maths.

i was lucky enought to 'hit the jackpot' and got my BTO flat at the first try. but been 3years since (2007) and its barely half built. so.. :what:

 

[Haze]

BTO usually very far right? May I know how much?

 

[stonefish35]

I am also of the view that the change of the pricing strategy to selling price minus is causing the BTO flats price to inflate, which in turn caused resale flat prices to shoot up, given the situation of PR only can buy resale, reduced supply etc.

To the issue of high COV, iirc, MBT word is that, thats purely between the seller and buyer and HDB have not control over it... well... :dunno: LL

Since the HDB had taken this vicious cycle of changing the pricing strategy, there is no way they will go back to cost plus. Else , price of new and resale flats definitely will fall, and those who bought at " selling price minus " , will lose big time

HDB kept flashing statistics that our home costs are in line with global % of cost of housing to income ratio, which is at 30%. But they failed to answer to questions by members of the public that, our situation is PUBLIC housing, and 99 year leasehold. Whereas globally, its private firms building n selling the houses and freehold. So are the HDB admitting indirectly that they are behaving like those pte firms globally , maximising profit which is the sole purpose of the pte firms.

 

[Haze]

Sian.. I wish there is miracle for me.

 

[stonefish35]

BTO usually very far right? May I know how much?

It depends, I took a BTO unit in the west, near the new DTL station, and within 10 mins walk to a bus stop with direct buses going to orchard , raffles, CDB etc.. paid abt $270k for a high floor 4 room unit, and I thought it was ex at 2008.

Until I see the situation now, with BTO at locations that needed a feeder bus or LRT before connecting to the main transportation system like MRT or buses to town, and with low floor units much higher than mine... and the oversubscriped rates are still like 4 or 5 times... :dunno:

 

[Haze]

I felt that if I don't get a house this two yrs, i might either chop myself or chop my mum -___-.. live separately will bring harmony.

 

[Haze]

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.
The agent said this is a VERY REASONABLE price, so many ppl wan it blah blah blah good location, good lay out blah blah blah.
To me the unit need overhaul, hack floor, wall , relay wire everything cannot keep, how to pay 50k cash, renovation need at least another 30k.

And the agent is a ah pek, Yi Lao mai Lao... the way he smile i felt that there is GOLD TEETH in his mouth.

 

[stonefish35]

Why do that, go chop those responsible for this instead... there are so many parties involved :bsmilie:

 

[Haze]

So envy u can buy a BTO.. haizzzzzzzz

 

[Haze]

It depends, I took a BTO unit in the west, near the new DTL station, and within 10 mins walk to a bus stop with direct buses going to orchard , raffles, CDB etc.. paid abt $270k for a high floor 4 room unit, and I thought it was ex at 2008.

Until I see the situation now, with BTO at locations that needed a feeder bus or LRT before connecting to the main transportation system like MRT or buses to town, and with low floor units much higher than mine... and the oversubscriped rates are still like 4 or 5 times... :dunno:

You are lucky leh.. I came to realise my family problem late.. haiz

 

[Virgo]

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.
The agent said this is a VERY REASONABLE price, so many ppl wan it blah blah blah good location, good lay out blah blah blah.
To me the unit need overhaul, hack floor, wall , relay wire everything cannot keep, how to pay 50k cash, renovation need at least another 30k.

And the agent is a ah pek, Yi Lao mai Lao... the way he smile i felt that there is GOLD TEETH in his mouth.

Any agent will tell you the price of the house he/she introduces to you is very reasonable. You have to decide for yourself if you like it, location, convenience, house itself, etc. It's you who fork out the cash in the end anyway.

For me, I don't f-care what the agent will say. He's just there to help me with the papers and get his commission, that's all.

 

[Xiao_shin]

You are lucky leh.. I came to realise my family problem late.. haiz

Why don't you just rent a place first?

 

[stonefish35]

Any agent will tell you the price of the house he/she introduces to you is very reasonable. You have to decide for yourself if you like it, location, convenience, house itself, etc. It's you who fork out the cash in the end anyway.

For me, I don't f-care what the agent will say. He's just there to help me with the papers and get his commission, that's all.

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...

 

[stonefish35]

You are lucky leh.. I came to realise my family problem late.. haiz

Probably my another half is lucky, me salt vegetable life. Got our BTO on our 1st attempt, near parents, 1st BTO, so total 4 chances. Another buddy got it too. while other friends not so lucky. 1 had 8 attempts, no chance to choose any leftovers at all, ended up getting a DBSS, forking more than 500K for that. Another buddy at least 6 attempts, ended with a unit at Ponggol. And its not uncommon to hear of 8 attempts 1st timer young couples..... Its a crazy mkt and housing situation out there... Uniquely singapore...

 

[maddog]

all overpriced.....

 

[Haze]

Why don't you just rent a place first?

Currently I trying to save as much as I can to pay the COV. if rent a place first, I will have to stop my saving.

 

[Haze]

Why don't you just rent a place first?

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...

I was thinking, agent have too many cases on hand? I am looking for 3 room flat only.. compare to other ppl whom looking for bigger house. Definitely will spend lesser effort to help me look for a suitable unit.
And also, If i am a agent for the owner, for sure I will give the priority to those whom take me as his agent.

 

[guseliz]

honestly i just don't understand why on earth here in Singapore everything has to go through agency?
but somehow government "legalized" it and all (price wise) we can see everything being marked up or rather influenced by them.
<sigh>

 

[victorlee10]

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.