Wisdom of the Crowd: 64% of the respondents expect the property market in 2020 to drop due to the economic slowdown and oversupply. 36% expect the market to recover.
https://tklcloud.com/Crowd2/chart.aspx?ID=1811
https://tklcloud.com/Crowd2/chart.aspx?ID=1811
Sellers want properties price to still increase and buyers are still waiting for prices to crash.
ReplyDeleteBeing on the hunt for surprises is the best way to see the unseen before it is too late.
ReplyDeleteWhat buyers normally do was checked out the few last few transacted prices of the project, so no matter what kind of ridiculous prices most were asking because they tend to compare the asking prices of new launches, which comes in quality finishing. In everything there will always be exceptions where there will be a few good buys or sales. For those who have no intentions of selling or buying, life goes on.
ReplyDeleteEven if interior were of classy quality, the exterior, wiring and everything else is old and rundown for old condos. Some old condos has got big balconies or rooftops that is in the built in area under unutilized spaces.
ReplyDeleteMajority would not like to buy old condos. Sinking fund collections would cost a lot for repairs, more so for leaks and lifts.
ReplyDeleteOlder condos will not improve in price. Prices will keep going down as not only repairs cost is never ending, young ones like the latest tech in new condos.
ReplyDeleteOld condos not advisable to buy- things will keep needing repair.
ReplyDelete99 years not advisable to buy- ownership of years keep dwindling.
New freehold -not affordable.
What was there left to buy? Jeez.
COE has drop much finally. Those renting and have been waiting patiently to buy private property, your time will be here soon.
ReplyDeleteWhy resale prices might not go down?
ReplyDeleteStamp duty.
Legal fees.
Maintenance.
Property taxes.
ABSD.
Agent fees.
BST.
Income taxes from earned income from rental.
SSD for some.
Interest charges from loans.
The small-print payments not only the purchase price.
For locals if they are going to pay 4 million for a condo, they would rather fork out a little more to get a semi-detach landed freehold property.
ReplyDeleteFor speculators, they would prefer condos. When it comes to selling, there is a wider diversity of buyers. For locals home to live in, most would choose landed homes if they have a budget of 4 million.
ReplyDeleteHappy. The best is yet to come.
ReplyDeleteIn a country which is supposedly advance, one can't feeling that when you buy a property, whichever way, you are being screwed.
ReplyDeleteWith the stringent Total Debt Servicing Ratio (TDSR) in a good place, there are more morer mortgage default to banks. This is proof that whatever they came out with "cooling measures" or not, there is no such thing as covering all angles?
ReplyDeleteInteresting. Perhaps some of the present bank sale property were purchase before the gibbled TDSR rule came in? For banks they have to take a little risk. For every one repossessed out of ten loans, nine was still safe. That's business.
ReplyDeleteLTV- banks are safe.
ReplyDeleteEconomy has not drop yet. Most resale are not genuine sellers by the asking prices. They even advertised like last offer rejected when even the price was higher than last transactions. Things are still ok.
ReplyDelete
ReplyDeleteCorrect to above!
Economy has not drop yet. Most resale are not genuine sellers by the asking prices. They even advertised like last offer rejected when even the price was higher than last transactions. Things are still ok.
Most stuck to their asking prices, therefore the advert for sale is more than a year old.
ReplyDeleteAgent: Owner is asking $2,300 psf.
ReplyDeleteBuyer: But last transacted prices were between $1,300 ~ $1,600 psf ?
Agent: All are asking this kind of price now. New ones next door going for $3,200 psf. The owner said if sell at last transacted prices, he may not be able to buy back at the old prices.
So the standoff begins .
Good leaders are expected to create an environment where the property market can excel without prices running hot and cold.
ReplyDeleteA genius policy will accomplish more with less.
ReplyDelete