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| Re: Cooldown in market for hdbs? |
 12 Oct 08 12:00 pm |
| francistay wrote: | Hi everyone,
I'm an agent and also a team director in the resale team. Just that i see that you guys are worried about the hdb market right now. The time to buy the flat is now, it's because singapore's economy had just hit the recession period. But i need to correct the guest that is waiting to buy at below valuation. Actually the market is only at recession period and the prices of flat will never drop to below valuation. The only period you can wait is that you can buy at valuation price. But from what i've noticed, hdb's in toa payoh will never be sold at below 20k COV. I'm sure you guys had a point either. But we'll all share around the views and points in the forum. Hope to see your replies! If you guys have any problems in property matters, can just drop me a mail in my email, or even drop me a call or sms!
Francis Tay
HSR International
Team Director
Mobile: 91885106 / 94791420
Email: francis_property@yahoo.com |
r you saying that hdb will never go below value rite now and keep on going up .. and the only thing we can buy at value during recession time , some top level from NTUC and minister expection job cut and wages cut
meaning ppl cant affort to own the flat at current value , do you think what they say is false statement?
As you see now , private property is going down , some economist predict that private property will go down 25% next year meaning , those condo selling 600K now will be selling at 450K .. , those hdb 4rm in Sengkang now the value is 330K will be around 350K (if the value keeps on going up as you said wont go down) then i feel that i should buy the private property as once the value go up in private property in 2 years time i can make more money ...
so in this scenario , do you think ppl will go for private property or hdb , if more ppl goes to private property then seller either need to wait next cycle to sell or bring the expectation as below value ...If the seller going to hold then by next cycle he could sell but he might not able to buy back the same size of flat as his aged and cant get loan so much else he needs to go for small flat like 2rm flat or 3rm flat (which is less comfortable then what he has now) |
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12 Oct 08 1:33 pm |
Now is Oct. People still havent felt the effects of Recession. Like the Paper said. Dec then people in SG will feel the effect after huge companies cut people. If 10% of SG lose job then you think property can still maintain itself. Do look at the HDb housing statistic at 1996. What happened. the index was at 136.9, then in 1999 it was at 98.5. In just 2 years it crashed like water. I dont expect it to crash so much like last time but i am guessing it will drop back to the 110 - 115 region. Just a hunch. But i guess you gotta wait for 2-3 quarters for this to take place. Things take time.  |
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12 Oct 08 2:29 pm |
| Anonymous wrote: | I just called my agent to inform him that i do not wish to exercise my option to purchase for a EA that i have paid $1000 booking fee. My friends have warned me that the market is going to drop drastically and the larger the flat size the heavier the fall. When i called my agent and informed him about my intention, he very calmly said that i was the third person to cancel on that week. He offered me to re negotiate with the seller to sell at valuation citing the past week's developments. That could save me the 18k cov, but I rejected it and said i would rather wait. He told me he will forward the message to the the seller.
I pity the sellers. I also pity the agent. Anyway I intend to use the same agent to look for a rental flat for me. |
Very smart and also very lucky to escape at the nick of time. |
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| Re: Cooldown in market for hdbs? |
12 Oct 08 2:44 pm |
| francistay wrote: | Hi everyone,
I'm an agent and also a team director in the resale team. Just that i see that you guys are worried about the hdb market right now. The time to buy the flat is now, it's because singapore's economy had just hit the recession period. But i need to correct the guest that is waiting to buy at below valuation. Actually the market is only at recession period and the prices of flat will never drop to below valuation. The only period you can wait is that you can buy at valuation price. But from what i've noticed, hdb's in toa payoh will never be sold at below 20k COV. I'm sure you guys had a point either. But we'll all share around the views and points in the forum. Hope to see your replies! If you guys have any problems in property matters, can just drop me a mail in my email, or even drop me a call or sms!
Francis Tay
HSR International
Team Director
Mobile: 91885106 / 94791420
Email: francis_property@yahoo.com |
Please give this misleading advise to the PRs as it may help our singaporean sellers desperate to sell now ,to actually dispose off thei property to someone. Your service is required by many sellers as the well read buyers have started to shy away from the market. For the next three months most of the buyers will have the wait and see attitude no matter what story you got to tell. Mr Francis , if you are a team director you should know by now the market is going to fall drastically already. A major property agency (d--) already had a meeting with the agents to inform them to be prepared for the downturn. This meetin was held a month ago. Banks were aware of this downturn almost 6 months ago. I really wonder how come such a property agency like yours can't foresee all this. Worst sill , you are still ignorant of what is happening around you. How can someone who is so ill informed about the market be able to guide the ignorant buyers. Your argument about toa payoh flat cannot sell below 20k COV is also wrong. |
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| Re: Resale Market Cooling Down |
12 Oct 08 2:57 pm |
| Kay Lan wrote: | Just happened to speak to one agent in some other context and we end up in chatting at a coffee shop at around 1:00PM on Saturday. The fella was looking very free and sad, very unlikely for an property agent on Saturday afternoon. I asked what happened, you are not rushing to any place? What he told is striking!!
"I have three resale ad posted on Straits Times today and so far no one called me"
Finally, his prediction, HDB prices will definitely come down by 10% in another six months....
I have reasons to believe his innocent statements as there is no hidden agenda, where as those agents talking to you or me have their own hidden agenda. Simply they want you to buy immediately.
So would be buyer, you waited long time, if you can then wait a bit more time.
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What he said six months ago is happening now. |
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12 Oct 08 3:55 pm |
| If house crash down 20% within 2 years, that won't affact PRs, Because if they rent 4 room house for 2 years, very month is 2K, then 2 years will be 40K plus. If they buy a 4 room Unit, every month only need to pay 1K plus, also can pay by CPF, then they can rent out one or two room to other ppl, they get cash. Here I want to mention to those singaporean waiting for the house drop below value, you are waiting other ppl buying the house. Last year when economy good, many New PRs, new citizens. If they married foreigners, also can apply for PR, can buy a house. |
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| Re: Cooldown in market for hdbs? |
12 Oct 08 3:59 pm |
| Anonymous wrote: | | francistay wrote: | Hi everyone,
I'm an agent and also a team director in the resale team. Just that i see that you guys are worried about the hdb market right now. The time to buy the flat is now, it's because singapore's economy had just hit the recession period. But i need to correct the guest that is waiting to buy at below valuation. Actually the market is only at recession period and the prices of flat will never drop to below valuation. The only period you can wait is that you can buy at valuation price. But from what i've noticed, hdb's in toa payoh will never be sold at below 20k COV. I'm sure you guys had a point either. But we'll all share around the views and points in the forum. Hope to see your replies! If you guys have any problems in property matters, can just drop me a mail in my email, or even drop me a call or sms!
Francis Tay
HSR International
Team Director
Mobile: 91885106 / 94791420
Email: francis_property@yahoo.com |
Please give this misleading advise to the PRs as it may help our singaporean sellers desperate to sell now ,to actually dispose off thei property to someone. Your service is required by many sellers as the well read buyers have started to shy away from the market. For the next three months most of the buyers will have the wait and see attitude no matter what story you got to tell. Mr Francis , if you are a team director you should know by now the market is going to fall drastically already. A major property agency (d--) already had a meeting with the agents to inform them to be prepared for the downturn. This meetin was held a month ago. Banks were aware of this downturn almost 6 months ago. I really wonder how come such a property agency like yours can't foresee all this. Worst sill , you are still ignorant of what is happening around you. How can someone who is so ill informed about the market be able to guide the ignorant buyers. Your argument about toa payoh flat cannot sell below 20k COV is also wrong. |
A friend of my who is from HRS also ask me not to buy now . Was viewing flat ard woodland area for months but decided to stop all activity .
COV is indeed droping . Hope we can see the bright sky soon |
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12 Oct 08 4:02 pm |
| Singapore government know that more ppl will bring up economy. If economy go down, many ppl still buying the house, the house won't go down. They will support economy. Property any body can buy, not only PRs, singaporeans, foreigner also can buy. Now economy no good, foreigner will invest their money to other field. You can imagine how many Local singaporean, PRs, they sell their Property, then where will they stay?? Of couse HDB. Those first time buy house singaporean, better buy new house. Resale market is not suitable for those first time buying HDB. Because, new population will buy, those sold properties can buy, downgrade ppl also can buy( those downgrade from 5 room to 4 room sure earn). how u want to compare with them,, only waiting???? |
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12 Oct 08 4:09 pm |
Many ppl only can wait and hear other ppl talking. Now I found those have their own thinking ppl will earn money, those waiting ppl will take all risk. They can't decide, only will follow.
Haha, this same thing happen before.. I asked my friend buy a HDB in 2006, he don't want to buy. He said, wait, now house not expensive, HDB is building a lot in SENKANG, PUNGOL. Now he want to buy, can't afford already.
Don't compare with 1996, 12 years ago. Indian, China, their income is only 200 sin dollor per month. Now many of them quite rich and get Singapore PR. how do u think they can not afford more COV. May be you never encounter a couple bought AMK HDB, they sold their China house, and buy the 3 room in AMK, all cash, no need loan. |
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12 Oct 08 4:45 pm |
Many ppl think history will repeat itself.
But yet again they also understand it might not be the same as the 1998 crisis..
The no. of PRs is far lesser than today!
Things that has increase double. The most at a correction of 50%..
Things that has gone up 50%.. the most at a correction of 25%..
Building material cost will not fall back to that 1998 level.. likewise even petrol price fall.. it will not fall back to $1 per litre.
There will not be any crash in HDB resale price.. as the new HDB flat price will not adjust downward due to the slowdown of the economy.. gov just holding back some sales..
Just look into a possible correction & buy it if you think you like the house. |
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12 Oct 08 4:48 pm |
| Anonymous wrote: | | Singapore government know that more ppl will bring up economy. If economy go down, many ppl still buying the house, the house won't go down. They will support economy. Property any body can buy, not only PRs, singaporeans, foreigner also can buy. Now economy no good, foreigner will invest their money to other field. You can imagine how many Local singaporean, PRs, they sell their Property, then where will they stay?? Of couse HDB. Those first time buy house singaporean, better buy new house. Resale market is not suitable for those first time buying HDB. Because, new population will buy, those sold properties can buy, downgrade ppl also can buy( those downgrade from 5 room to 4 room sure earn). how u want to compare with them,, only waiting???? |
It's not simply waiting. It's acting casually. By common sense, why buying properties when the economy starting to fall or even crash. If less ppl buying properties, how can the price keep rising? Unless SG government interferes HDB market, property market couldn't support the rising price in HDB any more. |
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12 Oct 08 4:57 pm |
| Anonymous wrote: | | If house crash down 20% within 2 years, that won't affact PRs, Because if they rent 4 room house for 2 years, very month is 2K, then 2 years will be 40K plus. If they buy a 4 room Unit, every month only need to pay 1K plus, also can pay by CPF, then they can rent out one or two room to other ppl, they get cash. Here I want to mention to those singaporean waiting for the house drop below value, you are waiting other ppl buying the house. Last year when economy good, many New PRs, new citizens. If they married foreigners, also can apply for PR, can buy a house. |
I do agree there were some demand on the HDB resale market. That's is why the price keeps rising even the private property started to fall. But demand could change. During recession, retrenchment will start off with foreign workers. By that, the demand for renting will definitely be hit. If rental drops, ppl will have more reasons to hold buying till the better price. |
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restart
Joined: 12 Oct 2008
Posts: 1
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| Re: Cooldown in market for hdbs? |
12 Oct 08 5:07 pm |
[quote="francistay"]Hi everyone,
I'm an agent and also a team director in the resale team. Just that i see that you guys are worried about the hdb market right now. The time to buy the flat is now, it's because singapore's economy had just hit the recession period. But i need to correct the guest that is waiting to buy at below valuation. Actually the market is only at recession period and the prices of flat will never drop to below valuation. The only period you can wait is that you can buy at valuation price. But from what i've noticed, hdb's in toa payoh will never be sold at below 20k COV. I'm sure you guys had a point either. But we'll all share around the views and points in the forum. Hope to see your replies! If you guys have any problems in property matters, can just drop me a mail in my email, or even drop me a call or sms!
Francis Tay
HSR International
Team Director
Mobile: 91885106 / 94791420
Email: francis_property@yahoo.com[/quote]
If you are really a team director, can you share us some statics to show the price is still rising? |
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12 Oct 08 7:00 pm |
| Anonymous wrote: | Many ppl only can wait and hear other ppl talking. Now I found those have their own thinking ppl will earn money, those waiting ppl will take all risk. They can't decide, only will follow.
Haha, this same thing happen before.. I asked my friend buy a HDB in 2006, he don't want to buy. He said, wait, now house not expensive, HDB is building a lot in SENKANG, PUNGOL. Now he want to buy, can't afford already.
Don't compare with 1996, 12 years ago. Indian, China, their income is only 200 sin dollor per month. Now many of them quite rich and get Singapore PR. how do u think they can not afford more COV. May be you never encounter a couple bought AMK HDB, they sold their China house, and buy the 3 room in AMK, all cash, no need loan. |
The example quoted about the china couple could be true but it could be a very rare couple. Not many PR's are cash rich. If they are so rich, then they won,t hesitate to buy even the units going for lift upgrading. They are very prudent and careful when making choices, They don,t want to lose their savings on a property bubble. Afterall they are here to earn something to take back home, not to stay here permanently. During recession PR's will not be spared.They will sell off as long as they can break even.My PR friends are already worried about how much the correction will be because most of them have paid very high COV because they bidded for the flats near the mrt as most of them travel by mrt.Some are worried about the retrenchment nightmare. |
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12 Oct 08 8:34 pm |
| at this bad time, who want to pay COV even they afford? This is the time where CASH is KING of all. If most buyer start practice no COV, what seller can do? LL sale or wait. |
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12 Oct 08 8:58 pm |
OIC, now the problem is not House expensive. COV is expensive, so that many ppl don't want to buy.
For most ppl. Valuation 400K+10K is cheaper than Valuation 370K+30 cash.
I think for me, I will choose 370K+30Kcash. Because me and my wife CPF is 7k only. but I still bought a house. |
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12 Oct 08 9:01 pm |
| Those Seller want to earn money, already sell when market is good. The other sellers also wait for market become better to sell. Those just bought at 2007, 2008 owner, can not sell, because they haven't own HDB for more than 2 years. Only upgrading or down grading seller will sell |
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12 Oct 08 9:05 pm |
Why PR don't choose Upgrading house.
The reason is upgrading, HDB charge Citizen 2k, and charge PR 20k.
After citizen pay 2k, their valuation will increase 10k. (EARN 8K)
Afte Pr pay 20k, their valuation wil only increase 10k. (LOSE 10K)
Some rich ppl, not $tupid. They better buy no upgrading and move-in condition house. |
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