Even with Covid-19 hanging over our heads, the Singapore property market does not seem to be letting up. As of Q1 2021, prices are up another 3.3 per cent, while resale flat prices have been rising for the past nine straight months.
So there's no question about it, it's great to be a seller right now. For buyers though, it's a different story. With such a hot market, there are stories of homes being snapped up after just one viewing. If you have been on the hunt and been unsuccessful for a while now, here are 10 proven tips that can help you navigate the current market.
1. Check out older listings, not just the newest ones
Most people think older listings have something bad about them, but this may not always be true. Sometimes it could be down to small issues like impractical renovations (which you are able to overlook). So don't judge, have a look first.
2. Be ready to close fast, and express that you can
Sometimes sellers are looking to close quickly as they are looking to buy something else themselves. So expressing that you are able to close quick (and are not fussy) will be a plus point.
3. Accept that some degree of compromise may be necessary
As mentioned, in a hot market you will definitely be facing more competition so you may think more of compromising, then going in on an aggressive approach. Be ready to pay more COV, or an earlier transaction date. Especially if you are holding the property for a longer period this may not be as crucial.
4. Property portals are not the only place to find listings
It may pay to look elsewhere other than the big property portals. Sometimes you may find gems in places like Carousell or Facebook groups as there may be direct sellers who are not using a property agent.
5. Use an agent who just made the closest other transaction
Using an agent that has transacted nearby means that you will get insider first hand knowledge. They may also have existing sellers on hand so you may get the first bite of the cherry before the units come onto the market.
6. You don’t always want to be the first to make an offer
Sometimes it pays to hold off a little, and not be the first to make an offer as it is human behaviour to want to wait and see if there are better offers.
7. Use agents experienced with the given area
As with point 5, having experienced agents in the area helps with domain expertise. They may be able to advise better on shortcomings of the area and give you good insight on prices to offer to seal the deal.
8. Analyse your seller
While this job is usually left to the agent, if you've decide to go it alone - find out how many offers the sellers have received, in addition to data on low, median, and high transactions in the area.
9. Sweeten the deal with small bonuses
Don't overlook this. Sometimes offering to purchase the entire furniture setting as an add on, or letting the sellers stay rent free for a longer period of time can help push the deal in your favour.
10. Go in with a fixed plan, never “see what happens” when you meet the sellers or agents
Always have a plan and a price guide so that you do not make offers that you may regret later on. It is also less stressful for you overall - so do plan ahead!
For more details, please visit: https://stackedhomes.com/editorial/10-essential-home-hunting-tips-thatll-help-in-a-hot-property-market/
Chapters
0:00 - Intro
0:28 - Tip #1 - Check Older Listings
1:26 - Tip #2 - Try Alternative Listing Sources
2:37 - Tip #3 - Understanding The Seller’s Situation
4:32 - Tip #4 - Being Able To Close Fast
6:27 - Tip #5 - Be Cautious, No Need To Be The First Bidder
7:48 - Tip #6 - Be Accepting Of Compromise
9:32 - Tip #7 - Given Small Bonuses
11:16 - Tip #8 - Use Agents Experienced In The Area
14:05 - Tip #9 - Look For An Agent Who Made The Closest Recent Transaction
15:02 - Tip #10 - Have A Plan From The Start
16:56 - Outro
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Stacked is an online editorial aimed at helping Singapore home buyers, sellers and renters make better decisions. By regularly conducting research and publishing our findings, we hope to give our readers a much better perspective on buying, selling or renting Singapore real estate.
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