I've benefitted a lot from this forum, just want to contribute my two cents...
This is just my opinion.
I've been looking for a resale flat since six months ago.
In end Sep, I viewed a flat which I liked very much. I made an offer of 62K
two days after viewing. I thought the COV was reasonable (last offer was 60K).
However, I was told it was already optioned. My wife and I both felt it was a pity
as we missed a flat that we like and the COV was reasonable.
This location/cluster that we are aiming commands a higher COV as it is very near MRT.
Previously(before 30 Aug) we made two offers of 70K for similar units but were rejected.
As I am actively looking for house myself, I can see COVs coming down quite a bit. In fact, for the
past two weeks, there were other units with last offers of only 35K++ . (I am comparing units of same location
and similar size). So it could be a blessing in disguise that I missed the opportunity to purchase the flat
in end Sep. If not, I could have overpaid a lot.
Well, I don't know but it seemed to me that COVs have come down quite a bit and this is probably
just the beginning.
I am no guru to give any advice, just want to caution buyers that they should observe the COV trend
closely during this period as agents may not warn them of the market conditions. As for me, I'm willing
to wait patiently for COVs to come down.
Above is just my experience and opinion. Pls do not hold me responsible for your decisions.