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Misc100

S'pore's Private Property Resale Market Offer Discounts Of Up To 50%

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Understand.

Not looking at the rock bottom but lower quadrant. Now it's close to the peak!

This is my 2cents worth. First, buying property is not like buying consumer product where the products are homogeneous, there are ready alternatives and the products (and alternatives) are available when you want to buy them. Second, we cannot time the market. At best, we can just have a rough sense of where the market is heading. Third, the herd mentality is unexplainably strong in S'pore, which I do not understand. But when the herd runs, the prices head north irrationally.

This being so, my principles are:

- difficult to achieve perfect or near perfect we buy at rock bottom or sell at the peak. If we can buy at lower quadrant or sell at upper quadrant, we should more or less be satisfied

- say if you know that prices are already at rock bottom, you may not be able to find the property you want

- conversely if you are selling and are prepared to let go your property when prices are at the peak, can you find a buyer?

- if you are buying, stay slightly ahead of the herd and don't catch the down draft

My sense is that the consecutive months of record new home sales, HDB resale holding steady, plus the upward adjustment of the GDP forecast (still negative growth, but smaller contraction) suggest that the market will continue the upswing until it pauses or corrects. Those set on buying a property this cycle can wait for this correction. When and how deep this correction is, is open to anybody's guess.

This is my general sensing for what it is worth. Caveat emptor.

 

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