Don't Pay More Than $400k For A Hdb Flat

[captaincoby 0]

Just sharing my views here, for those who are looking for their first home , my advice is , do not be to fussy on location, floor and area. I read through this thread and come to realise some of u complaing on the high price os resale flat and COV.

From my detailed analysis of housing market, I am VERY sure that the property prices will not be going down at all and for those who are waiting for it to fall, all the best to u. There will definitely be a drop in the property prices, but maybe in the range of a few thousands but the rally up will be more. Example:- 4 Rm HDB in Bedok which cost $350k might drop to $340k in 2 years, but a year later, it will rise to $390k! Dun believe, just wait and see. Just take 15-20 years ago, the price of 3 room AMK flat cost abt $20k, now can fetch till $300k... anyone saw the price drop to $50k before???? I dun think so.... I believe in 10 years time, 3 room flat could easily fetch $400k!

If u need to compare property indexes, just take a look in Japan.. we are going to that direction. ANd with many FT getting their PR status, i dun see the demand falling...

Not trying to burst anyone bubbles here but , HDB prices will continue to rise, and the last person to buy, will suck thumb.

I apologise if I offended anyone here but just trying to wake up ppl idea on false hope.

dun take my word for it, this is just my 1 cent worth..

[Phantom 1]

Just sharing my views here, for those who are looking for their first home , my advice is , do not be to fussy on location, floor and area. I read through this thread and come to realise some of u complaing on the high price os resale flat and COV.

From my detailed analysis of housing market, I am VERY sure that the property prices will not be going down at all and for those who are waiting for it to fall, all the best to u. There will definitely be a drop in the property prices, but maybe in the range of a few thousands but the rally up will be more. Example:- 4 Rm HDB in Bedok which cost $350k might drop to $340k in 2 years, but a year later, it will rise to $390k! Dun believe, just wait and see. Just take 15-20 years ago, the price of 3 room AMK flat cost abt $20k, now can fetch till $300k... anyone saw the price drop to $50k before???? I dun think so.... I believe in 10 years time, 3 room flat could easily fetch $400k!

If u need to compare property indexes, just take a look in Japan.. we are going to that direction. ANd with many FT getting their PR status, i dun see the demand falling...

Not trying to burst anyone bubbles here but , HDB prices will continue to rise, and the last person to buy, will suck thumb.

I apologise if I offended anyone here but just trying to wake up ppl idea on false hope.

dun take my word for it, this is just my 1 cent worth..

There are 3room flats that are already near 400k or above 400k selling in the market today. We don't have to wait for 10 years time. This is a classic conundrum. Buyers want to buy cheap and sellers want to sell high.

[captaincoby 0]

There are 3room flats that are already near 400k or above 400k selling in the market today. We don't have to wait for 10 years time. This is a classic conundrum. Buyers want to buy cheap and sellers want to sell high.

Currently I believe only a handfull of 3 room flats cost abt $400k. What I meant was that in 10 years time, $400k for a 3 room flat is a norm... it could be those 3 room flat located at some ulu place and need fully renovate.

There is some truth "Buyers want to buy cheap and sellers want to sell high" but we must also take note, u sell high u buy high. lol. aniwae, even for new flats under BTO, the price is not cheap anymore.... In actual fact, if u are to buy a resale flat, first timer with grant, more or less u are paying about the same price as BTO. As for the COV portion, take it as if u are taking a reno loan for amove in condition flat and for those that heed to be full renovated, u are basically paying COV for location/ condition of your OWN choice...

[Phantom 1]

Currently I believe only a handfull of 3 room flats cost abt $400k. What I meant was that in 10 years time, $400k for a 3 room flat is a norm... it could be those 3 room flat located at some ulu place and need fully renovate.

There is some truth "Buyers want to buy cheap and sellers want to sell high" but we must also take note, u sell high u buy high. lol. aniwae, even for new flats under BTO, the price is not cheap anymore.... In actual fact, if u are to buy a resale flat, first timer with grant, more or less u are paying about the same price as BTO. As for the COV portion, take it as if u are taking a reno loan for amove in condition flat and for those that heed to be full renovated, u are basically paying COV for location/ condition of your OWN choice...

Of course. I was just stating that 3room flats wouldn't need to take 10years to reach a median selling price of 400k if demand continues at this pace. I beg to differ that "there is some" truth. Rather it is the truth. There are no owners who "truth be willing", want to sell their property at a lower price. Similarly, there are no would be buyers who want to pay over the top if the choice is given.

In a market today when property prices have been on the general uptrend, it's true that if you sell your place at a higher value, you will be buying at a relatively higher market value at the same time.

There are of course choices, home buyers are entitled to walk away when they are faced with a property that requires more cash up front. It will be more difficult to find a dream home yes but there is a choice.

If i'm selling my place today, i expect to derive the best value for my home too. At the same time, I don't have to upgrade to a condo. I can buy a 3room or 4room. What is an acceptable price for one person might not be for another. Ultimately it boils down to how much one wants to own a property and that want will justify the price.

[musicbox 0]

I'm also a home seeker, I would say, the current prices are too high, especially the COV. what we're doing now is like cooking the price, mainly those who already have a home, so to them the high COV is nothing, coz they can recover from someone else. The existing home owner pushed up the price, and those new comers join in afraid that they can't get their house. So prices up again. on top of that, agent also give false info, many advertise high COV and claim sold by the time you call them, prompting you to get another unit from them at a lower COV (in fact is also high).

So, who'll be hit the hardest? Yeah, those first time buying their hdb, and of course our next generation. When will it be burst? as long as there're demands, i think it'll sustain for some time, but the good news is more and more land are building up hdb now, i believe the price will fall, when interest rate pick up, when more supply, and that will be just a few years away. But, this is my guess only.

I ever wonder, if if everyone do not buy now, the prices sure will drop, maybe we should boycott the COV now, haha, let's make it a buyer market!

Anyway, in summary, if you're not hurry to get a place, wait, do not join the war!

[PAPC 0]

I'm also a home seeker, I would say, the current prices are too high, especially the COV. what we're doing now is like cooking the price, mainly those who already have a home, so to them the high COV is nothing, coz they can recover from someone else. The existing home owner pushed up the price, and those new comers join in afraid that they can't get their house. So prices up again. on top of that, agent also give false info, many advertise high COV and claim sold by the time you call them, prompting you to get another unit from them at a lower COV (in fact is also high).

So, who'll be hit the hardest? Yeah, those first time buying their hdb, and of course our next generation. When will it be burst? as long as there're demands, i think it'll sustain for some time, but the good news is more and more land are building up hdb now, i believe the price will fall, when interest rate pick up, when more supply, and that will be just a few years away. But, this is my guess only.

I ever wonder, if if everyone do not buy now, the prices sure will drop, maybe we should boycott the COV now, haha, let's make it a buyer market!

Anyway, in summary, if you're not hurry to get a place, wait, do not join the war!

The COV is jolly well the result of demand and supply, not some cook up prices. Given the anticipated population of 6m in the coming years (about 20% more people) for the land scarce Singapore, there's only one way the valuation of flats and COV will go.

[cleong 1]

I am 33 years old, and was in the market looking for a home. I'm buying it because we need a matrimonial home, rather that jumping into the fray because everyone else is. So regardless of how senseless it is, you pay what you need to pay to secure the home that you are eyeing, of course up to your budget limit. I have a feeling HDB prices will stay robust. Even during the dark days of the global financial meltdowns, COVs were affected but the valuations stayed pretty solid. Prices of homes aren't the only thing that goes up, even renovation cost goes up. Some 6-7 years ago, my brother paid $32,000 on renovating his 5 room flat, knocking down walls, installing sliding doors, built in cabinets, etc. Today $32,000 only gets you a lot less.

So at the end of the day, after searching since May, we've found a home that we both like, and slightly under our budget. But it didn't come easy, we had to be both persistent, and quick when the opportunity presented itself. If you're a home seeker, you just have to keep looking, adjust your wants/needs according to how the market moves (I started out looking at 4A flats in Queenstown). After that, its just luck and fate. But the train is pulling out of the station, and everyone is rushing to board the last few carriages before you run out of platform. After that you'll need to wait for the next train to come along.

[Phantom 1]

I am 33 years old, and was in the market looking for a home. I'm buying it because we need a matrimonial home, rather that jumping into the fray because everyone else is. So regardless of how senseless it is, you pay what you need to pay to secure the home that you are eyeing, of course up to your budget limit. I have a feeling HDB prices will stay robust. Even during the dark days of the global financial meltdowns, COVs were affected but the valuations stayed pretty solid. Prices of homes aren't the only thing that goes up, even renovation cost goes up. Some 6-7 years ago, my brother paid $32,000 on renovating his 5 room flat, knocking down walls, installing sliding doors, built in cabinets, etc. Today $32,000 only gets you a lot less.

So at the end of the day, after searching since May, we've found a home that we both like, and slightly under our budget. But it didn't come easy, we had to be both persistent, and quick when the opportunity presented itself. If you're a home seeker, you just have to keep looking, adjust your wants/needs according to how the market moves (I started out looking at 4A flats in Queenstown). After that, its just luck and fate. But the train is pulling out of the station, and everyone is rushing to board the last few carriages before you run out of platform. After that you'll need to wait for the next train to come along.

congrats on your new home. EM i presume?

I think that it is still possible to find reasonably priced HDB's unless one is looking at places like Redhill/Tiong Bahru/Marine Parade etc..

I like Marine Parade but the HDBs are like 30 years old, valuation is high and asking for 30k to 80k for 3Rooms and 4Rooms. Anyone looking to buy a place today should expect some COV but to pay or not, that's still a choice.

[captaincoby 0]

The COV is jolly well the result of demand and supply, not some cook up prices. Given the anticipated population of 6m in the coming years (about 20% more people) for the land scarce Singapore, there's only one way the valuation of flats and COV will go.

My sentiments exactly, very unlikely prices of HDB will go down...we must understand that eventhough there are many new flat being build, the number of homeseeker is also increasing. so for those ppl who want to wait till the price go down, wish u all the very best...

Edited January 25, 2010 by captaincoby

[curryqueen 0]

I'm also a home seeker, I would say, the current prices are too high, especially the COV. what we're doing now is like cooking the price, mainly those who already have a home, so to them the high COV is nothing, coz they can recover from someone else. The existing home owner pushed up the price, and those new comers join in afraid that they can't get their house. So prices up again. on top of that, agent also give false info, many advertise high COV and claim sold by the time you call them, prompting you to get another unit from them at a lower COV (in fact is also high).

So, who'll be hit the hardest? Yeah, those first time buying their hdb, and of course our next generation. When will it be burst? as long as there're demands, i think it'll sustain for some time, but the good news is more and more land are building up hdb now, i believe the price will fall, when interest rate pick up, when more supply, and that will be just a few years away. But, this is my guess only.

I ever wonder, if if everyone do not buy now, the prices sure will drop, maybe we should boycott the COV now, haha, let's make it a buyer market!

Anyway, in summary, if you're not hurry to get a place, wait, do not join the war!

I support!! We can have a "Say No to CoV" campaign! If buyers are not willing to pay, the CoV will drop!

[Phantom 1]

I support!! We can have a "Say No to CoV" campaign! If buyers are not willing to pay, the CoV will drop!

We might as well revert to a communist regime

[cleong 1]

congrats on your new home. EM i presume?

I think that it is still possible to find reasonably priced HDB's unless one is looking at places like Redhill/Tiong Bahru/Marine Parade etc..

I like Marine Parade but the HDBs are like 30 years old, valuation is high and asking for 30k to 80k for 3Rooms and 4Rooms. Anyone looking to buy a place today should expect some COV but to pay or not, that's still a choice.

Hi, thank you. Yes it is an EM at Serangoon North Ave 1. Including COV we paid less than 500k, which I feel is below the going rate in Serangoon in general. The fact of the matter is that people are asking ridiculous COVs even for heartland areas. I viewed one EM along Lorong Ah Soo near the old Minton Rise area, in original 20 plus year old condition, run down and unrenovated, and the owner wanted at least 30k COV. I looked at the agent straight in the eye and asked him, 30k COV? Exactly why would I pay 30k for a place like this? He replied that no choice, that's the going rate, everyone has the COV fever. Which is true. The newspaper reports only serve the whip the frenzy up even more.

Edited January 26, 2010 by cleong

[Phantom 1]

Hi, thank you. Yes it is an EM at Serangoon North Ave 1. Including COV we paid less than 500k, which I feel is below the going rate in Serangoon in general. The fact of the matter is that people are asking ridiculous COVs even for heartland areas. I viewed one EM along Lorong Ah Soo near the old Minton Rise area, in original 20 plus year old condition, run down and unrenovated, and the owner wanted at least 30k COV. I looked at the agent straight in the eye and asked him, 30k COV? Exactly why am I would I pay 30k for a place like this? He replied that no choice, that's the going rate, everyone has the COV fever. Which is true. The newspaper reports only serve the whip the frenzy up even more.

Less than 500k for an EM is pretty bang for the buck in today's market.

Sometimes, its the agent, sometimes it's the seller but then again, it's a COV merry go round. If i'm sellling my place and can't get a decent COV, I'll get wham-banged when I buy my next property. LMAO.

You are absolutely right.. I've been looking at some Marine Parade 3rooms / 4rooms and they are asking between 30k to 80k on the COV. Plus 80% are in original conditions. It's a rampant property market and i think we should be objective when we pay the COV. I'm think betwen 5% to 10% would be reasonable if the flat is in decent condition and higher floor.

Imagine, 2nd floor also asking for 40k COV.

[forgotten 1]

This month, I'm surprised to see that two ground floor units in Sembawang are demanding COV of 33K and 35K! I never expect ground floor units in wulu estates to command high COVs leh. And one high-floor unit is demanding 70K COV.

Edited January 26, 2010 by forgotten

[cleong 1]

There are other units that I've seen that have been on the market for months and remain unsold. They start out asking 50-60k COV, but no one meets the offer. 2-3 months down the road, when the valuation report is about to expire, they go "view to offer" and at that point you'd be dealing with COVs of between $0-20,000. So look out for those units with expired or about-to-expire valuation reports, you are likely to get it cheaper. But do note that it has remained unsold for a reason and so you have to accept its flaws.