I came across this article today and this is really a stark difference to times before the covid-19 circuit breaker. HDB resale prices started to due its momentum during the circuit breaker period when most people were cooped up in our apartment units and forced to stay in with other household members 24/7. After that came the default work from home mode and the continued border closures.
I remember just two years ago, this client of mine called me to assist in selling his flat in Jurong West. His agents were marketing it for almost 8 months and there was no offer for the 30 year old 4-room flat on a low floor. The other challenge was that all the rooms were tenanted to students and the doors were locked with nothing to see when the occupants are out. The seller gave me his target sale price and after working out the financial calculations, I told him it would be a negative sale of $30K. He just nodded his head as he had already accepted that and told me to proceed because he needed the sales proceeds to pay for his new BTO which he was collecting the keys to very soon. Eventually after an aggressive marketing campaign, I sold the flat at his target price which he was very happy with. Of course things would be different if he could hold on to his flat and sell it today, I’m sure it will be a positive or breakeven sale at least.
As HDB resale prices are almost hitting the peak in 2013, this is an opportune time for sellers to get a property health check to determine if this is a good time to exit to either upgrade or right-size your property. After all, HDB resale prices did decline for 7 years straight after hitting the peak in 2013 and the government is likely to intervene, if resale prices continue its upward trajectory, to keep public housing prices affordable for the majority of Singaporeans.
Do reach out to me for a discussion and to check on the “health status” of your property.