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Resale home prices not coming down?

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abbby
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Resale home prices not coming down?

Post by abbby » Fri, 01 Nov 2019 3:28 pm

Been monitoring for about a year and listings are listed like forever...but prices remain the same. Seems like prices are not coming down any time soon?
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bro75
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Re: Resale home prices not coming down?

Post by bro75 » Sat, 02 Nov 2019 10:28 am

I am not an expert but there is probably some pressure on prices from overseas. In spite of ABSD, Singapore is still a safe haven for assets compared to neighboring countries. With the different central banks QE policies plus low interest rates, there is a lot of cash worldwide looking for a home.

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Re: Resale home prices not coming down?

Post by Max Headroom » Sun, 03 Nov 2019 11:13 am

They're sticky on the way down, because of 1) agents continuing to paint the picture as rosy and 2) kiasu owner wannabes happily lapping this up, against their better judgment and common sense.

The other thing that skews the marketplace is that developers prefer to give away all kinds of freebies at sales, so as to entice teetering buyers to commit. Developers would rather chew glass than lower their prices, because they know that once lower prices kick in, it's likely to escalate across the board, given that everyone will immediately try to flog off their inventory before the leap-frog melee stage sets in.

I suspect some Hongkies may also be propping up Singapore's home prices lately.

All that said, with Singapore's employment numbers the way they're going, the moribund STI and Malaysia suddenly calling, I reckon 2020 will see the start of a considerable slide in property prices. Mark my words.

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abbby
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Re: Resale home prices not coming down?

Post by abbby » Sun, 03 Nov 2019 4:17 pm

Max Headroom wrote:
Sun, 03 Nov 2019 11:13 am
They're sticky on the way down, because of 1) agents continuing to paint the picture as rosy and 2) kiasu owner wannabes happily lapping this up, against their better judgment and common sense.

The other thing that skews the marketplace is that developers prefer to give away all kinds of freebies at sales, so as to entice teetering buyers to commit. Developers would rather chew glass than lower their prices, because they know that once lower prices kick in, it's likely to escalate across the board, given that everyone will immediately try to flog off their inventory before the leap-frog melee stage sets in.

I suspect some Hongkies may also be propping up Singapore's home prices lately.

All that said, with Singapore's employment numbers the way they're going, the moribund STI and Malaysia suddenly calling, I reckon 2020 will see the start of a considerable slide in property prices. Mark my words.
I just hope Hong Kongers don't cause the prices here to surge further. Yes, do agree that agents could be painting a rosy picture, listing for one year and currently still listed at the same price...testing market or probably just no rush to sell? And no takers for so long. Will wait and see for 2020.
The secret of life is honesty and fair dealing. If you can fake that, you've got it made. - Groucho Marx (1890-1977)

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Re: Resale home prices not coming down?

Post by PNGMK » Mon, 04 Nov 2019 8:22 am

For resale homes the prices might not be moving but the volume of sales has dropped considerably at least where I am. If you really want to buy find someone facing one of the 4D's (Death, Divorce, Debt or Distress). In that case they will move. The "asking" price on PG and 99 are just that - completely negotiable if you can find out the circumstance. Look at the URA data, work out the commission costs and then make an offer - you may be surprised.
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