JOHOR BARU: Now is the best time to buy residential properties in the secondary market as prices have stabilised, said the Malaysian Institute of Estate Agents (MIEA).
Its president Eric Lim said the last increase in prices of secondary property took place in 2013 and 2014, between 4% and 5%.
"After that period, the prices stabilised and are unlikely to increase again until 2018" he said.
Lim said another advantage for prospective buyers was that existing owners of residential properties were now more willing to negotiate with buyers.
He advised those looking for ready houses, especially first-time houseowners, to consider buying now and not wait for the market to improve further.
Lim said when sentiments got better next year, buyers could expect prices of houses in the secondary market to increase between 7% and 8%.
"Buying a house or an apartment in the secondary market has its advantages as a buyer can move in about three months after the transfer of ownership" he said.
He said first-time houseowners in the Klang Valley planning to buy a house in the secondary market should go for a house priced below RM500,000 and in Johor Baru at RM400,000 and below.
Lim advised owners who plan to sell their properties to deal directly with MIEA registered real estate agents and avoid dealing with illegal agents.
"There are many cases where housebuyers were cheated by illegal agents" he said.
Licensed real estate agents would advertise the house for sale in newspapers and also put up the notice "House for Saleâ€ at the front gate of the house with the five-digit number of the real estate negotiator.