Is it time to worry about the property market? Honestly, if you were that someone who bought four properties at one go in 2012 and just got the keys to all four this year, you should be worried.

It's likely that prices are going to be weak because there are suddenly too many new units coming into the market.

However, if you bought one unit for your own stay and are currently staying or renovating to stay, then the number of unsold and completed residential properties should not bother you too much.

If you have a home and intend to buy another good property for rental income, this may work well if you get the right one.

By the way, the number of unsold and completed residential units are really on the way up, an article in TheStar reported.

The Valuation and Property Services Department's (JPPH) latest figures show that the total value is RM19.54 billion, a 56.44% rise from RM12.49 billion a year ago.

If serviced apartments and small-offices-home-offices (SoHos) are included, the overhang value rises to 40,916 units, valued at RM27.38 billion.

JPPH defines an overhang as completed, unsold units nine months after the issuance of certificates of fitness, signifying from the authorities that a dwelling is fit for occupation.

Most of the overhang is priced from RM500,000 and above, and this group alone constitutes 12,000 units. State-wise, those with a serious overhang are Johor, Selangor, Penang and Kedah.

According to JPPH's latest report, Kuala Lumpur has no unsold completed serviced apartments/SoHos.

Three key points:

Prices determine affordability and affordability determine demand. When prices are high, affordability goes down and demand goes down too. This is why a huge overhang comes from units priced at RM500,000 or higher.

Demand is super important. When we look at major property markets - Selangor, Kuala Lumpur, Penang and Johor - we must realise that as long as urbanisation continues and these states continue to attract people, then unsold units can be cleared with time. The issue usually starts IF we bought an overpriced property.

Unsold units do not determine the price. The price is determined by the attractiveness of the area, the amenities, the design of the home and even the timing. 12-18 months from the handover of keys usually means lots of supply. Prices tend to be lower during this time. Thus, property prices do not drop simply because of unsold units. In fact, it may be a good time to scout for some good deals if your salary has gone up over the years since 2012 when you bought your first property.

Reminder: Mortgage payments may be the same but your monthly salary from 2012 to the present would have increased considerably.

With the many choices further "pressured" by newly completed and unsold units, the best deals may just be today.

This article first appeared in kopiandproperty.com