Many people have realised that they cannot sell their properties at a market price any more, as prices are dropping. Sellers should get serious and sell their properties as soon as possible to take advantage of the buyers’ market today.
Current market prices are not the prices we see in property listing sites as these are the intended selling prices and not the actual transacted prices. Buyers are spoilt for choice today and unless that property is in a premium area where supply is in shortage, the original listed price will have to be trimmed.
To know whether the property market is actually in trouble or not, it’s best to keep following articles where actual transacted prices are revealed and to look at the usually popular areas because they will reflect the actual demand vs supply.
People keep saying its a buyers’ market but this depends very much on the owners' ability to hold on and demand market price. Stop waiting and start identifying. The pricing in that location that is in hot demand will never fall to the price speculators want.
Secondly, larger-sized units will always be a premium because prices are getting ever more expensive. Not many developers build big units because the final price is likely to be super high.
Look at the newest landed properties and the actual built-up in sq ft. Anything above 2,000sq ft was many years ago. These days, it’s usually below 2,000sq ft. Happy understanding.
This article first appeared in kopiandproperty.com