offer on condo

[helpplease]

I saw a condo today that is up for sale. I kind of liked the place and the asking price is 1.2 million. The agent said they had a recent offer of 1.1 million but this had been rejected. He also said prices had started rising again and he thought this condo would be snapped up very soon.

Should I now offer the asking price as obvioulsy 1.1 million is too low.

Or should I wait to see if condo prices in Singapore fall?

[simple]

Wait.

[Look up this project's]

I saw a condo today that is up for sale. I kind of liked the place and the asking price is 1.2 million. The agent said they had a recent offer of 1.1 million but this had been rejected. He also said prices had started rising again and he thought this condo would be snapped up very soon.

Should I now offer the asking price as obvioulsy 1.1 million is too low.

Or should I wait to see if condo prices in Singapore fall?

Transaction in the URA database. You can see the price pattern there for the project to make decisions.

[Bad advice]

Asking for advice in this forum is like asking for trouble.

End of the day, you just end up picking the argument that you most like to hear.

I saw a condo today that is up for sale. I kind of liked the place and the asking price is 1.2 million. The agent said they had a recent offer of 1.1 million but this had been rejected. He also said prices had started rising again and he thought this condo would be snapped up very soon.

Should I now offer the asking price as obvioulsy 1.1 million is too low.

Or should I wait to see if condo prices in Singapore fall?

[Conrad_]

I saw a condo today that is up for sale. I kind of liked the place and the asking price is 1.2 million. The agent said they had a recent offer of 1.1 million but this had been rejected. He also said prices had started rising again and he thought this condo would be snapped up very soon.

Should I now offer the asking price as obvioulsy 1.1 million is too low.

Or should I wait to see if condo prices in Singapore fall?

Counter offer him at 1 million. Tell him yours is a firm offer. That 1.1 million outstanding offer is just a bait.

[Wait but be alert]

If you really like the estate, just continue to monitor the prices over the next few months - but you've got to be quick to make a decision once the you sense that the market is turning around.  Trust me, the singapore property market is mostly driven by sentiments, and when prices start to head north, they usually do in multiples of S$100,000 dollars.  I know cos I have been in the same situation before - once in 1998 when I was hoping to buy something cheap after the crash in 97.  We have seen like 5 units in the same development ranging from $800k to $900k (from a high of S$1.6 m in 1996)and within 2 months when the market picked up - it shot to S$1.2 million (panic buying set in then)but we were very very fortunate to have signed ours for just less than a million. The same last year - we bought a second property for investment in early 2007 for $750k and to see it shooting to $1.5 million in six months!   I have got cousins who were so afraid that they may missed the boat that they bought in 2000 - a mini peak and they are still under water today.  It's all about timing.  Stay focus and you will be alright. Ignore those guys who are advicing you to  wait for property prices to crash - these are the guys that will end up like my cousins.  Good luck.

[Strange Relatives]

Your cousins bought in 2000 and are still underwater?

If you really like the estate, just continue to monitor the prices over the next few months - but you've got to be quick to make a decision once the you sense that the market is turning around.  Trust me, the singapore property market is mostly driven by sentiments, and when prices start to head north, they usually do in multiples of S$100,000 dollars.  I know cos I have been in the same situation before - once in 1998 when I was hoping to buy something cheap after the crash in 97.  We have seen like 5 units in the same development ranging from $800k to $900k (from a high of S$1.6 m in 1996)and within 2 months when the market picked up - it shot to S$1.2 million (panic buying set in then)but we were very very fortunate to have signed ours for just less than a million. The same last year - we bought a second property for investment in early 2007 for $750k and to see it shooting to $1.5 million in six months!   I have got cousins who were so afraid that they may missed the boat that they bought in 2000 - a mini peak and they are still under water today.  It's all about timing.  Stay focus and you will be alright. Ignore those guys who are advicing you to  wait for property prices to crash - these are the guys that will end up like my cousins.  Good luck.

[unbelieveable but true]

Check out the prices today compared to the mini-peak in 2000 - esp in areas like Upper Bukit Timah. The moral of the story is that everyone wants to buy at the lowest, but it is almost impossible to catch the lowest.  Like a couple of friends of ours who were looking for properties at about the same time as us during the 98,99 period.  All had budgets of S$1 to S$1.2 million max - saw endless properties but decided to wait for more distress sales.  When the market turned around in Q11999, these same group of people panicked and when all of them finally bought in Q2 the same year, they all paid between $1.3 to $1.7 million for their properties.  The irony was the same properties that they bought were going at at least two to three hundred thousands cheaper just months before.  If only they had bought then.... My cousins belong to another category of people who thought the spike was temporary and decided to wait out longer - only to buy at the peak a year later when they decided that prices were not coming down.  They were wrong, again! So if you can't catch the bottom, then somewhere near the bottom, like my friends, would be good.   

[Premature Ejaculation]

Check out the prices today compared to the mini-peak in 2000 - esp in areas like Upper Bukit Timah. The moral of the story is that everyone wants to buy at the lowest, but it is almost impossible to catch the lowest.  Like a couple of friends of ours who were looking for properties at about the same time as us during the 98,99 period.  All had budgets of S$1 to S$1.2 million max - saw endless properties but decided to wait for more distress sales.  When the market turned around in Q11999, these same group of people panicked and when all of them finally bought in Q2 the same year, they all paid between $1.3 to $1.7 million for their properties.  The irony was the same properties that they bought were going at at least two to three hundred thousands cheaper just months before.  If only they had bought then.... My cousins belong to another category of people who thought the spike was temporary and decided to wait out longer - only to buy at the peak a year later when they decided that prices were not coming down.  They were wrong, again! So if you can't catch the bottom, then somewhere near the bottom, like my friends, would be good.   

That is exactly what is going to happen to most of the bears here. After all the thumping of chests and jumping around like monkeys, they will still miss the bottom and may end up buying at today's or higher prices. So bears, please hold your excitement until you get into the property market. Buy first and then celebrate. If you are not going to buy at all or end up buying at higher prices, why get excited about declining prices?

[weporter]

The data arguing that real estate prices are declining is overwhelming. No amount of small talk can prop it up.

[Long Term]

Check out the prices today compared to the mini-peak in 2000 - esp in areas like Upper Bukit Timah. The moral of the story is that everyone wants to buy at the lowest, but it is almost impossible to catch the lowest.  Like a couple of friends of ours who were looking for properties at about the same time as us during the 98,99 period.  All had budgets of S$1 to S$1.2 million max - saw endless properties but decided to wait for more distress sales.  When the market turned around in Q11999, these same group of people panicked and when all of them finally bought in Q2 the same year, they all paid between $1.3 to $1.7 million for their properties.  The irony was the same properties that they bought were going at at least two to three hundred thousands cheaper just months before.  If only they had bought then.... My cousins belong to another category of people who thought the spike was temporary and decided to wait out longer - only to buy at the peak a year later when they decided that prices were not coming down.  They were wrong, again! So if you can't catch the bottom, then somewhere near the bottom, like my friends, would be good.   

That is exactly why I am a LONG TERM investor in the property market. You need lots of luck to time the market well. Forget about the short term fluctuations and concentrate on the long term returns.

[At your peril]

The data arguing that real estate prices are declining is overwhelming. No amount of small talk can prop it up.

9 months ago the data supporting further rises in the property market were also overwhelming.You should know what was the outcome. It is the very outcome that the bears are getting excited over now. So you still want to believe the present overwhelming bearish data?. Do so at your own peril. May god bless you.

[weporter]

Investors invest for the long term.... YES. But property prices are on the decline. It is utter stupidity to buy when prices are sliding. Those who bought in 2007 at BUBBLR PRICES are now shivering. Others can gain entry at lower pricing.

[Baptised soon]

Investors invest for the long term.... YES. But property prices are on the decline. It is utter stupidity to buy when prices are sliding. Those who bought in 2007 at BUBBLR PRICES are now shivering. Others can gain entry at lower pricing.

Then tell me how much prices will decline and at what point will you buy?
You sound like a novice. Nevermind, you will get baptised by this market and become wiser like me in a few years time.

[weporter]

And now he makes another post again using another .....