Market Conditions

Location, demand, economy
Get an unbiased and professional assessor to give you the real market value of your property. They are experienced in the real estate market to know the recent values and how much properties in the neighborhood have been sold without the danger of having any financial interest in your property. You can use the value that they give you as basis for the accuracy of the assessment that your would-be real estate agent will give you on your property. Your agent must be aware of the prices in the market for properties such as yours. Let them explain to you how they arrived at such a value using the Comparative Market Analysis.  Market conditions should also be factored in as well as other factors affecting the state of economy in Singapore. If changes in the economy influence the market, then the property values also changes. This should also be factored in when giving the price for the property. The buyer also knows the worth of your house and would like to get a good deal from it if possible.

Word of Advice: It is very likely that the prices recommended to you by real estate agents will vary a great deal. Try to check if these prices are feasible. Most often, some real estate agents quote a high price in order for you to hire their services and get a better commission, only to find out that after all the months of haggling and compromise, you end up getting a very low price for your property, lower than the quoted prices of most agents. Since your property was listed with a price way beyond its value, it made its attractiveness in the market drop and lose potential buyers.

Aim for the right buyers
When you have decided on the price for your house, the next thing to do is to attract the buyers who would be seriously interested in your house. There are a lot of techniques to make them look twice at your house, but it does not prove that they are the right ones to buy it. Posting your property at a lower amount may usually lead to getting the lowest amount for your property since the buyers that you attract only have a limited budget for buying property. Whereas if you stick with the market value to price your property, the buyers that you attract will be the ones who can afford that much and will not haggle so much about it. More viewers don’t automatically mean to be more buyers. In looking for buyers, the quality of those buying is more important than the quantity. If you have hired a good agent, you can trust them to get you the highest possible price for your property.

What's my profit?
As you get your asking price for your property, then it is time to compute how much profit you have made from the sale. First, list down the lowest amount that you are willing to give to your buyer. Then, remove the commission of the buyer’s and seller’s agents, advertising and marketing costs, fees for conveyance, costs to improve the property, and moving and relocation expenses. If you plan to pay of the mortgage or other loans, you may do so. If you plan to buy in another location, then this also included a lot more expenses that selling off a property.

Billy Chen
billy@billychen71.com
Tel: (+65) 88689999
Fax: (+65) 64021826

CEA Registration Number : R029372I