COV for private property

It's amazing how high HDB prices have risen, with COV reaching new highs each mth. I would like to know how does this COV apply to private property? Ie., if the valuation of my place is 900K, is it reasonable in this current market to sell at say, 950K? Taking into considering my whole place was newly renovated less than 6mths ago. My agent is telling me its hard to sell at 950K as all the enquiries (over phone only) she got were only willing to pay 900K max. Is this the case for anyone else here selling your private property? ... that you managed to sell only at valuation, or higher? Your inputs are greatly appreciated! tks... :)

In a rising market, transacted price is always above valuation (since the valuation is based on average of last few transactions in the estate or surrounding comparable condos). Don't be fooled by agents who wants an easy job of pocketing the commission from you with minimum effort (since selling at last transacted price or at valuation is so easy to get transacted in a rising market).

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Originally Posted by penguin

It's amazing how high HDB prices have risen, with COV reaching new highs each mth. I would like to know how does this COV apply to private property? Ie., if the valuation of my place is 900K, is it reasonable in this current market to sell at say, 950K? Taking into considering my whole place was newly renovated less than 6mths ago. My agent is telling me its hard to sell at 950K as all the enquiries (over phone only) she got were only willing to pay 900K max. Is this the case for anyone else here selling your private property? ... that you managed to sell only at valuation, or higher? Your inputs are greatly appreciated! tks... :)

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Originally Posted by teddybear

In a rising market, transacted price is always above valuation (since the valuation is based on average of last few transactions in the estate or surrounding comparable condos). Don't be fooled by agents who wants an easy job of pocketing the commission from you with minimum effort (since selling at last transacted price or at valuation is so easy to get transacted in a rising market).

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You could also consider `motivating' your agent by offering a graduated commission system where if at valuation or a reserve px set by you, he gets 2%. Any additional price, could be in % or absolute amt he managed to close for you, you share it with him.

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Originally Posted by penguin

It's amazing how high HDB prices have risen, with COV reaching new highs each mth. I would like to know how does this COV apply to private property? Ie., if the valuation of my place is 900K, is it reasonable in this current market to sell at say, 950K? Taking into considering my whole place was newly renovated less than 6mths ago. My agent is telling me its hard to sell at 950K as all the enquiries (over phone only) she got were only willing to pay 900K max. Is this the case for anyone else here selling your private property? ... that you managed to sell only at valuation, or higher? Your inputs are greatly appreciated! tks... :)

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how i wish the agent representing the seller of a unit i am interested in would say the same thing...

i said valuation only 1350 psf and agent said to me rising mkt .. so seller only willing to sell at 1650 psf ... how come agent never tell seller what your agent said to you ??

Agents are known widely to practise DUALITY.

COV reflects an imbalance between supply/demand and bank valuation.

Banks try to keep valuation low in order to manage their risk.