From what you said, I do empathize with you.
Let us take a step back and say TDSR was introduced much earlier and before ABSD and SSD. What happen? Local cannot buy but foreigners would drive price even higher. There will be an outcry with locals calling government to stop foreigners from buying.
The local only stop buying when TDSR was introduced. It was the local who continue to buy even after the introduction of SSD and ABSD as developers gave "discount" to absorb the ABSD.
It is easy to say TDSR is the most effective because saying it now is after the fact.
It is this combination of all the cooling measures that finally stop people from buying so that price could take a breather.
It appears that luck is not with you in your property purchase. There were just too many variables in your case and that your decision turned out to be this way. Hopefully, you do believe that luck does play a part in our lives.
Thank you for listening.
Yes you are right things might have gone the other direction.
I m just upset that our savings come to a naught.
We dont spend much always eat at home hardly go out no car n we have to take care the daily n medical expenses of our parents too.
We didn't even intend to do any reno.
Frankly, you have a choice not to buy. However, if you choose to buy and knowingly at high price, you should know the risk of having your property price coming down.
Now, let us switch role and you were the seller of the HDB flat. Would you sell for less if people were willing to pay more?
YL.... i am currently at the stage that you been through. Savings on every single dollar and cents that i could.
Actually Gov could consider 1st house with no tax nor TDSR. 2nd house you may sky rocket it to control speculation. Not sure if it will work
Condo was almost ready to move in condition. So no need to spend too much on reno.....
Sometimes people will appreciate the things more if they get it through hardship.....Have a nice stay at your new home when is ready
We have been to countless showflat. .hdb resale viewing. .one asked $720k n cov of at least 30k.
We chose not to buy for 3 years.
With every resale unit we viewed the price got higher...units is older..The min reno for hdb resale is 30k..coz units so old.
With every show flat we viewed the price got higher..if not the size becomes smaller!
n thats where we lost faith.
We are already cornered. ..coz we already at an age where we couldnt wait longer. N heng heng the prices n outlook turned so negative after we brought.
Buy so many toto also not so heng.
If I own a hdb I will not sell so high. .coz I know how much effort n trouble for a young couple to buy a place call home.
Its a home for bloody sake! Not stock option or anthing to make so much gross profit!
I think this experience is worth much more than the inflated price you paid for your property. You should be much wiser when come to your next purchase.
When buying property, never put yourself in a position where you "must buy" because you cannot wait anymore. You seems to put yourself in this position and that was the thing. You could say no choice or whatever reasons but the fact remains that you made the call to buy even though you knew the price was high.
There are some flat owners who will ask for sky high COV because their units are unique and usually very high floor with good views. Normal resale flat usually goes for valuation plus the normal COV. You will become a seller some day and you will come to term of being a seller.
It is the same logic why developers want to sell so high for their developments and not at reasonable price. The market is always right. When demand is down, developers have no choice but to reduce prices to keep their business going.
I think you missed my point. Even if we go for hdb we are paying an inflated prices cov n also plus reno.
So if we buy resale hdb we will be sitting on paper loss too. The normal outskirts hdb we were looking at went down 80k. Worst part had to pay more in cash...plus cov n reno too.
All add up over 100k.
The hdb buying experience so bad partner got so negative n said those hdb sellers are blood suckers.
Last edited by yl; 12-06-14 at 15:55.
I think what Amber trying to say, it was always the buyer choice to buy or not to buy. Money is in your pocket, so you made the decision.
Buy only when you feel is comfortable and worthy.
Don't buy because of age pressure, peers pressure that everyone was owing a flat or etc.
But Amber, generally could we said buying early has an advantage?
Over the years, only see properties price going up. Even it goes down, if will climb it ways back up after few years.
If we chose not to buy soon we unlikely to have any children before 35. We are not young anymore..if pay rent 3 room hdb rent is over 2k.
Our country growty will be stagnant ..every nation goes through the s curve. Property growth will stagnant or just barely any growth in years to come.
Nevermind. .think fault lies in we shouldn't have bought a unit or consider having any children or plan so long ahead. Shouldnt have thought of settling down at this stage. Everyone around us enjoy carefree life no debts.
Totally understand your feeling.
I believe you would like to set up your own warm & harmoneous family
Since you had made the choice, then just look ahead to it.
Vue8 progress was fast and hopefully you get your home asap with minor defect.
The progress was even faster than Stratum.
Cheers......
Is this your first home?
I was trying to be positive. .but the bad news n after how the investors looking to jump to buy cheaper units when the property developers slash prices made the entire journey very negative.
I am just very dejected. Its a home. But due to many rich people treating it otherwise caused the price to be so inflated.
When you said buying early, there must be a reference point. So buy early means buy early in the property cycle and not during the late stage of the property cycle.
If you want to make the assumption that each property cycle is higher than the next which seems to be the case historically, then you should not be worried buying at the peak because the next peak should be even higher. If you take this approach, you should not be worried about the value of your property now at below water.
If you believe that prices must come down to sensible level before going up again than buying during the down cycle has the advantage because you could sell for a profit during the up cycle. If you hold your property, you could sit on paper profit till the next down cycle which could be higher or lower than your entry point price. If it is higher, you will be happy. If it is lower, than all your "paper profit" will turns to "paper loss" during the next down cycle.
If it is your home and you are going to stay in it to raise a family and it is something within your ability... Why need to worry whether the price goes up or come down??
Seriously, on this forum I've said many times the earlier measures the govt took were not going to work. The main prob was and still is hot money, capital inflow from QE. I wrote a long article on this forum about it. Their ignorance to the problem was just going to cause pain to genuine home owners like you. I sympathize with you but feel it's now too late, you have to ride out the cycle. You also have a part to blame for not listening to Khaw when he said don't buy, wait a little longer. If you had rented, would you have lost less money?
If it's not the TDSR that killed the market, it's going to be tappering (and rates hike). Just wait and see. The govt should have implemented this earlier but Mah was on the helm.
Last edited by pmet; 12-06-14 at 19:17.
If you are determined to believe that the market bubble will burst, you should have waited longer especially before you decided to buy Vue 8. The market back then already started to show downwards trend with lesser and lesser transaction volume. You are not obliged to buy if you feel the price is not right. And if you don't buy, then don't say I still have to wait long long to buy at fair price. In your case, your age and your desire to have a place called home is a concern which has over the year outgrown the consideration of buying at fair price. You should have done a worst scenario what-if analysis if price will not be corrected 5 years down the road when you first thought of buying property. I know it's hard to swallow this but that's just life. Isn't it? And if you bought a 2nd hand HDB back then, it is actually not certain that you are going to lose money if you want to dump it for upgrade later.At least by doing that, you could have had your sweet home with your loved one much earlier. This is something money can't buy.
Last edited by LiveYoung; 12-06-14 at 19:29.
I only chanced upon this forum after I tired to look for vue 8 Facebook. Then I read on n know more...seems like a lot of people predict the price will fall a lot.
I don't trust him coz all the bloody years the prices never dipped.
Then articles came up.
My partner said it's a self fulling prophecy
If people start to write about this to talk down market it will eventually happen
I believed that from investors pov..u can think rationally.
Imagine how tried we were looking at one flat to another bargain prices go back home do sums..then switched.strategy go look.ec..ballot..then go back to square one n then look at numerous Showflat time n time again.
The prices drop indeed..N so are the sizes.
Why we brought coz we're certain prices will stay elevated.. Not expecting 10 or 20 percent drop in ocr..coz we believed that investors will stay off this region.
How wrong we were.
People buy for varying reasons.
Take comfort that you are not the only one.
Paper loss is transient.. It's only realised when u decide to sell
Although I do agree with you on the bigger room part.
But vue 8 is a good buy..it's really suitable for home stay.
Investors normally hoot the units near mrt.
Units take longer to sell coz I believe many buyers still adopt wait n see attitude.
It's next to OSF.. So I predict that units will get snapped up once the school is In operation next year..
Actually vue 8 is good investment coz just next to sea n school. Amenities too..N I don't think they build accommodation for their staffs..unlike the tampines one.
The developer not so stupid to build so many bigger sized units if they didn't see the demand.
Maybe angmo or expatriate likes to wait last moment?
Plus I think their mentality is wait TOP then buy coz can see the completed units.
Government will stop land sale if prices reach "sensible level" or when no one wants to buy them. This two scenarios are not likely to happen because market forces will be at works.
Before or when prices reach sensible level, demand for home would have increased. Developers will continue to bid for land at more sensible prices if demand continues to be depressed. They can then sell at more sensible prices to boost demand. This is what market forces is all about.
Human behaviour is quite predictable. When prices is going down, most people will not buy for fear of buying an asset while prices continue to fall. When prices keep going up, more people want to buy for fear of loosing the opportunity to buy or fear of buying at much higher price if one waits longer.
The fear of rising price is far greater than the "joy" of buying at lower price and hence as prices continue to rise, more people want to buy. That is why, not many people can beat the market. Those who can are the minority and they are likely the one who sold you that property when fear sinks in. The minority does not follow the crowd.
In year 2012, volume transactions already reduced a lot even though prices continue to rise. It was already sign of market pulling back. In the same year and last year, the rich like Li Ka Shing and many other MNCs were selling their assets or off loading them in the form of REITS, it was quite clear where the property market was heading to.
It is often the common men who end up buying high. This is a fact and only those who understand or has the experience through various property cycles understand. Even then, many people were too slow to react to the market because property is not liquid. By the time they made up their mind to sell it was already too late. Or they refused to accept lower profit or cut losses and hence continuing holding on to their inflated assets not by choice.
Of course, there are many people who are able to withstand any price correction especially those who bought despite all the various cooling measures. These are the people who can ride out the storm.
Last edited by Amber Woods; 12-06-14 at 21:11.
Many people buy for various reasons.
That being said...after reading so many comments by so many forummers here...A general feeling is that parking the money in a property is still better than let it rot in the bank?
So if the price dipped by 10% or even 20%, doesn't it still translate to rotten even more away compared to placing in bank??
Someone also shared views that mass printing of money means that money getting smaller...so the price we paid is not overpriced?
Your view pls.
Nonetheless...lastly, just to share after undergoing 2 deaths in my family...I feel that placing too much emphasis on the tangible asserts we have is not healthy.
Lost sight of many things in live.
Something to ponder...
If you only have 10 years to live...I doubt you want to wait for another 5 years just so for the price to start correcting before you start sharing your life with your loved one.
No one can predict what will happen. Today, tomorrow or in near future.
No one...so just focus on what you have at hand.
Yes, want to make money, one mustn't follow the crowd. If one buys due to pressure, that's following the crowd. Now the majority must repent. However, since he's not out to make money, he doesn't have to think this way. Just like why I bought 3 units @ J Gateway and returned 2 immediately after announcement of TDSR.