Page 1 of 3 123 LastLast
Results 1 to 10 of 21

Thread: Current Asking Prices

  1. #1
    Newbie
    Join Date
    Apr 2008
    Posts
    56

    Default Current Asking Prices

    Over the last weekend, I visited a few recently TOP condos as well as show-flats. Most sellers have started to soften their asking, eg a unit in Pandan Valley has reduced his asking px by $250k but still around $1000psf.

    For all the units I saw, I countered by offering 30-40% below the asking px and I can't believe that ALL the agents and owners are actually willing to negotiate and asked me to up my offer. 6 mths ago, they would have asked me to buzz off.

    Anway, I believe sellers are still holding on to unrealistic px expectation. When more units are TOP in the coming periods, i believe there will be pressure downwards on the asking px. The agents also told me more buyers are beginning to offer much lower px, some 50% lower than the asking px but of coz sellers not willing to accept but i think now is the tipping point downwards.

  2. #2
    Junior blackjack21trader's Avatar
    Join Date
    Jun 2007
    Location
    D15
    Posts
    5,095

    Default

    Tell you tell you this fine day
    The world's gloomy while this island is aplenty with hay !
    Where for the world to go the way for work and play
    It is this tiny island they all say !

    Boom TOWN CHARLIE Commmming.......!

  3. #3
    Newbie
    Join Date
    Jun 2008
    Posts
    60

    Default

    Quote Originally Posted by Farnie
    Over the last weekend, I visited a few recently TOP condos as well as show-flats. Most sellers have started to soften their asking, eg a unit in Pandan Valley has reduced his asking px by $250k but still around $1000psf.

    For all the units I saw, I countered by offering 30-40% below the asking px and I can't believe that ALL the agents and owners are actually willing to negotiate and asked me to up my offer. 6 mths ago, they would have asked me to buzz off.

    Anway, I believe sellers are still holding on to unrealistic px expectation. When more units are TOP in the coming periods, i believe there will be pressure downwards on the asking px. The agents also told me more buyers are beginning to offer much lower px, some 50% lower than the asking px but of coz sellers not willing to accept but i think now is the tipping point downwards.

    Does that means that the buyer can now make an offer that is 30% below the asking price and don't get tell off ? That will be good news as I feel that even price in the suburb areas are too high.

  4. #4
    Newbie
    Join Date
    Nov 2006
    Posts
    24

    Default

    There is still a difference between owners with and those without holding power. Also not discounting those with bigger plans but unable to hold on to both houses/units. Always interesting to ask why owner is selling his house.

  5. #5
    Newbie
    Join Date
    Mar 2008
    Posts
    24

    Default

    Are you sure the Seller did not give you a .l. ?

    Even 5% is difficult . Anything more than 10% below the banks valuation and you like is even rare to find.

  6. #6
    Banned
    Join Date
    Apr 2008
    Posts
    4,364

    Default

    Quote Originally Posted by Farnie
    Over the last weekend, I visited a few recently TOP condos as well as show-flats. Most sellers have started to soften their asking, eg a unit in Pandan Valley has reduced his asking px by $250k but still around $1000psf.

    For all the units I saw, I countered by offering 30-40% below the asking px and I can't believe that ALL the agents and owners are actually willing to negotiate and asked me to up my offer. 6 mths ago, they would have asked me to buzz off.

    Anway, I believe sellers are still holding on to unrealistic px expectation. When more units are TOP in the coming periods, i believe there will be pressure downwards on the asking px. The agents also told me more buyers are beginning to offer much lower px, some 50% lower than the asking px but of coz sellers not willing to accept but i think now is the tipping point downwards.


    This is purely nonsense.
    make up story.
    If he dare to offer in front of owner, he will be sweeped out on the spot, noneed to give face to such nonsense.

  7. #7
    Newbie
    Join Date
    May 2008
    Posts
    208

    Default

    offering 30-40% below asking price??
    means if its $1M condo, u offer $600-700k??
    in yr dream is it??

  8. #8
    Newbie
    Join Date
    Apr 2008
    Posts
    73

    Default

    Quote Originally Posted by Farnie
    Over the last weekend, I visited a few recently TOP condos as well as show-flats. Most sellers have started to soften their asking, eg a unit in Pandan Valley has reduced his asking px by $250k but still around $1000psf.

    For all the units I saw, I countered by offering 30-40% below the asking px and I can't believe that ALL the agents and owners are actually willing to negotiate and asked me to up my offer. 6 mths ago, they would have asked me to buzz off.

    Anway, I believe sellers are still holding on to unrealistic px expectation. When more units are TOP in the coming periods, i believe there will be pressure downwards on the asking px. The agents also told me more buyers are beginning to offer much lower px, some 50% lower than the asking px but of coz sellers not willing to accept but i think now is the tipping point downwards.
    My unit in Orchard was offered 90% off the valuation from the potential buyer and I seriously consider.
    Last edited by Bishan Kid; 19-06-08 at 10:41.

  9. #9
    Newbie
    Join Date
    Apr 2008
    Posts
    56

    Default

    Quote Originally Posted by kal
    offering 30-40% below asking price??
    means if its $1M condo, u offer $600-700k??
    in yr dream is it??
    Definitely not in my dreams, I have made my offer for 3 of the 7 units I viewed last weekend. All at 40% below asking px and all 3 agents has not kicked my ass but rather urge me to up my offer as the sellers are all `serious sellers' and holding multiple units on deferred payment schemes and thus need to cash out now. In fact, 1 agent told me to increase by 10%, ie 34% below original asking px as the seller still gains and I still benefit by buying at a huge discount from `market px', whatever that means in this hugely inflated market price.

  10. #10
    Senior
    Join Date
    May 2008
    Posts
    9,265

    Default

    Quote Originally Posted by Farnie
    Definitely not in my dreams, I have made my offer for 3 of the 7 units I viewed last weekend. All at 40% below asking px and all 3 agents has not kicked my ass but rather urge me to up my offer as the sellers are all `serious sellers' and holding multiple units on deferred payment schemes and thus need to cash out now. In fact, 1 agent told me to increase by 10%, ie 34% below original asking px as the seller still gains and I still benefit by buying at a huge discount from `market px', whatever that means in this hugely inflated market price.
    Let's be fair to Farnie. He/She made a bid at 40% discount and agents asked for higher bids. That is fair. No deal was ever done here! Prices are not crashing but there will be some stray 'specuvestors' who might be desperate enough to let go at say, 20% below market price but such cases are very rare and if you really see one such deal, GRAB IT! It could also well be that in your case, the agents are desperate (not the sellers) because volume is so low and he/she is hungry.

    A word of caution to Farnie if you are a genuine buyer. From my recent experience, the agent asks you to up the bid by 10% and tells you that he/she is confident of getting the deal done but will come back to you again and say that it is rejected and asks you to up the bid again. I have heard of such stories during the boom last year but I tried for myself last month and this still happens despite the quiet sentiment.

    I am looking around for a unit myself but it is not as easy as what all the people who are trying to talk down the market are saying. The agents are posting seemingly fire sale prices but it is often for a very unattractive unit in a new development or the prices do not even exist. I feel very cheated because it seems like a bid to draw me in and get my contact rather than a case where there is a genuine seller at that price.

    I think there are some facts which we need to get right here and be realistic:

    1) It is true that we can get bargains which are 10%+ off the original asking price (which is normally at peak prices previously). Perhaps some desperate 'specuvestor' cashing out will let go at a 20% discount but this is rare.

    2) There are a lot more people with holding power than 'specuvestors'.

    3) Agents generally want sellers to believe the market is crashing and want buyers to believe that they are getting a good bargain. It is their agenda (not their fault, ITS THEIR JOB!) to narrow both the expectations of the buyers and sellers. This creates noise in the marketplace. When times are good, its a sellers market and they advertise 'prices go up everyday' to draw in desperate buyers who do not want to miss the boat. In slower times, they advertise 'fire sales' to draw in bargain hunters like myself. This exaggerates the prices on either side, so if you want to buy are unit right now, by all means, put a ridiculous bid and hope that you meet a desperate 'specuvestor' seller. If you really like the unit but seller won't budge, you have to be realistic that you can at best get 10%+ off the peak prices.

Page 1 of 3 123 LastLast

Similar Threads

  1. Seminar by Mohd Ismail: Silver Linings in current property market: Will prices contin
    By chrischocolates in forum Singapore Private Condominium Property Discussion and News
    Replies: 1
    -: 12-03-14, 00:03
  2. Land value determined by current market prices
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 30-04-13, 15:06
  3. Will current Share BULL mkt affect prop prices..
    By radha08 in forum Singapore Private Condominium Property Discussion and News
    Replies: 21
    -: 18-02-12, 10:56
  4. Think about your current mortgage before refinancing
    By Zeng Han Jun in forum Finance and Legal
    Replies: 2
    -: 22-06-09, 23:13

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •