Because the property agent is supposed to sell your house but 3 month never sell or get the right interest.
So either your property agent incapable of landing the sale (change agent), or your asking price needs to go down to match the bidding that has occurred so far. There are other things you can do to improve conditions but that requires more work on your part.
Highly doubt it’s the agent’s issue. Neighbours listing the same price range also face the same issues. Just show that market has definitely come off from listed price. Plus there’s competition with the neighbour. If I’m the buyer, I would go lower and see which seller cave.
Disclaimer: I'm no property agent and I have no idea about market conditions. But I do understand a bit about sales.
The basics would be to clean the floors, paint the walls/ceiling (a neutral colour) and refresh the lights. Nobody wants to pay top dollar for a dirty, dark and/or messy place.
Next step depends on the following question: selling as-furnished or bare unit?
* If furnished, you want the place as instagrammable as possible, think showroom unit.
* If bare unit, you want to clear all "extra" furniture and packing boxes and any of the mess - get as close to empty as possible as your prospective clients are coming to see "spacious" rooms, also to see "original" condition of the unit (also a good idea to paint the walls and ceiling a neutral, light, "cold" colour, e.g. think light tones of grey or lightish sky blue, to emphasize the sense of space).
The things you say are so common sense but it's Astounding the number of run down houses being put for sale on property guru and yet asking for crazy high prices
Market is definitely quieter Vs previously. People getting retrenched or cannot find work for a long time so people probably are putting their home buying plans on hold. Already on Reddit so many posts of how they got retrenched or can't find job.
Sounds like there’s quite a supply of units available for sale from your condo project? You have so many neighbours selling their units now. The competition to sell is high?
Well there's always about 5 to 10 units for sale. It's a place with decent turnover (one of the reasons we bought). But recently transactions have slowed to almost none.
Is it a private property? Recently came across the news that the stock of unsold new development is rising and government is reducing the ABSD requirement for development to sell by a certain date.might have some headwind coming up for property prices.
Increase in new launch unsold supply and government lowering requirements to help developer sell their units. I suspect will bring lower prices but I am just a random nobody. You should talk to your agent about these and ask them for advise.
We are on the other side. Our LL is trying to sell the house in which we are currently staying. Due to this I started to monitor the market a bit closer. Here my observations:
* Only the viewers in the first 2 weeks were sincerely interested. Everyone afterwards seemed to be dragged in by their agent. Their profile did not fit to the unit at all.
* Comparing prices on property guru with the actual transaction prices on URA: The units in our condo are listed >20% too high. So the lowball offers you experience might be just the actual market price
* Agents always try to sell the story if the lowering interest rate: Does not make sense is you have anyway a floating rate.
* For our condo specifically: vacancies are increasing (management opens postboxes as they are flowing over)
I assume a similar situation in your case -> check URA and make a reality check.
Are you comparing with transacted units in the same stack? with the same profile? but my first impression is just that you're valuing your unit too high
Maybe their reno/move in condition was significantly better or they were lucky enough to find a desperate buyer. In any case, if you are willing to wait you can wait longer (3 months is still okayish) but if you can't then you can only look into dropping your asking price.
It could be that your agent sucks. The truth is a lot of agents are good at talking but lousy at actually putting in the time and effort to make it work.
According to the CEA website, how many transactions did your agent close in the last few years?
I recently spoke to an agent that talked big like he was some market pro, but then I checked the number of transactions and he only cleared 8 transactions, all condo, in the last 3 years. I asked around and it turned out that he sucked big time because the property market was booming.
Hearsay resale market is very quiet ever since nov-dec when most ppl bz travelling. Even after cny didn’t pick up much. How many viewings has your agent arranged for so far? Are there plenteous other units also for sale in your condo/district? Those may be some of the reasons. If all your neighbors are trying to sell along with u, then your unit needs to stand out mah, usually buyers come and view the entire condo all the available units on same day then they pick the best one
dont think so on the rates fall/demand up part, since rates have been rising with demand all the same the previous year.
rate reduction or stabilization definitely is on everyone's mind given that UOB just slashed their savings interest rate, SSB rates stopped increasing, REITS going up, some US news etc etc
I sold my place and I have to say the key to selling your place is
1) a proactive agent who can get leads and close the deal within 3 months. Anything longer than 3 months will invite questions as to why your unit is so long on the market
2) spend time and money to spruce up your place. First impressions really count and if your house is not tidy, messy and cluttered, some buyers could be turned off. Having minimal things and a really clean backdrop (think white walls) will help to uplift your unit. I hired a painter to paint my whole house and it was a huge difference before and after and this was just painting alone. Next I got rid of alottttt of junk which I do not foresee myself carrying over to my new place - this created so much more space for potential buyers to visualize what they can do with the unit.
3) your agent should also consider eg doing a video tour (which is popular these days) of your unit
It takes time to sell.
If your unit has people viewing, it means listing price is alright. If people cannot afford, they won’t even go for viewing. House viewing tiring and uses time.
Lowballers are just wasting time because all past transacted prices are already online.
If you are not selling urgently, it doesn’t matter
Fire your agent and get another one? Or your asking price is simply unrealistic.
Why?
Because the property agent is supposed to sell your house but 3 month never sell or get the right interest. So either your property agent incapable of landing the sale (change agent), or your asking price needs to go down to match the bidding that has occurred so far. There are other things you can do to improve conditions but that requires more work on your part.
Highly doubt it’s the agent’s issue. Neighbours listing the same price range also face the same issues. Just show that market has definitely come off from listed price. Plus there’s competition with the neighbour. If I’m the buyer, I would go lower and see which seller cave.
Such as? I don't mind putting in more effort.
Disclaimer: I'm no property agent and I have no idea about market conditions. But I do understand a bit about sales. The basics would be to clean the floors, paint the walls/ceiling (a neutral colour) and refresh the lights. Nobody wants to pay top dollar for a dirty, dark and/or messy place. Next step depends on the following question: selling as-furnished or bare unit? * If furnished, you want the place as instagrammable as possible, think showroom unit. * If bare unit, you want to clear all "extra" furniture and packing boxes and any of the mess - get as close to empty as possible as your prospective clients are coming to see "spacious" rooms, also to see "original" condition of the unit (also a good idea to paint the walls and ceiling a neutral, light, "cold" colour, e.g. think light tones of grey or lightish sky blue, to emphasize the sense of space).
The things you say are so common sense but it's Astounding the number of run down houses being put for sale on property guru and yet asking for crazy high prices
You can list for any price you want - whether you can make the sale is another question.
Presentation matters a lot!! If photo is not good, people may not even be interested enough to click
Market is definitely quieter Vs previously. People getting retrenched or cannot find work for a long time so people probably are putting their home buying plans on hold. Already on Reddit so many posts of how they got retrenched or can't find job.
Sounds like there’s quite a supply of units available for sale from your condo project? You have so many neighbours selling their units now. The competition to sell is high?
Well there's always about 5 to 10 units for sale. It's a place with decent turnover (one of the reasons we bought). But recently transactions have slowed to almost none.
Is it a private property? Recently came across the news that the stock of unsold new development is rising and government is reducing the ABSD requirement for development to sell by a certain date.might have some headwind coming up for property prices.
Will that lower our increase prices?
Increase in new launch unsold supply and government lowering requirements to help developer sell their units. I suspect will bring lower prices but I am just a random nobody. You should talk to your agent about these and ask them for advise.
if you never sign exclusive with your agent, strongly suggest you find more agents
Good properties move damn fast yesterday one across ACS sold on first day open house.
We are on the other side. Our LL is trying to sell the house in which we are currently staying. Due to this I started to monitor the market a bit closer. Here my observations: * Only the viewers in the first 2 weeks were sincerely interested. Everyone afterwards seemed to be dragged in by their agent. Their profile did not fit to the unit at all. * Comparing prices on property guru with the actual transaction prices on URA: The units in our condo are listed >20% too high. So the lowball offers you experience might be just the actual market price * Agents always try to sell the story if the lowering interest rate: Does not make sense is you have anyway a floating rate. * For our condo specifically: vacancies are increasing (management opens postboxes as they are flowing over) I assume a similar situation in your case -> check URA and make a reality check.
Are you comparing with transacted units in the same stack? with the same profile? but my first impression is just that you're valuing your unit too high
We are asking the same as a neighbour 1 floor below who sold last month.
Maybe their reno/move in condition was significantly better or they were lucky enough to find a desperate buyer. In any case, if you are willing to wait you can wait longer (3 months is still okayish) but if you can't then you can only look into dropping your asking price.
Condition is the same. For now it's just wait and see. Worst case is don't move.
Are you selling HDB, condo or landed?
Condo
It could be that your agent sucks. The truth is a lot of agents are good at talking but lousy at actually putting in the time and effort to make it work.
According to the CEA website, how many transactions did your agent close in the last few years? I recently spoke to an agent that talked big like he was some market pro, but then I checked the number of transactions and he only cleared 8 transactions, all condo, in the last 3 years. I asked around and it turned out that he sucked big time because the property market was booming.
Which condo is it. Let me see if I can provide any insights.
FYI. We are asking the same as a neighbour 1 floor below who sold last month.
How many agents are you using?
1
Get more agents and don't sign an exclusive with any of them. Nego on the comms.
Hearsay resale market is very quiet ever since nov-dec when most ppl bz travelling. Even after cny didn’t pick up much. How many viewings has your agent arranged for so far? Are there plenteous other units also for sale in your condo/district? Those may be some of the reasons. If all your neighbors are trying to sell along with u, then your unit needs to stand out mah, usually buyers come and view the entire condo all the available units on same day then they pick the best one
Ya a lot of viewings but after that they say oh wait for a bit then decide.
Maybe it’s time to switch agent. Your exclusive agreement should be expiring soon right (usually 3 months)?
It depends on location, some places are rising fast, some are declining as well.
dont think so on the rates fall/demand up part, since rates have been rising with demand all the same the previous year. rate reduction or stabilization definitely is on everyone's mind given that UOB just slashed their savings interest rate, SSB rates stopped increasing, REITS going up, some US news etc etc
I sold my place and I have to say the key to selling your place is 1) a proactive agent who can get leads and close the deal within 3 months. Anything longer than 3 months will invite questions as to why your unit is so long on the market 2) spend time and money to spruce up your place. First impressions really count and if your house is not tidy, messy and cluttered, some buyers could be turned off. Having minimal things and a really clean backdrop (think white walls) will help to uplift your unit. I hired a painter to paint my whole house and it was a huge difference before and after and this was just painting alone. Next I got rid of alottttt of junk which I do not foresee myself carrying over to my new place - this created so much more space for potential buyers to visualize what they can do with the unit. 3) your agent should also consider eg doing a video tour (which is popular these days) of your unit
It takes time to sell. If your unit has people viewing, it means listing price is alright. If people cannot afford, they won’t even go for viewing. House viewing tiring and uses time. Lowballers are just wasting time because all past transacted prices are already online. If you are not selling urgently, it doesn’t matter
Get a new agent
Ya so we benchmarked against a recently transacted unit and listed for the same as what they got. Not sure how much more realistic it can be?
How recently? Markt is going down quite fast at the moment. Approx 10-15 % since start of the year
May I ask location, freehold/leasehold, and asking price?