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Property News11 Jul 2019

How To Sell Your Flat That’s In A Mature Estate

“So hard to sell a flat already; how to sell off ours in Yishun?!”
If you’re in the peculiar Yishun area or any mature estate in Singapore for that matter, you’ve likely asked yourself this question one too many times.

Well with the new rules on purchasing properties using one’s CPF, you can breathe a sigh of relief (not so much lah).

Since the introduction in May, Singaporeans now have more flexibility to use their CPF funds to purchase properties – with older properties standing to gain the most from this rule change.

Homebuyers will be able to use more of their CPF funds to buy an ageing property, just as long as the property’s remaining lease covers the youngest buyer until the age of 95.

Beyond just being able to get more interest in your older unit that you’re trying to sell, there’s even a chance of a slight price increase (demand and supply mah).

Singapore view

When thinking of mature estates, areas such as Yishun and Ang Mo Kio come to mind. Both estates were built way back then, with Ang Mo Kio being built in the 1970s as Singapore’s seventh town, while Yishun is one of Singapore’s earlier middle-aged HDB towns that was developed in the 1980s. In these two areas alone, there are over 110,000 flats serving over 330,000 residents.

According to our June SRX report, you’d be glad to find out that despite the drop in the volume of sales, HDB resale prices for mature estates increased by 0.4% (not much but hey, it’s an increase, not a decrease!)

So, if you’ve decided now’s the time to sell off your unit, let us help you by providing some pointers to do so:

Selling house

1.Determining and setting the price of your HDB flat
Arguably the biggest factor when it comes to resale of a unit is always the price. Simply reference the latest transacted prices of units in and around your area (with a focus on price/sq. ft) to best determine what price you should be setting your unit at.

Do also decide what’s the lowest price you’re able to accept as it’s likely interested buyers will try to push your selling price down as much as they can.

Focusing on the amenities your area has to offer – especially if you’re near to MRT stations and shopping malls. Those will definitely help with giving you an advantage over other units in the area that may be priced cheaper.

2.Setting out a timeline that works for you
Selling your home isn’t an overnight affair – it takes time, especially if you want sellers to meet your asking price. Quickfire sales typically involve lower prices so you’d want to avoid that to achieve your set asking price.

For this, you’d need to work out what’s the plan you have in mind both on the financial front (are you able to sustain monthly repayments) and also with regard to your future home. You wouldn’t want to be stuck in a situation where you aren’t able to make ends meet and end up lowering your asking price to make a quick-fire sale.

3.Picking the right property agent
While you may want to save on the cost to a real estate agent, they’re a key component to the sale of your unit seeing as they are well versed with the property market and may already have buyers on hand who are looking at a flat in your estate.

Picking the right agent is of paramount importance as I’m sure we’ve had to deal with incompetent agents at one point in our lives, who are mainly focused on their commission.

Firstly, do your homework on the agents you have in mind and to also see if he or she has listings in the area. Should they have listings, there’s a higher chance they’re more knowledgeable about that area – something that’s key when you’re selling your unit in a mature estate.

The best possible approach is to always go with a few agents (best to keep it at three) rather than to sign an exclusive with one right from the get-go – I always felt that with that, there’s more onus on agents to fight to get you your sale.

However, don’t overdo it with one too many agents, unless you’re prepared to deal with multiple agents, coupled with numerous interested buyers coming through your place to browse your unit.

4.Spruce up your unit
Ensuring your unit looks presentable definitely helps in the resale. Imagine how’d you feel if you walked in to purchase in place with the paint peeling off the wall, or dusty air cons and torn furniture. The initial impression of the unit is key to whether the interested buyer can imagine themselves staying in your resale unit.

I’d advise for you to keep your unit looking plain and simple during the sale process, with perhaps a new coat of paint (the lighter, the better). Reason being that this allows buyers to better imagine and plan out how their future home can look with regard to renovation works and their furniture set-up. Property agents will likely cover this off for you as they’d know what works when it comes to this front based on their past successful transactions.

5.Pray and hope
Once you’ve set everything in place, pray to the highest heavens for an interested buyer to come along quickly who meets your asking price, or maybe even gives you more (like so easy like that). We at SRX wish you the very best!

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While we’ve provided you with a starting point on how to sell your unit, you might still not be all that confident. Well, simply head on over to the SRX myProperty Concierge (it’s freeeeeeee), where SRX’s special algorithm will connect you to a real estate agent that best matches your needs.




Source: SRX
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