Selling a property without the services of a property agent seems to be gaining traction nowadays.
In 2020, 28% of the property transactions in Singapore were done by the owners directly.
However, as a direct seller, you will face several potential issues and in today’s article, we will look at how to overcome them.
Situation 1: Should I accept the first offer?
In today’s red-hot HDB resale market, units are transacting much faster than ever.
Imagine getting an offer the very next day after you list your unit for sale that meets your asking price! Do you accept the offer immediately or up your asking price?
Take the recent Pasir Ris 8 development launch.
The developer increased the price 6 times throughout the day of the launch and still managed to sell 85% of the units.
The upward price movement is due to supply and demand, which could be a similar situation with your unit.
Many BTO applicants were not successful in their ballot and successful applicants face delays in the completion of the projects. This led to the strong demand for resale flats. So what do you do?
First thing is to check the various property portals to see if there are many similar units for sale and how much are they asking.
If your unit is well-maintained and doesn’t face direct sunlight, that would be an advantage over the other units listed for sale. Then, it would make sense to listen to other offers and wait for a higher offer.
If you are in a hurry to sell, the most ideal thing to do is to schedule several viewings in a day, back to back.
This way, you will be in a good position to gauge interest and secure the best offer.
Situation 2: Should I accept a low offer?
Buyers always want to buy low and sellers want to sell high, sound familiar? It is human nature for us to get as much as possible for something we are selling off.
The offers you will get from potential buyers naturally start low because they know you will counteroffer up.
No matter how urgent you need to sell, you should never accept a low-ball offer.
It is easy to find out recent transaction prices of your neighbours and you can use that to reason with the buyer as to why their offer is way too low.
Instead of rejecting it outright, you should always make a counteroffer and negotiate from there.
After all, your main objective is to sell your home.
Situation 3: My unit is unique - how to ensure I get the best offer?
There are quite a few unique HDB blocks in Singapore.
There is Block 53 Toa Payoh Lorong 5, also known as the VIP block. At one time, it was the highest HDB flat and has a rooftop viewing gallery that was visited by Queen Elizabeth II in 1972 and also his grandson Prince William in 2012.
Then there is Blk 259 Ang Mo Kio Ave 2, which is the only clover-shaped HDB flat that looks more like a private condominium.
Selling a unique unit is like selling a limited edition item simply because such units are really, for a lack of a better word, limited. There are only those units found in those few blocks, and that is if the owners are even selling.
In such cases, you should arrange viewings in groups instead of single buyers.
This way, you do not have to explain the uniqueness of the place many times over. This would also be a good way to gauge interest and perhaps let the potential buyers outbid themselves.
The reality is that such units are really rare and it is not often that you can find several units of such for sale.
For more property news, resources and useful content like this article, check out Mogul.sg blog here.
Comments