Every time there’s any property exhibition, be they big or small, there are bound to be many financial institutions. This is because when we are interested with any property in the show, the banks would want to be the first in our consideration. A latest statement from the Real Estate and Housing Developers’ Association (REHDA) has showed otherwise. According to REHDA’s committee chairman Datuk Ng Seing Liong, the number of banks participating in the property expo (MAPEX) has become ‘too small.’ This is not good because banks are supposed to help first-time home buyers to get a home in the current tough environment.
Actually, I think the number of banks in these property shows are not reducing simply because they do not wish to lend. I think they are also not so keen in participating because many of these visitors may not be showing such keen interest like a few years ago. For the repeat buyers, they would already have their personal favourite banks and may not be looking to have 3 different banks for their three different properties and the 4th bank for their 4th property. Seriously, there’s little advantage to do so. Banks are also not there because most of the time, if they have tied up with these developers, they would station their officers within the developers’ booth instead. I think this is better for them too as the approval for the buyers of these projects would be smoother and easier.
Oh yeah, I still think it’s good to visit property fairs but I think these days if any developer are there to show-off their SAME project which has been in the market for over 18 months, all the best to you. With the online exposure and everyone would already know when your project was first launched and what were the prices then and the prices today. Please, do not sell too high and then start giving ever more rebates later on. Just study the market well, decide on a lower margin, quickly sell them by using as many media as possible. There are still many first-time buyers but there are just not too many ignorant first-time buyers who still believe the high prices of yesterday. Perhaps many also could not get that loan too because banks are wary and has taken a more prudent stance today. Happy visiting and if you should need to know more about mortgages, online is a very good friend to start. However nothing beats having someone to explain in person.
written on 12 Sept 2015
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