Accepting pricing realities and 58% will buy within 6 months

Within January, we would have read many 2017 investment outlooks. I was personally involved in one. This one: Property Outlook 2017 – BLT Perspective From the forum, I learnt something powerful from fellow panelist, Ms. Prudence Wong. I shared it here:  Ask this first: Who is your target market? If you have also been attending and reading all these different outlook projections, are there more positive ones or are there more negative ones? Let me share another one below.

PropertyGuru’s Consumer Sentiment Survey which was conducted at the end of 2016 revealed the following:

  • 58 percent of those surveyed INTENDS to buy a property within the next 6 months either for own stay or for investments (On top of my head, I think this is considered acceptable number. However the next result would tell us why they may fail to proceed)
  • Main issues stopping people from buying would be ineligibility to qualify for loans and inability to fork out downpayment and other fees. (Sometimes we should also wonder. If we have a goal to buy a property, should we not start saving feverishly to have the downpayment? Or do we still spend whatever we earn like usual?)
  • 38 percent would be buying from developers while 15 percent would opt for secondary. (If we need a place to stay fast, I think secondary is a faster choice) 
  • There has been a jump of 10 percent in consumer positivity. In other words, home buyers are accepting the property pricing realities and re-adjust strategies for 2017
  • 59 percent thinks the current property prices remain too high
  • 44 percent is looking at “TIMING” (hmm………………..)

Surveys aside, do remember that as long as continue to monitor the market, we would know if property bubble is building and about to burst. Three key signs here: Spotting signs of a property bubble, 3 points (Updated)   It’s also good to note that buying an area without any public transport is no longer a good option because there are many new stations today and more upcoming ones. Malls are secondary consideration because there are now so many of them. Not all would survive.. ok? If the survey is the same as what you believe, it’s time to spend less time watching Korean dramas and actually searching, viewing and negotiating for the best property deal. Are you ready? Happy investing.

written on 20 Jan 2017

Next suggested article:  Survey: Property investment still attractive but recovery takes time

 

 

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