Valuation At 415K How Much Is A Reasonable Cov?

[chelsea128 0]

Hihi,

I've recently done up a valuation of my home at Sengakang Rivervale Drive 4 room (design plus)101 sqm...

specs are as follows:

1) fully furnished

2) Fully aircon (including the hall)

3) 3 1/2yrs old during my stay.

4) LRT just below my flat

5) wet market, shops etc is jus 5 mins walk

the valuation is 415k and just like to ask whtat is a reasonable COV i should ask?

Cos my agent is telling me i should ask around 20-25k which i think is a very unresonable cov...

i myself just gone hunting for another resale flat and majority of them are asking at least 30k and above (and these are 3 rooms flat)

i did consulted some friends of mine and they are saying i should start with 50k and nego nmaybe to 40plus.

i sincerly need some advice over here .

thanks!!!

[cleong 1]

The wole point of getting a valuation done is to find out how much your flat is worth at a certain point of time. One of factors considered in COV is the last transaction prices in your area. You can expect some COV if the trend in your area is rising prices. But keep in mind at resale flat prices might be on the downtrend due to recent housing policies, regulations and also new housing launches.

You should base your expectations on how much people are asking for similar units in your area, and not just a hard figure of $xx k of COV. Its just not practical. Also, sellers can post whatever asking COV they want, but if there are no takers, and you really must sell, then you will be forced to lower your expectations anyway.

[therat 18]

Have you read this?

http://sg.news.yahoo.com/blogs/property-blog/hdb-rules-mean-property-market-101735605.html

What new HDB rules mean for the property market

The news that the income ceiling to qualify for an HDB flat was being raised had been expected, but it will still have an impact on the property market.

Here's what may happen now that sellers and buyers may be more active as the Ghost month comes to a close:

1. Demand for DBSS (Design, Build and Sell Scheme) flats might drop. DBSS flats were previously for those whose income exceeded S$8,000 but are below S$10,000. There is no longer this sandwiched class in the new ruling.

People earning S$8,000 to S$10,000 can now either buy new HDB flats or resale HDB flats and be entitled to a Housing Grant.

2. Demand for 3-room resale HDB flats will go up. Many more singles will be given the housing grant to buy a resale flat and many of them are likely to rush out to buy 3-room resale HDB flats.

3. Some of the demand for mass-market condos, especially those priced between S$1,000 psf to S$1,300 psf will drop, as part of the demand will shift to ECs and HDB Resale Flats.

4. With more higher income families (those earning above S$8,000 to S$10,000) qualifying to get the grant for HDB Resale flats, this might push up demand for HDB Resale flats and there might be upward pressure on COVs (Cash Over Valuation).

My outlook for property prices

All in all, I do not see the possibility of Singapore property prices falling much in the next six to 12 months as we still have a tight supply situation within this period. Most of the 25,000 new HDB flats announced by Minister Khaw Boon Wan to be built in year 2011 would probably only be completed in year 2013 at the earliest.

Next year, Minister Khaw again promised to build another 25,000 new HDB flats. So I worry that there might be an over-supply of new HDB flats in year 2013 and year 2014, especially if it coincides with a slowdown in the Singapore economy. By 2013 we might be in the midst of a global financial crisis.

Year 2013 and year 2014 will also see over 30,000 units of new condos being completed, so there might be an over-supply situation in condos during the same time period as well.

[forgotten 1]

Now more Singles and couples are eligible for HDB loan. If resale HDB is 400K, the single gets to save 20K cash on the 5% downpayment when he/she takes up HDB loan instead of Bank loan .

While Khaw takes away some demand (10K to 12K couple earners) from resale HDB market, he also adds some demand (singles) to it.

[warlock8187 0]

Hihi,

I've recently done up a valuation of my home at Sengakang Rivervale Drive 4 room (design plus)101 sqm...

specs are as follows:

1) fully furnished

2) Fully aircon (including the hall)

3) 3 1/2yrs old during my stay.

4) LRT just below my flat

5) wet market, shops etc is jus 5 mins walk

the valuation is 415k and just like to ask whtat is a reasonable COV i should ask?

Cos my agent is telling me i should ask around 20-25k which i think is a very unresonable cov...

i myself just gone hunting for another resale flat and majority of them are asking at least 30k and above (and these are 3 rooms flat)

i did consulted some friends of mine and they are saying i should start with 50k and nego nmaybe to 40plus.

i sincerly need some advice over here .

thanks!!!

Hi, I just sold my 4room in mid July at Rivervale Crescent with a COV of 48k. I think you should set a target to release your unit once it hits. Mine valuation was $405k and I targeted to let go once hits $450k. Sold my house on the first day of open house within 3 hours. If you hang on and wait for higher COVs...chances are that the pool of people looking around that area will get smaller. Just my 2 cents advise.

[zaiyo1419 0]

Hi, I just sold my 4room in mid July at Rivervale Crescent with a COV of 48k. I think you should set a target to release your unit once it hits. Mine valuation was $405k and I targeted to let go once hits $450k. Sold my house on the first day of open house within 3 hours. If you hang on and wait for higher COVs...chances are that the pool of people looking around that area will get smaller. Just my 2 cents advise.

Warlock is right. Dont be greedy. Set yourself a target and once it hit, just let go.

Try to surf the net or call to check listings those units near your few blocks area. Be competitive as you are not the only 1 selling. Buyers will choose the one with the right price. If you set too high, you dont even have the chance to nego with buyers cos nobody even bother to call your agent to arrange for viewing.

[MsChoong 1]

Hihi,

I've recently done up a valuation of my home at Sengakang Rivervale Drive 4 room (design plus)101 sqm...

specs are as follows:

1) fully furnished

2) Fully aircon (including the hall)

3) 3 1/2yrs old during my stay.

4) LRT just below my flat

5) wet market, shops etc is jus 5 mins walk

the valuation is 415k and just like to ask whtat is a reasonable COV i should ask?

Cos my agent is telling me i should ask around 20-25k which i think is a very unresonable cov...

i myself just gone hunting for another resale flat and majority of them are asking at least 30k and above (and these are 3 rooms flat)

i did consulted some friends of mine and they are saying i should start with 50k and nego nmaybe to 40plus.

i sincerly need some advice over here .

thanks!!!

If I were the buyer, I would offer at least 40k.

First, LRT is so near and yet it is fully funished.

Second, amenties are nearby as well.

[MsChoong 1]

Hihi,

I've recently done up a valuation of my home at Sengakang Rivervale Drive 4 room (design plus)101 sqm...

specs are as follows:

1) fully furnished

2) Fully aircon (including the hall)

3) 3 1/2yrs old during my stay.

4) LRT just below my flat

5) wet market, shops etc is jus 5 mins walk

the valuation is 415k and just like to ask whtat is a reasonable COV i should ask?

Cos my agent is telling me i should ask around 20-25k which i think is a very unresonable cov...

i myself just gone hunting for another resale flat and majority of them are asking at least 30k and above (and these are 3 rooms flat)

i did consulted some friends of mine and they are saying i should start with 50k and nego nmaybe to 40plus.

i sincerly need some advice over here .

thanks!!!

Is the agent too desperate to close deal?

[MsChoong 1]

Hi, I just sold my 4room in mid July at Rivervale Crescent with a COV of 48k. I think you should set a target to release your unit once it hits. Mine valuation was $405k and I targeted to let go once hits $450k. Sold my house on the first day of open house within 3 hours. If you hang on and wait for higher COVs...chances are that the pool of people looking around that area will get smaller. Just my 2 cents advise.

It really makes sense.

May I know how big is your unit?

[MsChoong 1]

Hihi,

I've recently done up a valuation of my home at Sengakang Rivervale Drive 4 room (design plus)101 sqm...

specs are as follows:

1) fully furnished

2) Fully aircon (including the hall)

3) 3 1/2yrs old during my stay.

4) LRT just below my flat

5) wet market, shops etc is jus 5 mins walk

the valuation is 415k and just like to ask whtat is a reasonable COV i should ask?

Cos my agent is telling me i should ask around 20-25k which i think is a very unresonable cov...

i myself just gone hunting for another resale flat and majority of them are asking at least 30k and above (and these are 3 rooms flat)

i did consulted some friends of mine and they are saying i should start with 50k and nego nmaybe to 40plus.

i sincerly need some advice over here .

thanks!!!

Sorry,

Would you mind to share some of the pictures here?

THanks

[warlock8187 0]

It really makes sense.

May I know how big is your unit?

90sqm.

[MsChoong 1]

Hi warlock8187,

This is consider a good buy right? As I observed the price is reaching 500k.

Correct me if I am wrong.

Thanks

[warlock8187 0]

Hi warlock8187,

This is consider a good buy right? As I observed the price is reaching 500k.

Correct me if I am wrong.

Not really 500k, unless you are buying those 26+ series which are near Buangkok. If a 4 room is 500k...how much would a 5 room costs? Those areas other than 26+ series..who will buy a 4room at half a million??unless is very near MRT. Maybe I am wrong as I sold my unit months ago.. and bought my resale almost 3 months plus ago. Is the prices of HDB still raising or COV?

Thanks

[Xanana 0]

the valuation is 415k and just like to ask whtat is a reasonable COV i should ask?

Cos my agent is telling me i should ask around 20-25k which i think is a very unresonable cov...

i myself just gone hunting for another resale flat and majority of them are asking at least 30k and above (and these are 3 rooms flat)

if you want to sell it off FAST then 20-25K

if you're in NO HURRY then go with 50K and see how much people willing to offer

you will be surprised

I sold my 5rm sengkang some 1.5 years ago for 400K, COV 40K. I should have waited cos COV and price went up higher a couple of months later.