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Should you sell your property now or wait until after COVID-19 end?

Halfway into 2020 in June, we are still in the midst of a massive global COVID-19 pandemic. One of our clients asked us this question – “Should I sell my property now or wait until after COVID-19 end?”. It’s a great question that we would like to address in an article. The more accurate question is “Will I get a lousy price if I sell now during these uncertain times or wait to sell after COVID-19?” ‘

This is not only applicable during this pandemic but also to adverse news that occur periodically around the world. Simply put, the word “COVID-19” can be easily replaced with sharp fall in the Dow Jones Index, a new policy from the government and the list goes on and on.


What’s your motivation to selling your property before the COVID-19 end?

However, the reason for selling could be that family circumstances have changed. You could face a need to upsize the unit. Family members often rubbing elbows with one another can cause a lot of friction within the family. At this juncture, as the seller, you have to decide if it is an urgent matter and how long you can afford to wait.

Another reason for selling can be due to the investment acumen. You may see that the asset is reaching its maturity, and the growth of the unit is stagnating or decreasing. In that case, it is worthwhile to sell now. 


What are you buying next?

The next question is, what will you be buying next? In a balance market or a buyer’s market, the next house that you wish to buy might be realistically priced. If you are upgrading where the next house will cost more than the selling price of your current house, savings can be very significant if you choose to buy now.

If you wait for the market to recover, the prices could be much higher then. The same holds true for investor selling off the current investment unit to purchase another investment unit.


Will you get a lousy price if you sell now during these uncertain times or wait to sell after COVID-19?

If you have decided to move forward to sell, then this is perhaps the best time to sell. The buyers that are in the market currently are the serious ones and also because of these uncertain times, many of your competitors may pause selling because of fear. They will not be listing their units up in the market.


Bonus

Another bonus, there are more instances of working from home and if digital and social marketing is used in the marketing of the unit, there will be an increase in viewership. We will be able to target and induce buyers to be interested in buying the unit. So if the right pricing and marketing strategies is utilised, I believe that a fair price will obtain in any sort of uncertain times and news.

It is not about just producing an amazing video, but the ability to promote this particular video featuring your unit, to the correct audience that will get the house sold! Of course, there are other factors that will affect how fast a unit get sold. This includes price, lease tenure, and layout. We would work out these details on a case by case basis.


Contact Us

If you have questions or if you are thinking about properly showcasing your house for sale, contact Home Quarters by going over to homequarters.com.sg or send us an email at homequarterssg@gmail.com or direct message us on Facebook or Instagram!

If you would like to schedule a virtual viewing, that is also possible – you can read all about what you need to look out for during a property virtual viewing here before COVID-19 end.

That’s it for this article! Stay safe everybody, and remember, call Home Quarters and start packing!

How will the circuit breaker affect the property market?

The unofficial word of the year, ‘unprecedented’, is the perfect way to describe these times right now. From 7 April 2020, Singapore has officially entered the circuit breaker period (similar to a lockdown in other countries), in order to slow down the escalating COVID-19 infections. During this time, Singaporeans are advised to stay home as much as possible.

Working from home and being in close proximity with others 24/7 may take a toll on your mental health.

Working from home and being in close proximity with others 24/7 may take a toll on your mental health. | Source: Anthony Tran

In tandem with the circuit breaker, a new law, the COVID-19 (Temporary Measures) Act 2020, was also hurriedly passed in Parliament on 7 April. To reduce the risk of infection, the new law bans all gatherings with family or friends who do not live together. Gatherings at home, public spaces, such as HDB void decks and parks, are also banned.

Only essential services such as supermarkets, delivery services, food suppliers and energy manufacturers, are allowed to continue to operate from their premises. For the rest of the non-essential businesses, they must stop operations at their workplaces. You can only perform work by telecommuting from home.


How the circuit breaker affects people’s mental health and emotions

Working from home is now the new normal. For the first time, people are now experiencing the effect of living and working at home all the time.

They live in proximity with every family member nearly all the time, with more chances of interaction and also friction. Some families will find out that their current residence is too small for their needs. Conversely, some families would find that they actually do not need such a huge space even if they were to stay home all the time.


A shift in lifestyle priorities

Many people would also establish a new routine because working from home may blur the lines of work and living. One of the trends we see is the motivation to get a “quarantine glo-up” transformation and to strengthen their bodies.

People would try to get fit during this period of time. Having space to exercise at home, exercise facilities, nature trails and parks nearby may be one of the key lifestyle priorities when it comes to choosing their living environment.

Prior to the need to work from home, the proximity to amenities such as eateries and markets may not be that important. However, now people need to cook or to buy takeaway food for their three meals. Families would now place a greater emphasis on such amenities. Elderly living alone may not be adequately cared for during this period of time. Their siblings, children or relatives might decide to invite them to move in.


Prediction: What will change after the circuit breaker?

After the circuit breaker period is over, I predict that families that have felt the effects of space constraints will have the impetus to upgrade their living space and also to move closer to amenities.

Few alternative states?

  1. Action to upgrade or downgrade or move to another location
  2. Inaction, remain as status quo
  3. Inaction change in routine action

Advice: How to take advantage of before the change happen?

If you felt that you would like to make a change to your living location, my advice is to do it sooner rather than later. There will be many people that are thinking of moving as well to take advantage of slight increase in supply of new units right now. You could very well get a great deal during this period!

Finding a new property can be tricky during this time when circuit breakers are necessary to avoid the spread of the deadly virus. Do you know you still can continue property viewing from the comforts of your home? Remember to enjoy the process, and let your agent take on the stress and help you find the place that could fit your needs.


Contact Us

Whatsapp message or call KC from Home Quarters and begin finding your new home today: +65 8809 2889! Having 10 years of experience in the realtor industry, he is extremely knowledgeable about everything to help you find your new home today.

We’d also love to hear your opinions on this article! You can let us know through commenting on our YouTube video that we did on this article, sending us a quick email, or hitting us up on our Facebook and Instagram pages to shoot us a quick direct message.

That’s all for this article! Stay safe, and remember, call Home Quarters and start packing!