The Common Mistake I’ve Seen BTO Owners Make
A common mistake I’ve seen being made by BTO owners is this:
Delaying the sale of their newly-MOP BTO till they lose out on all potential gains.
Here’s my own experience as a BTO owner back in 2019.
Previously, Yishun Arcacia Breeze had nothing much around. There was no Wisteria Mall and only had one bus circling our house to and fro Yishun and Khatib MRT.
We decided to move nearer to amenities for convenience and accessibility.
Delaying the sale of their newly-MOP BTO till they lose out on all potential gains.
Here’s my own experience as a BTO owner back in 2019.
Previously, Yishun Arcacia Breeze had nothing much around. There was no Wisteria Mall and only had one bus circling our house to and fro Yishun and Khatib MRT.
We decided to move nearer to amenities for convenience and accessibility.
Timeline of Selling Process
Our timeline was engaging our then agent 6 months before MOP and marketed our unit 1 month before MOP.
First viewing was on the first week of MOP.
It was a interesting experience. We knew there was only one transacted unit done for $565k at a higher floor.
Our unit went into a bidding war as there was not much units available.
We settled for $545k.
2 months later, we found out that the prices there had changed.
First viewing was on the first week of MOP.
It was a interesting experience. We knew there was only one transacted unit done for $565k at a higher floor.
Our unit went into a bidding war as there was not much units available.
We settled for $545k.
2 months later, we found out that the prices there had changed.
Prices Dropped Once More Supply of Units Becomes Available
Another unit has been sold at a much lower price.
If we had waited, we might not have gotten the selling price of $545K.
It would have been much, much lower.
At this point, you might think I am just being a salesy agent.
But this was an actual true experience that happened to me.
If we had waited, we might not have gotten the selling price of $545K.
It would have been much, much lower.
At this point, you might think I am just being a salesy agent.
But this was an actual true experience that happened to me.
Imagine A Market Where There Are Many Similar Sellers
Imagine you are in a market where everyone is selling similar things.
When the first few sellers set their prices, they become the standard for others.
Now if you are one of the last sellers to arrive?
By then, many others have already sold their fruits. And the market is flooded with many similar items.
Buyers then have more options, so they can be pickier and might not be willing to pay as much.
This means you might have to lower your price to even be considered.
If too many sellers wait too long, prices can drop significantly, and everyone loses out on potential profit.
When the first few sellers set their prices, they become the standard for others.
Now if you are one of the last sellers to arrive?
By then, many others have already sold their fruits. And the market is flooded with many similar items.
Buyers then have more options, so they can be pickier and might not be willing to pay as much.
This means you might have to lower your price to even be considered.
If too many sellers wait too long, prices can drop significantly, and everyone loses out on potential profit.
Conclusion
The moral of the story here?
Be aware of how many neighbouring units are for sale.
And don’t decide to sell when everyone is also selling.
I rather you delay and hold on to your flat when you find out many neighbours are selling.
If you have further questions on when is the best time to sell your BTO flat - I invite you to contact me for a no-obligation discussion.
Be aware of how many neighbouring units are for sale.
And don’t decide to sell when everyone is also selling.
I rather you delay and hold on to your flat when you find out many neighbours are selling.
If you have further questions on when is the best time to sell your BTO flat - I invite you to contact me for a no-obligation discussion.