{"id":110687,"date":"2019-09-12T11:01:33","date_gmt":"2019-09-12T04:01:33","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/some-sellers-look-to-profit-from-enhanced-housing-grant\/"},"modified":"2019-09-12T11:02:51","modified_gmt":"2019-09-12T04:02:51","slug":"some-sellers-look-to-profit-from-enhanced-housing-grant","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/some-sellers-look-to-profit-from-enhanced-housing-grant\/","title":{"rendered":"Some sellers look to profit from enhanced housing grant"},"content":{"rendered":"


\nSeveral property agents, however, believe that such opportunistic moves will not work.
\nWith the introduction of higher income ceiling and higher grants expected to boost the HDB resale market, some sellers wasted no time to raise their asking price in the hopes of gaining more profits.
\nIn fact, a couple who are trying to sell their HDB flat in Hougang has asked their property agent, ERA Realty senior marketing director Davon Chai, to increase their asking price to $550,000 \u2013 way higher compared to $480,000 last transacted price of a similar unit nearby, reported Today Online.
\n\u201cWhen some sellers look at these new grants, they get very optimistic and excited and end up raising prices based on HDB\u2019s ballpark figure of the grants that buyers can get,\u201d said Chai.
\n\u201cIt actually makes it difficult for us agents. With these new grants, it will take some effort for us to close the gap between the buyers\u2019 expectations (of more affordable homes) and the sellers\u2019 wish to profit (from the grants).\u201d
\nSeveral property agents, however, believe that such opportunistic moves will not work. They noted that while the announcement spiked interest in the resale market, this is not likely to last.
\n\u201cThe knee-jerk reaction is that it will indeed ignite more buying interest for resale flats from around this weekend or for September itself,\u201d said property analyst Ong Kah Seng.
\nThereafter, most sellers will likely take a wait-and-see stance in the next few months as they \u201cdigest\u201d the grants\u2019 impact.
\nAnd even if many buyers actually bought units despite the jacked up prices by opportunistic sellers, it will still take at least a month before these transaction will be reflected in the official valuation, said ERA senior marketing director Bhavina Kaur.
\nThis is important since some buyers refuse to buy a flat that is overvalued by $5,000 as \u201cpeople simply refuse to top up in cash\u201d, she added.
\nAccording to HDB rules on resale units, buyers who wish to pay above the valuation has to pay the difference in cash and not from their CPF.
\nIn concurring, ERA key executive officer Eugene Lim said the days of paying high cash-over-valuation amounts for HDB resale units are over.
\n\u201cSellers need to price realistically according to what the market will pay, if not they will help their more realistic neighbour sell the flats,\u201d he said.
\n\u00a0
\nAgnes Ong at PropertyGuru, edited this story. To contact her about this or other stories, email\u00a0agnes.ong@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Some sellers look to profit from enhanced housing grant<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Several property agents, however, believe that such opportunistic moves will not work. With the introduction...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-110687","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-sNh","jetpack-related-posts":[{"id":49345,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/get-the-guru-view-hdb-resale-a-buyers-market\/","url_meta":{"origin":110687,"position":0},"title":"Get the Guru View: HDB resale – A buyer\u2019s market","date":"March 24, 2017","format":false,"excerpt":"\r Upcoming BTO launches could draw demand away from the HDB resale market. The HDB resale market has seen prices stay flat since Q2 2015. With an increase in the grants available for use, will this market start to see a pickup in 2017? We give you the Guru View.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/03\/Guru-View-HDB-Resale-Price-Index-and-Transcation-Volume.jpg?fit=792%2C442&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":44908,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/higher-demand-expected-for-hdb-resale-flats-experts\/","url_meta":{"origin":110687,"position":1},"title":"Higher demand expected for HDB resale flats: experts","date":"February 21, 2017","format":false,"excerpt":"\r Despite expectations of higher demand in the HDB resale market, prices are not likely to shoot up, say analysts.\u00a0 \u00a0 HDB resale flats have become more appealing for first-time buyers in light of the higher CPF housing grants announced as part of yesterday\u2019s budget, said Eugene Lim Key Executive\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":119937,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-buyers-willing-to-pay-extra-cash-for-hdb-resale-flats\/","url_meta":{"origin":110687,"position":2},"title":"More buyers willing to pay extra cash for HDB resale flats","date":"January 29, 2021","format":false,"excerpt":"\r One of the factors\u00a0causing the higher demand and premium prices of resale HDB flats include buyers\u2019 desire for a larger living space following the experience during the circuit breaker.\u00a0 Property agents has observed a growing number of buyers who are willing to pay extra cash on top of actual\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/HDB-prices.jpg?fit=840%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":24001,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/are-million-dollar-hdb-flats-becoming-the-norm\/","url_meta":{"origin":110687,"position":3},"title":"Are million-dollar HDB flats becoming the norm?","date":"August 26, 2016","format":false,"excerpt":"\r The iconic Pinnacle @ Duxton has led to an uptick in million dollar flats sold per quarter. 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