When deciding to sell your HDB flat, the first thing that comes to mind is how much my flat is worth.
You are in the stage of gathering data. Some sellers based their decisions on the property flyers that quoted high selling prices. The objective of these flyers was to generate responses from the sellers. To know how much your flat is worth, you need to analyse the HDB resale transaction prices based on the official data released by the Singapore government instead of any other sources.
You can enquiry the resale transaction prices based on the resale registration date up to the last 12 months. Property agents need the ability to analyse the HDB resale transaction prices to determine the trend direction of the flat they undertake to sell. This is one of the factors in the pricing strategies that help generate responses from the listing advertisements.
HDB releases the Median resale flat prices quarterly. Median transacted prices are the midpoint of the data set; this midpoint value is the point at which half the transacted prices are above the value and half the transacted prices are below the value. Median resale flat prices measure the central tendency.
The Resale price index, released quarterly by HDB based on the overall resale transactions across towns and flat types, measures overall price movements. Like stocks and shares, when the stock index is up, the price of the shares that you own doesn't need to be up.
Factors that are uncontrollable by the seller
• Economy outlook
• Government housing policy
• Supply and demand in the HDB resale market
• Ethnic Integration Policy and SPR Quota
• Supply of BTO flats
• Longer waiting time for the BTO flats due to the COVID-19 outbreak
Factors that are controlled by the seller
• Conditions of your flat
• Terms and conditions of sale. For example: extension of stay; number of days to submit the resale application
• Property agent's Pricing strategies
• Property agent's Sales strategies
Knowing the latest HDB resale prices in your area will not necessarily help you sell your flat at the highest possible price in a shorter time. Property agents need to have the ability to analyse HDB resale transaction prices and transaction volumes and conduct current market analysis and competitor analysis to achieve effective pricing strategies for the property they undertake to sell.
To learn about HDB resale market analysis that helps sell your HDB flat at the highest possible price, schedule a non-obligation discussion now!
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