Playing The Waiting Game
17 January 2009 9:42 pmWith the downturn looming ahead, many sellers are looking to dispose of their property in view of the dropping property prices. In fact, in some neighbourhoods, prices have dropped by as much as 25%, as described in the article from The Straits Times, 17 January 2009.
Buyers expect property prices to fall even further and they are looking to buy only “in the third or fourth quarter of this year”.
The reason is simple: Analysts are predicting further uncertainty in the economy and home prices may fall another 10 to 20 per cent.
On top of that, property experts have even heard of developers who waive the maintenance fees in order to entce buyers, among other sweeteners.
It seems like at this moment, private property has become an option for us. If prices drop into the $400k to $500k range, I would not even mind staying at a place away from my preferred area.
