Four months ago, I wrote a post to encourage first timer home buyers and upgraders to keep calm and buy a home right after a statement mentioned by Minister Lawrence Wong in Parliament.
Today, we have yet another statement from managing director Mr Ravi Menon of Monetary Authority of Singapore (MAS) who says “It is too early for the Government to consider lifting the property cooling measures“.
If you have not taken action in the last four months, you could have already missed some good opportunities. From March to today, there were 8,284 private non-landed transactions and 8,404 HDB transactions.
Just by looking at the volume since march, many have already accepted that fact of cooling measures is going to stay for awhile longer and strategized their portfolio accordingly.
If you are still hopeful for cooling measures to be lifted assuming that it is the only way for market to recover, you may be wrong. The market can still recover without lifting cooling measures.
Hence, a gentle reminder for first timer home buyers and upgraders, wait no further. And for current home owners who are hesitant to pay additional taxes for your second or third properties, do be informed that there are some entry prices in certain districts still looking attractive even after paying the taxes. If you are thinking of prime district, you have to check out Gramercy park.
Finally, there are many things in life we can delay or wait; wait for promotion, wait to win lottery, wait to go on holiday, wait for Mr or Ms Right, but there is one thing you cannot wait.
How many more years can you wait before you realise you are not eligible to get the maximum loan tenure anymore?