Key Findings
- Resale volume decreased by 12.7% from 524 units in October to 455 units in November 2021.
- Prices remained relatively stable, with a marginal decrease of 0.1% in the Resale Price Index (RPI) over the same period.
- The median transaction price for resale flats was $490,000, a slight drop compared to $505,000 in October 2021.
Resale Market Performance
The HDB resale market witnessed a modest decline in sales activity in November 2021, with a 12.7% drop in transaction volume compared to the previous month. Despite this, the market remained relatively stable overall, with prices holding steady.
The Resale Price Index (RPI) for HDB flats inched down by 0.1% in November 2021, compared to October 2021. This marginal decrease suggests that prices have not seen any significant fluctuations in recent months.
The median transaction price for resale flats in November 2021 was $490,000, which is slightly lower than the $505,000 recorded in October 2021. This dip in median prices is likely due to the change in the mix of flats sold in November.
Flats Sold by Housing Type
November 2021 saw a significant drop in the number of 5-room and Executive flats sold compared to October 2021. The sale of 3-room and 4-room flats, however, remained relatively stable.
| Flat Type | October 2021 | November 2021 | Change |
|---|---|---|---|
| 3-room | 181 | 165 | -8.8% |
| 4-room | 201 | 198 | -1.5% |
| 5-room | 100 | 73 | -27.0% |
| Executive | 42 | 19 | -54.8% |
Sales Performance by Town
Resale flat sales dipped in most towns in November 2021, with notable declines observed in Sengkang, Pasir Ris, and Woodlands.
| Town | October 2021 | November 2021 | Change |
|---|---|---|---|
| Ang Mo Kio | 43 | 38 | -11.6% |
| Bedok | 36 | 30 | -16.7% |
| Bishan | 30 | 21 | -30.0% |
| Bukit Merah | 26 | 23 | -11.5% |
| Bukit Panjang | 38 | 37 | -2.6% |
| Choa Chu Kang | 32 | 33 | 3.1% |
| Clementi | 35 | 30 | -14.3% |
| Geylang | 22 | 19 | -13.6% |
| Hougang | 38 | 32 | -15.8% |
| Jurong East | 30 | 28 | -6.7% |
| Jurong West | 39 | 36 | -7.7% |
| Pasir Ris | 52 | 40 | -23.1% |
| Punggol | 61 | 55 | -9.8% |
| Queenstown | 33 | 27 | -18.2% |
| Sembawang | 29 | 21 | -27.6% |
| Sengkang | 61 | 49 | -19.7% |
| Serangoon | 32 | 24 | -25.0% |
| Tampines | 53 | 49 | -7.5% |
| Toa Payoh | 31 | 29 | -6.5% |
| Woodlands | 64 | 50 | -21.9% |
| Yishun | 53 | 43 | -18.9% |
Demand and Outlook
The HDB resale market has remained resilient despite the recent dip in sales volume. Demand for HDB flats remains strong, driven by a combination of factors such as the low interest rate environment, limited supply of new flats, and growing household incomes.
Property experts expect the HDB resale market to continue to perform steadily in the coming months. Prices are likely to remain stable or see a slight increase, driven by the sustained demand for homes and the limited supply of new flats.
Motivations Behind Selling HDB Flats
Owners decide to sell their HDB flats for various reasons. Some common motivations include:
- Upgrading to a bigger or better home
- Downsizing to a smaller home
- Relocating for work or family reasons
- Financial reasons, such as needing to pay off debts or raise funds for other investments
- Retirement planning
Common Mistakes to Avoid When Selling HDB Flats
Selling an HDB flat can be a complex process, and it’s important to avoid common pitfalls that could delay or even jeopardize the sale. Here are some mistakes to watch out for:
- Overpricing the flat: Setting an unrealistic price can deter potential buyers and lead to a prolonged sales process. Get a professional valuation to determine a fair market value for your flat.
- Not preparing the flat for sale: A well-presented flat is more likely to attract buyers and sell for a higher price. Make necessary repairs, clean thoroughly, and declutter to create a welcoming and appealing space.
- Ignoring legal requirements: There are certain legal requirements that need to be met when selling an HDB flat, such as obtaining the necessary approvals and clearances. Ensure that you understand and comply with all legal obligations to avoid any delays or complications.
- Misrepresenting the flat: Providing false or misleading information about the flat can damage your credibility and lead to legal consequences. Be honest and transparent about the condition and history of your flat.
- Negotiating poorly: Knowing how to negotiate effectively is crucial to getting the best price for your flat. Be prepared to compromise, but don’t undervalue your property and don’t accept any offers that are not fair or reasonable.
How to Sell Your HDB Flat in 7 Easy Steps
Selling an HDB flat can be a straightforward process if you follow these steps:
- Prepare your flat for sale: Make necessary repairs, clean thoroughly, and declutter to create a welcoming and appealing space.
- Determine a fair market value: Get a professional valuation to determine a realistic price for your flat.
- Market your flat: Advertise your flat through various channels such as online property portals, social media, and word-of-mouth.
- Conduct viewings: Schedule viewings with potential buyers and be prepared to answer their questions honestly and provide any relevant information.
- Negotiate the sale: Be prepared to compromise, but don’t undervalue your property and don’t accept any offers that are not fair or reasonable.
- Prepare the necessary paperwork: Work with your lawyer to prepare the necessary paperwork, such as the Sale and Purchase Agreement (SPA) and Option to Purchase (OTP).
- Complete the sale: Once all necessary documents are signed and the OTP is exercised, the sale is complete.
Reviews
Review 1:
“I was very happy with the service provided by my real estate agent. They were knowledgeable, professional, and helped me sell my HDB flat quickly and for a fair price.” – Sarah M.
Review 2:
“Selling my HDB flat was a breeze with the help of my agent. They guided me through the entire process and made sure everything went smoothly.” – David L.
Review 3:
“I would highly recommend using a real estate agent when selling your HDB flat. They can provide valuable advice and help you get the best price for your property.” – Emily C.
Review 4:
“I’m so glad I chose to work with my real estate agent. They made the process of selling my HDB flat easy and stress-free.” – Michael T.
