it is ironic and shortsighted for buyers to want extreme measures to curb housing demand. because once prices go down and a buyer enters the property market, he'd want the opposite scenario to happen - that is, for property prices to stabilize or even rise. but govt policies have a way of spawning into something beyond what was originally intended. and even if the policies are changed, their effects may linger and difficult to reverse.
Hi Thomas, you got to check. coz the 2nd wave of cooling measures were also implemented early this year. If you buy after the measures were introduce, your MOP will be increased to 3 years instead of 1 year. But still better than the 5 years MOP now la...
I dont know whether it will drive the COV to DIVE southward... the measure that was introduced also state that those people who is thinking of switching flat got to think twice coz they will have to sell first before they can buy. Don't know whether it will reduce the seller in the market...
unfortunately foresight isn't a strong attribute for locals. most pple react based on their own situations... Doing ABSO-FCUKING-LUTELY NOTHING except to expect help. of cos, there are also genuine pple in the current climate who do need help, but the help should come in more targetted n specific, rather than a general sweep of the brush.
so now as we buy cheaper HDBs (assuming), our parents get screwed on their resale ones (assuming they just bought not so long ago). But fair enough, u can't please everyone.
mentally, i think some pple prefer to have the bar lowered for them, than to actually attain it on merit. but that's just me, i can be very critical of locals.
it's a good thing i set my buying month to be october... looks like i have to re-assess and put it at mid of next year now...
i am a big libertarian so i wish the govt will butt out of our lives. let the market forces decide where and how people live. having said that, i don't blame folks for their insatiable demands. there is an implicit social contract at work - absolute governing power in exchange for a 'good life'.
There is a need of a balance. If its driven only by market forces, we are discriminating those that are less fortunate and capable. Not everyone is able to compete on the same level ground. And it might not even be their fault. We don't literally ask them to eat shit.
The entire environment cannot be focused on achievements alone. We need to care for those around us and allow others at least a decent living of having a roof. The HDB has done well thus far on this. But, if we continue to move towards only the economic growth and not care for the lower income, the resentment will only grow. And the achievers just discounting them as whinners. Any government that ignore the calls will be hated by its people.
Milo, I agree. But the main problem is that the whinners are those who are greedy and want to make more out of the property that they are buying from the government.
Or the government should buy back from everyone (and not allowed on open market) at the original price + inflation.. and then resell to those in need? YOu know those people buying new HDB will cpcb because they will "lose out" but not being able to sell in the open markent.
there's always winners n losers. those who benefit keep quiet and hope for no change, those who dun - make lotsa noise for change. i think it's fine, that's the way life is... what i dun like, is pple who wanna win by virtue of changes And not by effort. byt effort, i mean understanding the climates better, understanding the systems, and makign the best of their own situations and progressing at their individual levels.
what sickens me most, would be pple fighting over parents' properties, even at HDB level. i've seen quite enough of such crap.
anyway we have a new system to adapt to... and i bet u some pple will not adapt, and start shouting for change soon again to benefit themselves.
SG govt has been mostly careful and prudent in this area. Policies are general enough and measures put in place to curb excessive speculation. I think it is fair and we just have to make the most out of it.
Personally I haven't heard of anyone needing to top up their loan when the property prices dive. The banks are very conservative.. Those days of 110% financing are over.
So people having cash at hand will benefit as they can invest timely. Property has always been about timing even as location is important. If you don't have cash on hand to make quick decisive investments, it will limit your capability considerably. Or at least you must have credit lines available at short notice.
Sometimes I run in cash-flow problems as well.. especially during buying / selling of property.. that is why I always make sure all facilities are open so that I am not hampered by lack of funds.
of cos sooner or later, some pple will want-in as well and start forming little groups to get in again... and then u will see social problems when 1 of the groupies need to sell due to the lack of funds.
sm, I'm thinking aloud here... why can't we have the differentiation over subsidized vs open market housing. Those that get their housing at very subsidize rates would be restricted by different policies against abusing the subsidy. e.g. no sub-letting, capping or taxing the profit from the sale.
This way, the same kind of housing would be able to serve both the poor and the investors.
it's tough unless it becomes basic practise for all new couples to buy Direct. and hdb keep the prices of their new flats pegged lower... But this takes away the choice of couples wantiong to live in certain areas... and we're back to square one. so to be honest, it was ok as it is... the latest change ok to me i guess... seriously u either can afford, or u can't... if u die die wanna stay at certain places - u gotta pay. there's no way two ways abt it, there's no way to eradicate higher prices for certain areas...
but being us, we tend to try to justify how much we deserve to stay certain places becos we have no choice... our parents stay here, need baby-sitting, etc etc...
it's like suddenly u realise your parents living in the most expensive HDB estate... and u Never knew prior to applying for a freakin flat. then the act blur part comes, the hoping part comes...
pain lah... if i work in HDB, i think i need a pail beside me for all the blood i vomit.
ya that part fair enough, but of cos, there are those who may have inherited or have their names 'borrowed'/Used to buy private property... feel sad for this group... they may be barely affording a hdb but now deemed and bundled with the rich. and if u happen to have gone bust and need a bigger place.