Discussion About Single & Hdb Flat Ownership + Hdb Loan (Compiled)

[Guest huh????]

  On 6/13/2023 at 3:23 PM, Guest HDB said:

There're 8 HDB 2-room units from my block that have been sold just this year alone. Looks like there's a demand for these flats now despite resale price transacted ranges from $320K-$365K.

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No lack of stupid buyer, unless the house has already spend $100K in renovation to look like Marina resort and worth paying for the range indicated.  Otherwise, anything below $250K is considered reasonable.

[Guest Good Old Days]

  On 6/13/2023 at 3:31 PM, Guest HDB said:

Btw, I did a complete makeover for my previous 3-room unit about 28 years ago for about $50K

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In the good old days, $50K is a complete overhaul and considered quite rich to spend on reno.   I remember spending just $8K to do complete elect rewiring, painting, tiles flooring, window around the house, doors throughout the house, 2 toilets overhaul,  ceiling fans, construct new basin, water piping, gas piping, wall tiles in the kitchen...almost everything new.  It is timeless, and I have hardly change much throughout the year. Reason being, I don't do mounted fixtures, so it is easy to move my furnishing around.

[Guest guest]

  On 6/13/2023 at 3:23 PM, Guest HDB said:

There're 8 HDB 2-room units from my block that have been sold just this year alone. Looks like there's a demand for these flats now despite resale price transacted ranges from $320K-$365K.

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2 room can transacted as high as $365k, so expensive. These 2 room flats must be in good location. Anyway, if 2 room can sell average $350k, no wonder 3 room can sell at least $450k.

[Guest GUEST]

  On 6/13/2023 at 3:26 PM, Guest HDB said:

Why don't you check it out from renovation contractors first?

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Planning to get quote from them, but maybe can get some feedback from there first. 😂

[Guest GUEST]

  On 6/13/2023 at 3:31 PM, Guest HDB said:

Btw, I did a complete makeover for my previous 3-room unit about 28 years ago for about $50K

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Wow, 28 years ago spent $50k on reno? You must be quite rich and the reno should be very nice.

[Guest guest]

  On 6/13/2023 at 10:53 PM, sayfirst said:

 

A friend purchased a 2-room HDB resale for an amount in that range, good thing he got increased subsidy from the increased housing grant.

 

Was honestly a little surprised that the valuation of 2-room flats are now in that range man.

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I guess the valuation will be on par with most of the transacted units in that area. Let's say if most units transacted between $330k to $350k, so if you get a unit from there, likely the valuation should be around that range. So if you buy a unit above $350k, then high chance needs to pay COV. And if you able to get below $330k, then you are lucky because high chance no need to pay for COV.

[Guest guest]

  On 6/14/2023 at 7:27 AM, Guest HDB said:

I am very surprised too that these small units are now fetching more than 2.5 times of the BTO price ($120K for units in the lowest floor).

 

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Not only 2 room flats fetching at least 2.5 times of the BTO price. Even 3 room resale also fetching more than 2.5 times of the BTO price. This is why many people advise must buy a new BTO, after which sell off sure can earn high profit.

[Guest guest]

  On 6/14/2023 at 10:38 AM, lonelyglobe said:

 

Absolutely ridiculous price, not only small in size but also these flats are in non-mature estate which is far from everything. The most one should pay for this kind of flat should not exceed 250k.

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I think during pre-covid, you can get a resale 2 rm below 300k, around 250k plus minus. But the current property market, all resale prices went up crazily. No matter for what size of HDB flat, any age hdb flat and location good or no good. ALl sell at crazy price. So either you buy or no buy.

[Guest guest]

  On 6/14/2023 at 12:49 PM, Guest See who lor said:

My neighbour above is a single, staying alone. Very quiet.   Last year, a new neighbour shifted in next door, also a very quiet single young lady.  Overall quite peaceful except another next door neighbour, married, but the wife is a screamy queen always screaming at her hubby.  Woman hormone I guess.

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You are lucky to have neighbour above and around you stay alone. Usually they are quieter than those with families, esp those have young children or baby, good luck. My neighbour above is a family with only one young kid, but this stupid kid created tons of noise. Even the idiots couple also created lots of noise. 

[Guest guest]

  On 6/14/2023 at 12:52 PM, Guest huh???? said:

No lack of stupid buyer, unless the house has already spend $100K in renovation to look like Marina resort and worth paying for the range indicated.  Otherwise, anything below $250K is considered reasonable.

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Even the house has spent $100k in renovation and looks like marina resort or MBS, the buyer also should not made to pay for it, esp if the buyer plan to redo the house. I find many stupid sellers add in the high renovation price that they have paid donkey years ago and pass it to the buyer.

[Guest GUEST]

  On 6/14/2023 at 1:00 PM, Guest Good Old Days said:

In the good old days, $50K is a complete overhaul and considered quite rich to spend on reno.   I remember spending just $8K to do complete elect rewiring, painting, tiles flooring, window around the house, doors throughout the house, 2 toilets overhaul,  ceiling fans, construct new basin, water piping, gas piping, wall tiles in the kitchen...almost everything new.  It is timeless, and I have hardly change much throughout the year. Reason being, I don't do mounted fixtures, so it is easy to move my furnishing around.

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Back days so cheap? $8k can completely renovated the whole house?!

[Guest HDB]

  On 6/14/2023 at 1:23 PM, Guest guest said:

I guess the valuation will be on par with most of the transacted units in that area. Let's say if most units transacted between $330k to $350k, so if you get a unit from there, likely the valuation should be around that range. So if you buy a unit above $350k, then high chance needs to pay COV. And if you able to get below $330k, then you are lucky because high chance no need to pay for COV.

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One can actually find out the latest transacted "Resale Flat Prices" thru this website: https://services2.hdb.gov.sg/webapp/BB33RTIS/

[Guest HDB]

  On 6/14/2023 at 1:00 PM, Guest Good Old Days said:

In the good old days, $50K is a complete overhaul and considered quite rich to spend on reno.   I remember spending just $8K to do complete elect rewiring, painting, tiles flooring, window around the house, doors throughout the house, 2 toilets overhaul,  ceiling fans, construct new basin, water piping, gas piping, wall tiles in the kitchen...almost everything new.  It is timeless, and I have hardly change much throughout the year. Reason being, I don't do mounted fixtures, so it is easy to move my furnishing around.

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Wow, that was really cheap!

[lonelyglobe]

  On 6/14/2023 at 1:31 PM, Guest guest said:

I think during pre-covid, you can get a resale 2 rm below 300k, around 250k plus minus. But the current property market, all resale prices went up crazily. No matter for what size of HDB flat, any age hdb flat and location good or no good. ALl sell at crazy price. So either you buy or no buy.

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Definitely not a best time to buy now,  if new BTO can go ahead but definitely not for resale for any room size. 

[sayfirst]

  On 6/14/2023 at 1:23 PM, Guest guest said:

I guess the valuation will be on par with most of the transacted units in that area. Let's say if most units transacted between $330k to $350k, so if you get a unit from there, likely the valuation should be around that range. So if you buy a unit above $350k, then high chance needs to pay COV. And if you able to get below $330k, then you are lucky because high chance no need to pay for COV.

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Was expecting a COV for an amount higher than $350k but the surprising thing was that the valuation matched the offered amount. 
 

At the end of the day, it was a pleasant surprise that my friend didn’t need to pay additional cash but it just showed how quickly prices rose. 

Edited June 14, 2023 by sayfirst
clarity

[thickhead79]

  On 6/13/2023 at 2:52 PM, Guest GUEST said:

For simply type of reno but i plan to remove everything in the house completely. Redo electricity wiring and piping. I am thinking if the hacking cost costs a lot. Since resale 3 room the size of the house quite big esp for corner unit.

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hacking of wall is cheap just labour 

 

making up new wall is expensive cos need skill

[Guest HDB]

  On 6/14/2023 at 12:52 PM, Guest huh???? said:

No lack of stupid buyer, unless the house has already spend $100K in renovation to look like Marina resort and worth paying for the range indicated.  Otherwise, anything below $250K is considered reasonable.

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Fyi, the unit opposite my flat was sold for $320K this year. Original condition, 47sqm and there is no furnishings & renovation at all.

[Guest Guest]

For the past years, the repeated use of reassuring words by top Ministers like:

 

1. HDB still a good store of asset value.

2. Valuable nest eggs for future retirement needs.

3. Monetised for retirement.

4.Lease Buyback Scheme.

5.Rent out a room.

 

may have emboldened many buyers to put in bullish bid for their choice unit. 

 

HDB flats are still nest eggs for future retirement needs: Lawrence Wong

 

PM Lee Hsien Loong at the Chong Pang City Groundbreaking Ceremony

 

 

[Guest Good Old Days]

  On 6/14/2023 at 1:43 PM, Guest GUEST said:

Back days so cheap? $8k can completely renovated the whole house?!

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Year 2002.  

[lonelyglobe]

  On 6/14/2023 at 1:16 PM, Guest guest said:

2 room can transacted as high as $365k, so expensive. These 2 room flats must be in good location. Anyway, if 2 room can sell average $350k, no wonder 3 room can sell at least $450k.

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Unless the buyer can pay off everything, for example elderly downgrade after selling a million dollar property but if still have to take a loan,  add in the interest,  this miserable 2 bedroom will be close to 400k, that is quite insane actually. 

Edited June 15, 2023 by lonelyglobe

[lonelyglobe]

  On 6/14/2023 at 7:48 PM, Guest Guest said:

For the past years, the repeated use of reassuring words by top Ministers like:

 

1. HDB still a good store of asset value.

2. Valuable nest eggs for future retirement needs.

3. Monetised for retirement.

4.Lease Buyback Scheme.

5.Rent out a room.

 

may have emboldened many buyers to put in bullish bid for their choice unit. 

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Of course have to reassure people,  I wonder how many minister stay in a HDB flat? 

[Startup]

  On 6/14/2023 at 5:15 PM, Guest HDB said:

Fyi, the unit opposite my flat was sold for $320K this year. Original condition, 47sqm and there is no furnishings & renovation at all.

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What's the location? Which level?

Asking cos location and floor level matter.

[Startup]

This 2 room flat in hougang has about 90 years left. It transacted at 358k in may this year. So this is the general price now.

[Guest Compare]

  On 6/15/2023 at 2:33 AM, Startup said:

This 2 room flat in hougang has about 90 years left. It transacted at 358k in may this year. So this is the general price now.

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What about those lower floor?

[Startup]

  On 6/15/2023 at 2:39 AM, Guest Compare said:

What about those lower floor?

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You can check here 

https://services2.hdb.gov.sg/webapp/BB33RTIS/

[Guest HDB]

  On 6/15/2023 at 1:58 AM, Startup said:

What's the location? Which level?

Asking cos location and floor level matter.

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3rd Floor Bukit Batok

[Guest HDB]

  On 6/15/2023 at 3:02 AM, Startup said:

You can check here 

https://services2.hdb.gov.sg/webapp/BB33RTIS/

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Yes, this is a very useful tool for both buyers & sellers of HDB flats in the resale market.

 

When I bought my 3-room flat in the mid-1990s, I was ignorant and there was no such information available. I had no choice but to depend on my property agent who was also my ex-colleague's husband. Not long after I moved in, I happened to meet the seller's property agent at my workplace. He informed me that the seller was actually prepared to let go her property at a lower price. However, he found it strange that my property agent spoke to his seller to increase the offer by $13K (which I had no knowledge about it).

 

Lesson learned is not to fully trust your property agent.

[Guest Guest]

  On 6/15/2023 at 1:37 AM, lonelyglobe said:

Of course have to reassure people,  I wonder how many minister stay in a HDB flat? 

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None of course.  

[Guest guest]

  On 6/14/2023 at 2:43 PM, sayfirst said:

Was expecting a COV for an amount higher than $350k but the surprising thing was that the valuation matched the offered amount. 
 

At the end of the day, it was a pleasant surprise that my friend didn’t need to pay additional cash but it just showed how quickly prices rose. 

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Prices rose quite a bit even you compared just 1-2 years ago. In 2021, you can get a resale 3 rm the most $400k, but now you need to pay at least $450k for the same 3 rm.

 

Your friend is lucky no need to pay any COV. I think for resale which is just MOP, the valuation should be closer or even match the offered amount. Only when you buy old resale, then chances of paying COV is high. Since the value for old HDB does not worth high.

[Guest guest]

  On 6/14/2023 at 5:15 PM, Guest HDB said:

Fyi, the unit opposite my flat was sold for $320K this year. Original condition, 47sqm and there is no furnishings & renovation at all.

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I just went to see the resale 2 rm posting in bt batok area, the asking price all so ex. At least $350k to even near $400k! So many greedy seller. These units not even near to MRT.

[Guest guest]

  On 6/14/2023 at 7:48 PM, Guest Guest said:

For the past years, the repeated use of reassuring words by top Ministers like:

 

1. HDB still a good store of asset value.

2. Valuable nest eggs for future retirement needs.

3. Monetised for retirement.

4.Lease Buyback Scheme.

5.Rent out a room.

 

may have emboldened many buyers to put in bullish bid for their choice unit. 

 

HDB flats are still nest eggs for future retirement needs: Lawrence Wong

 

PM Lee Hsien Loong at the Chong Pang City Groundbreaking Ceremony

 

 

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The reassuring of words from top ministers could be true if you bought a brand new BTO, or resale HDB below 15 year old. For those people who buy resale 30 year old and above, those words do not applicable to them. 😅 Maybe only the rent out a room still applicable.

[Guest guest]

  On 6/15/2023 at 1:37 AM, lonelyglobe said:

Of course have to reassure people,  I wonder how many minister stay in a HDB flat? 

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Ministers don't stay in HDB or they cannot stay in HDB, due to security reason. They should at least stay in private or landed. Maybe some of the MPs would stay in HDB.

[Guest guest]

  On 6/15/2023 at 2:33 AM, Startup said:

This 2 room flat in hougang has about 90 years left. It transacted at 358k in may this year. So this is the general price now.

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Crazy price. Paying $358k for a 2 rm flat! Such price before pre-covid can get you a 3 rm around the same age. This is why if a 2 rm in hougang which is not near to MRT can transacted at $358k, no wonder same age of a 3 rm need to sell at high $400k or even $500k plus now.

[Guest guest]

  On 6/15/2023 at 7:01 AM, Guest HDB said:

Yes, this is a very useful tool for both buyers & sellers of HDB flats in the resale market.

 

When I bought my 3-room flat in the mid-1990s, I was ignorant and there was no such information available. I had no choice but to depend on my property agent who was also my ex-colleague's husband. Not long after I moved in, I happened to meet the seller's property agent at my workplace. He informed me that the seller was actually prepared to let go her property at a lower price. However, he found it strange that my property agent spoke to his seller to increase the offer by $13K (which I had no knowledge about it).

 

Lesson learned is not to fully trust your property agent.

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Up to 90% of the property agent cannot be trusted. They only want to close deal to their own benefit and interest, they would never place the buyer/seller interest first.

[thickhead79]

willing buyer, willing seller

 

nobody force anyone 

[lonelyglobe]

  On 6/15/2023 at 2:06 PM, Guest guest said:

The reassuring of words from top ministers could be true if you bought a brand new BTO, or resale HDB below 15 year old. For those people who buy resale 30 year old and above, those words do not applicable to them. 😅 Maybe only the rent out a room still applicable.

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In short,  these word are only true for married couple and not applicable for single. Especially if we talk about 40 years lease BTO for senior, that is just purely "renting" from HDB at a lower "rental" rate but must pay the 40 years rental one shot in advance. 

[lonelyglobe]

  On 6/15/2023 at 2:20 PM, Guest guest said:

Up to 90% of the property agent cannot be trusted. They only want to close deal to their own benefit and interest, they would never place the buyer/seller interest first.

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Previously was even worse when the agent can represent both the buyer and seller, now they can only represent one party but somehow SG quite small,  so a high chance these agent would know one another. 

[lonelyglobe]

  On 6/15/2023 at 2:03 PM, Guest guest said:

I just went to see the resale 2 rm posting in bt batok area, the asking price all so ex. At least $350k to even near $400k! So many greedy seller. These units not even near to MRT.

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Greedy seller + desperate buyer is the main reason for this ridiculous flat price. While we can't do anything about greedy seller,  the best we can do is not to become the desperate buyer, at least at this point of time. 

[Guest Market forces]

I am always surprised when I see responses like this. It shows a fundamental lack of basic economic knowledge.

 

One feature of market forces is willing buyers and willing sellers principle. Lest you think that sellers are greedy, they are also subject to the same market conditions when they buy the next property. Nobody cashes in on hot property boom to make themselves homeless.

 

Why have the prices gone up so much these few years? Resources are limited but when governments all round the world print money like nobody's business, we have more money chasing the same amount of resources. So prices go up. So which country is capable of pushing up prices in other countries including Singapore?

 

Before blaming the sellers who are just acting according to the market forces, understand the root cause of the inflation we are experiencing now.

 

  On 6/16/2023 at 4:44 AM, lonelyglobe said:

Greedy seller + desperate buyer is the main reason for this ridiculous flat price. While we can't do anything about greedy seller,  the best we can do is not to become the desperate buyer, at least at this point of time. 

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[Guest guest]

  On 6/15/2023 at 3:00 PM, thickhead79 said:

willing buyer, willing seller

 

nobody force anyone 

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Looks like there are many willing buyer and willing seller now. That's why property price can become so ridiculous across the market. 🙄

[Guest guest]

  On 6/16/2023 at 4:36 AM, lonelyglobe said:

In short,  these word are only true for married couple and not applicable for single. Especially if we talk about 40 years lease BTO for senior, that is just purely "renting" from HDB at a lower "rental" rate but must pay the 40 years rental one shot in advance. 

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If a single plans to buy a house and stay until die. Why he/she must buy a 40 year lease BTO? Might as well stay put in his/her current HDB. Staying in an old HDB that lease is decaying year by year is about the same as buying a 40 years lease BTO. Ultimately in both scenarios, the flat also left with no value.

[Guest guest]

  On 6/16/2023 at 4:41 AM, lonelyglobe said:

Previously was even worse when the agent can represent both the buyer and seller, now they can only represent one party but somehow SG quite small,  so a high chance these agent would know one another. 

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Like that how? Sometimes we still need to engage these agent.

[Guest guest]

  On 6/16/2023 at 4:44 AM, lonelyglobe said:

Greedy seller + desperate buyer is the main reason for this ridiculous flat price. While we can't do anything about greedy seller,  the best we can do is not to become the desperate buyer, at least at this point of time. 

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Sometimes it is not about choice, if you need to buy you need to buy, despite the current crazy property prices. The only thing to do is to reduce overpaying for the flat.

[Guest guest]

wa, find info from hdb site really difficult, no summary need go here n there, find until blur liao

 

anyway, pls correct me if wrong for the following where single above 35

1) if income ceiling > 7k, cannot buy new flat, can only buy resale

2) if income ceiling > 7k, cannot take cpf housing grant at all; and > 4.5k, cannot take enhanced cpf housing grant also

3) proximity housing grant = 10k (not stay w parents)

like that, really knn la

[lonelyglobe]

  On 6/16/2023 at 10:55 AM, Guest Market forces said:

I am always surprised when I see responses like this. It shows a fundamental lack of basic economic knowledge.

 

One feature of market forces is willing buyers and willing sellers principle. Lest you think that sellers are greedy, they are also subject to the same market conditions when they buy the next property. Nobody cashes in on hot property boom to make themselves homeless.

 

Why have the prices gone up so much these few years? Resources are limited but when governments all round the world print money like nobody's business, we have more money chasing the same amount of resources. So prices go up. So which country is capable of pushing up prices in other countries including Singapore?

 

Before blaming the sellers who are just acting according to the market forces, understand the root cause of the inflation we are experiencing now.

 

 

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Before u open your mouth,  maybe u like to do some research on recent  property prices around the world. If u don't open your mouth,  no one will say u r dumb. 

[Guest HDB]

  On 6/16/2023 at 3:34 PM, Guest guest said:

wa, find info from hdb site really difficult, no summary need go here n there, find until blur liao

 

anyway, pls correct me if wrong for the following where single above 35

1) if income ceiling > 7k, cannot buy new flat, can only buy resale

2) if income ceiling > 7k, cannot take cpf housing grant at all; and > 4.5k, cannot take enhanced cpf housing grant also

3) proximity housing grant = 10k (not stay w parents)

like that, really knn la

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👍

[Guest HDB]

  On 6/16/2023 at 1:47 PM, Guest guest said:

Like that how? Sometimes we still need to engage these agent.

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Actually the procedure of selling & buying a HDB flat in the resale market is not difficult: https://www.hdb.gov.sg/residential/selling-a-flat

 

Nowadays, people are getting smarter and more & more prefer not to engage a property agent (partly also to save on the commission).

 

[Guest Sigh at lonely gloom]

  On 6/16/2023 at 4:02 PM, lonelyglobe said:

Before u open your mouth,  maybe u like to do some research on recent  property prices around the world. If u don't open your mouth,  no one will say u r dumb. 

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Obviously u r not capable of healthy discussion and can only resort to calling others dumb.

 

It's your choice to try to understand how market works and try to make things work in your favor. Or to whine and be helpless when overwhelmed by the greed of the market. Then just go around cursing others calling them greedy and dumb.

 

I would also like you to see you be a non seller and tell your buyer that you are willing to sell your own property at a discount to the market price.

[Guest Sigh at lonely gloom]

  On 6/17/2023 at 1:00 AM, Guest Sigh at lonely gloom said:

Obviously u r not capable of healthy discussion and can only resort to calling others dumb.

 

It's your choice to try to understand how market works and try to make things work in your favor. Or to whine and be helpless when overwhelmed by the greed of the market. Then just go around cursing others calling them greedy and dumb.

 

I would also like you to see you be a non seller and tell your buyer that you are willing to sell your own property at a discount to the market price.

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I mean non greedy seller 

 

Don't just preach. Practice it.

[lonelyglobe]

  On 6/17/2023 at 1:00 AM, Guest Sigh at lonely gloom said:

Obviously u r not capable of healthy discussion and can only resort to calling others dumb.

 

It's your choice to try to understand how market works and try to make things work in your favor. Or to whine and be helpless when overwhelmed by the greed of the market. Then just go around cursing others calling them greedy and dumb.

 

I would also like you to see you be a non seller and tell your buyer that you are willing to sell your own property at a discount to the market price.

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  On 6/17/2023 at 1:01 AM, Guest Sigh at lonely gloom said:

I mean non greedy seller 

 

Don't just preach. Practice it.

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Yes,  I want to sell u below market price, u want to buy?