653B Jurong West
It’s All About Getting Your Numbers Right, Whether in Planning Your Finances or Pricing Your Property
When Vincent & Dorcas first called, it was for a property we were selling in Tanah Merah. They have been thinking about buying a private for some time and wanted to start exploring. After chatting with them, I realized that they had certain criterias in mind. The property was not a good match, especially since they cooked and needed an enclosed kitchen.
So I started chatting to find out more and see if I could point them to the right direction.
After asking them a few questions, it became clear that their criteria was quite wide – near MRT, 2 Bedrooms and near amenities… The two of them could end up shopping for a very long time indeed.
So, we went onto a zoom call to start the first step – the most important step that many buyers miss out on – their financial calculations. I always believe… that every goal in mind begins with where we are at this current stage of our life. Likewise, a real estate purchase can only begin once we are fully aware of the current stage and state we are in.
We started running through the current transacted prices in their area, the amount of loan, CPF and cash used so far. We are then able to conclude the sales proceeds they are likely to land with. With that, we then started mapping out the sums they feel comfortable with, for their next home.
Once the hard numbers were laid before us, we could finally start the even more exciting part – planning their next ideal home! They wanted a property that will appreciate, as well as a place with a good sized bedroom, kitchen and a small balcony. With clear parameters, it became a lot easier to shortlist neighbourhoods and of course, properties.
One of their concerns was definitely whether they could time everything well, without having to rent somewhere else in the transition period. 653B Jurong West was their very first home, and it was the first time that they are moving out. To let them have peace of mind on their next move, we started house hunting weekly. After exploring about 5 neighbourhoods and almost 3 properties in each neighbourhood, we managed to zoom into a specific location and property size they liked.
With some potential options in mind, it was finally time to sell their property. We did our Trademark TPR Video and launched off the advertisements at $445k, above the last transacted price of $420k. Within 2 days, we rallied almost 10 groups of buyers. We received the highest offer of $440k the very first day. On the same day, many buyers were still calling us to check if the property could be sold for $400k to $430k… So our team had to make a decision and we adjusted the price twice upwards to $460k and finally $480k.
Some buyers were unhappy and felt we were being unrealistic and unreasonable. However, it was either we adjust the price upwards or we let all the buyers view the house and many of them end up getting disappointed when some outbid them by a large margin. It was a risk we had to take to ensure our sellers got the highest potential price.
In total, we held viewings for 20 groups and landed at the final price of $470k, with 3 months rent-free extension for our sellers. This enabled them to maximize the earnings from their property. It also ensured that they have a smooth transition to their next property, which is what we envisioned for them in the first place.
Seeing their warm smiles as they moved into their cozy new home, I am grateful for their trust and being privileged to assist them on their journey.
Like to hear what they have to say?