Property Transactions Crashed (see graph), Agents Go Hungry
December 19th, 2008
Only 267 condominiums and private apartments changed hands in the whole of November.
This is the fourth consecutive month of decline in non-landed private property transactions, down from a peak of 1,613 recorded in July this year.
As property agents depend on transacting deals to make a living – sellers typically pay them 2% of transacted price as commissions – I reckon they must have been quite hungry last month.
Imagine thousands of agents sharing commissions from less than 300 deals.
Will they go hungrier? You bet, going by recent market sentiments and this comment.
And what does this say about property prices? If history is anything to go by, a crash in property prices is usually preceded by a crash in the number of transactions (see this graph from Business Times).
So I say again, property must crash.
Source: Private Residential Property Transactions with Caveats Lodged, URA (link)
. reasons are obvious if you scroll down this forum –...
Justwanttostayinajob Says:
December 19th, 2008 at 10:54 pm
Finally, poor chaps like me can look forward to owning a house
starting-family Says:
December 19th, 2008 at 11:21 pm
yeah … poor chaps like us can look forward to own a house.
But by reading the links from this article, it’s still best to hold any purchases at least until mid0-2009
agent Says:
December 20th, 2008 at 10:14 pm
We also do rentals, but business is getting really tough recently. I pity those who joined this line late in the game. At least I collected fat commissions last year till middle this year.
When getting advice on Getting Rich, never trust Property Agents or Property Consultants | Salary.sg - Your Salary in Singapore Says:
December 28th, 2008 at 2:34 pm
[...] at Salary.sg – Your Salary in Singapore « Property Transactions Crashed (see graph), Agents Go Hungry [...]
agent m Says:
December 28th, 2008 at 5:36 pm
Its subjective to say that agents cannot be trusted. If property agent cannot be trusted then surely we will not be the only ones on the list. The list will go on and on, with politicians, lawyers, salesman, insurance agents, fund managers,etc.
Please use your brain before making unsound comments.
Thank you.