Guide to Secure Highest Selling Price for Your HDB

highest selling price

Every seller will hope to secure the highest selling price for their HDB flat and then use the proceeds for their next property or other investment expenses (e.g., higher education). To achieve this goal, these are the 4 important steps you have to follow through.

=========================

Table of Content

  • Step 1: Check Similar Transactions
  • Step 2: What is the Market Trend?
  • Step 3: Review Your Situation
  • Step 4: Declutter + Minor Repairs

=========================

  📌 Step 1: Check Similar Transactions

  • There are many free valuation apps in the market: SRX, EdgeProp & 99.co.
  • Get at least 3 valuations to determine a range (e.g., $500k-550k) for your flat.
  • HDB Resale portal will also show the median price range for your flat type.
  • To narrow this price range further, zoom into recent 6 months transactions that share similar attributes to your unit (e.g., same stack or floor)
highest selling price

 📌 Step 2: What is the Market Trend

  • Market valuation will give you an estimated value of the flat based on transactions in the last 6-12 months.
  • What many people overlook is that this valuation does not factor in current or future trends.
  • For example, if the market is hot, you can expect to sell higher than valuation.
  • We must understand that market sentiment will evolve with time. It is never stagnant.
  • It is important to review the latest market trend every 3-4 weeks after putting your flat on the market
  • The simplest way is to ask for feedback from the people who come to view your flat
highest selling price

📌 Step 3: Review Your Situation

  • The next step is to review your flat conditions and your personal needs.
  • What is the condition of your flat?
  • Are there any recent renovations done?
  • Is it a corner unit?
  • More positive factors will help you justify a higher asking prices 
  • If you have a specific need like “extension of stay” or if your block has “ethnic quota restrictions”, then buyers are more likely to push your prices down.
  • Be objective in your review and convey your needs to your agent
  • The key is to be open and find the highest paying buyer that can match what you need
highest selling price
.

📌 Step 4: Declutter + Minor Repairs

  • I do not advocate major renovations because it is not cheap
  • When it comes to your time to sell, your buyers may not like what is done to the house.
  • Declutter your house and keep the unit clean and bright during viewings.
  • This will make your buyer feel comfortable and encourage higher offers.
  • Remove the rusty hooks on the walls and oil the squeaky window hinges.
  • These minor repairs and a fresh coat of paint will remove the worries of buyers who don’t like to DIY and prevent them from over-estimating the renovation expenses.
  • Home staging with designer furniture may impress buyers as well.
  • However, this will not come cheap and it is more suitable for vacant units
  • Putting the staged furniture in your house will bring inconveniences to your family

Like this article or video?

Check out more Seller Tips here

Posted in

Your Property?

Don't pay 1-2% agent fees when you can pay a fixed reasonable price. Try our services risk-free. Pay the fixed price after the sale of your home. No exclusive contract is required, so you can switch if you are unsatisfied with our services.

Dennis Lim

Dennis has more than a decade of experience investing in real estate. Like many fellow Singaporeans, he grew up in a HDB flat with dreams to live in a condominium. Through careful financial planning & hardwork, this became a reality when he was 30. He now owns 3 private properties in Singapore and has helped hundreds of Singaporeans to achieve their goal of upgrading their homes in land-scarce Singapore.

Insight Topics

Connect With Us

Recent
Upgrader Insights

HDB to condo without ABSD

How to Upgrade from HDB to Condo without ABSD (Proven Hybrid Method!)   

30 August 2022

This article will elaborate on the hybrid method, which will help you upgrade from HDB to condo without ABSD and the hassle of having to move twice

Read More
CPF accrued interest

What is CPF Accrued Interest? Who should use less CPF for property mortgage?

29 August 2022

There are different views regarding the use of CPF for property mortgage because of CPF accrued interest. When is it better to use more CPF and when is it not?

Read More
keep HDB and pay ABSD (05)

Should you keep HDB and buy condo when upgrading (i.e. Pay ABSD)?

29 August 2022

Should you keep HDB and buy condo? A common dilemma for HDB upgraders who wants the passive rental income from renting out their flat but do not wish to pay ABSD

Read More
HDB to condo

Avoid these 4 Common Mistakes when upgrading from HDB to Condo

28 August 2022

Many HDB owners share the common aspirations to upgrade from HDB to condo after completing their Minimum Occupation Period (MOP). Below are 4 common mistakes to avoid when upgrading

Read More

Hottest HDB Towns in 2021

24 July 2021

Which are the hottest HDB towns in 2021? HDB prices have been rising for the past year and prices are near the 2013 peak. Watch this video to find out more.

Read More

Testimonials

testimonial-01a

"Dennis came with strong recommendations from a dear friend. He helped me with the purchase of my first property. He was very patient and never once tried to hard sell me to buy a property. Dennis is a trustworthy and knowledgeable professional who I highly recommend with confidence to everyone I know!"

HaoTing

Buyer

Rivervale-Cresta

"Dennis was very helpful and has guided us throughout on the process. He managed to get good number of clients for viewing of our unit. He is very responsive and always readily available when needed. He has excellent negotiation skills as well when required for the deal"

Tarun

Seller