Real Centre Network

Discover the Best Time to Sell Properties in Singapore

Most property owners in Singapore may say that the best time to sell their residential or commercial spaces is during the middle of the year, usually within the second and third quarters. The reason for this is that most buyers would prefer to search for properties in the middle of the year so they don’t get caught up in the festive season, which usually begins at the year’s end. This is because the hustle and bustle of the city during the festive season can make moving a challenge. 

However, while this conclusion is widely accepted, it is not an accurate answer based on actual studies. Therefore, there is generally no definite answer about the best time to sell a property. 

So, how do you know if it is a good time to put your property on the market? 

Define What the “Best Time” Means to You

For those planning to sell their property for the first time, a common answer would be the time that may gain more profits. But having such a goal is simply too vague of a target, and it may not be useful in the long run. 

Instead, it’s recommended that you go for more specific targets, such as:

  • When the property’s value has increased to a specified level (for instance, deciding to sell after achieving a certain percentage of returns or a net gain of S$X)
  • Aiming for a sale at a particular moment for a specific financial return (for example, planning to sell within a decade to achieve a predetermined profit)
  • Choosing to sell the property when rental income or vacancy rates hit a set threshold to prevent additional losses

Determining the target numbers may require financial planning, which you may consult with a professional in Singapore. If you don’t have quantifiable goals for your property asset yet, you may have difficulty determining when it is a good time to sell your property.

Factors to Consider When Selling Your Property

Several critical factors should be considered when deciding on the best time to sell your property in Singapore. These factors not only influence the potential profitability of your sale but also determine how swiftly and smoothly the transaction can proceed.

1. Market Conditions

Understanding the current market conditions is crucial. Are we in a buyer’s or a seller’s market?

A seller’s market is characterised by high demand but low supply. When this happens, property sellers can potentially set high selling prices for their property. 

Conversely, a buyer’s market, which means having a high supply but low demand, may require you to adjust your expectations regarding the sale price or how quickly you can sell. 

It’s essential to gauge your target market and competitors to determine whether the season is a seller’s or buyer’s market before selling your property. Moreover, even if it is a seller’s market, you should align your price with the value of your property so you can attract more prospective buyers.

2. Economic Outlook

The broader economic environment can influence buyers’ confidence, including job growth, inflation rates, and overall economic stability. As Singapore’s economy is intertwined with the global economy, any challenges from regional or major economies can affect the country. This is because income growth, unemployment, and population growth can impact the real estate market. 

For example, income growth brought about by high employment rates and excellent economic growth affects the real estate market by making people more capable of spending money on housing. Therefore, they may be more willing to invest in upgrading to a bigger and better property, providing more capital to the seller. Conversely, fewer people can afford a property with a high unemployment rate, where companies may wind down and even want to cut down on labour. As such, it may be hard to sell properties during this time. Additionally, when there is population growth and an increased housing supply, property prices will likely surge.

3. Competition

Consider the competition in your area. Should there be many similar properties for sale, you may need to be competitive with your pricing or wait for fewer listings to stand out. You can check out the people in your area selling properties online to gauge your competition. Another way to determine the best time to sell based on your competition is to consult a real estate salesperson in your area. That way, you can get advice on the best strategy to sell your property in a way that helps you achieve your goals.

Gain Insight into the Real Estate Market with Real Centre Network

Understanding the real estate market in Singapore is essential for those looking to sell property or embark on a career as a real estate salesperson. At Real Centre Network, we offer a comprehensive Real Estate Salesperson (RES) course designed to equip you with a deep understanding of the local real estate industry, including market trends, regulations, and best practices. This course is an essential step for those who want to excel in the competitive real estate market, providing the knowledge and skills necessary to navigate the complexities of property sales effectively.

Additionally, we also provide Continuing Professional Development (CPD) courses that cater to the ongoing educational needs of real estate professionals. Among these, our entrepreneurship training stands out, offering advanced insights and strategies for those looking to further their careers in real estate. This training is tailored to foster a deeper understanding of business development within the real estate sector, ensuring that participants are well-prepared to meet the challenges and opportunities of the industry.

By enrolling in our courses, you can gain access to valuable information and training that can significantly enhance your understanding and performance in the real estate market. Whether you’re just starting your career or looking to advance further, we provide the tools and knowledge necessary to achieve success in the dynamic field of real estate in Singapore.

For more information about selling properties in Singapore, check out our guide on how to handle difficult real estate negotiations and mistakes to avoid when closing real estate transactions.