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Have a home to sell in Singapore? Good news: According to recent URA data, real estate prices here are high and rising, so you’re sitting on a valuable asset. However, sales are slowing, and high mortgage interest rates keep many potential buyers on the sidelines.
In Q2 2023, the overall private residential property price index saw a smaller increase of 0.7% compared to 3.3% in the previous quarter (URA). For a seller, this indicates that the market is still growing but not as quickly as before, which could mean that buyers might be a bit more cautious or selective while demand is still strong. It’s still a good time to sell, but prices may not rise as sharply as in earlier months. This is why choosing to partner with the right real estate agent like Singapore Luxury Homes is more important now than ever.
Singapore’s real estate market is proving to be highly competitive and intense. Buyers face fierce competition and skyrocketing prices, requiring resilience to navigate the premium costs that top-tier properties command.
Is it possible to find a qualified buyer and speed up the usual process so that you can sell your house in Singapore fast and turn a nice profit?
How fast can you sell your home in Singapore
First, it helps to understand a bit about Singapore’s housing market to figure out how fast you might be able to sell.
Singapore’s luxury real estate boasts one of the priciest markets globally, which is both good (larger profits) and bad (fewer buyers who can afford it) for you as a seller. According to URA Realis caveat data, for example, detached homes were S$1,796 per square foot (psf), and terrace houses at S$1,870 psf led to the price increase.
Sky-high prices might explain why selling a home in Singapore takes a while. The minimum time to sell a home fast is approximately 12 weeks from start to closing. Once a buyer has been secured, there is usually an option period where the buyer has 14 days to exercise the Option to Purchase (OTP), following which a deposit of up to 4% of the purchase price is made. After that, the buyer will work on securing financing, which generally takes 4 to 8 weeks. During this period, lawyers for both parties will finalise the necessary documentation and legal checks. The entire process, from securing a buyer to closing, typically takes 3 to 4 months.
How should you price your listing?
First things first: How much is your house worth? To expedite a prompt sale, be prepared to establish an appropriate asking price based on local market conditions. Online home-value estimators can be a useful starting point, but it’s best to have your agent research local comps — nearby homes that are similar, or comparable, to yours — to determine a fair market value.
Price with precision: Set too high, and you risk scaring off serious buyers; set too low, and you leave thousands on the table. Find that sweet spot and maximise your returns by contacting the seasoned property agents at Singapore Luxury Homes.
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Is it worth upgrading your home before selling?
Is it worth upgrading your condo before selling in Singapore? For large-scale renovations like a full kitchen remodel, the answer is generally no. Such projects rarely recover their full cost at resale and can delay your sale while waiting for completion. Instead, focus on cost-effective upgrades that significantly improve your property’s appeal without heavy investment or long wait times.
Small improvements like a fresh coat of paint, modernising light fixtures, or even something simpler like having the same light bulb colour throughout your home or decluttering can make a big difference in how buyers perceive your space. Fixing minor issues, such as broken window panes or dripping faucets, is essential to making a good impression, but you don’t need to overhaul everything. Your agent can advise on which fixes are worth addressing, and which you can skip.
Finally, consider how inviting your condo feels to potential buyers. Cluttered rooms make it difficult for buyers to envision themselves living there. Make your space as neutral as possible. Simple reorganisation or professional home staging can help create a welcoming environment. Whether it’s decluttering to improve flow or renting furniture for an empty unit, your property agent can guide you on what makes the most sense for your property.
Work with trusted real estate agent
If you choose the traditional selling route, having a local real estate agent by your side will enhance your chances of securing a sale at or near the top of the market. A skilled agent plays a pivotal role in connecting you with potential buyers and takes on vital responsibilities such as marketing your home and negotiating for the best deal on your behalf.
Look for someone with extensive experience selling similar properties and a proven track record of successful sales. If speed is of the essence, be sure to let them know that upfront so they can plan accordingly.
Singapore’s luxury property market operates by its own rules. Singapore Luxury Homes’ deep understanding of the factors driving high-end real estate in neighbourhoods like Nassim Road, Cluny Park and Sentosa Cove allows us to position your property for maximum appeal.
We understand that privacy is paramount for many of our clients. Our off-market listing service has successfully sold some of Singapore’s most valuable properties without a single public advertisement.
Our network extends far beyond Singapore. We’ve cultivated relationships with family offices in Hong Kong, real estate moguls in Vietnam, and top advisors in Dubai. When you list with us, your property isn’t just placed on a website. It’s discreetly presented to a curated list of qualified buyers who understand and appreciate the true value of Singapore’s luxury real estate.
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List your home with us
At Singapore Luxury Homes, we orchestrate an effortless journey from initial valuation to final handover, curating every facet of your property transaction with meticulous detail.
Our bespoke concierge service elevates your property’s presentation and streamlines sales. Additionally, our partnerships with Singapore’s leading property lawyers ensure your interests are protected. We work with top-tier accounting firms to structure transactions that maximise financial security, coordinating cross-border payments and addressing every detail. We collaborate with family offices for multi-generational estates to align the sale with broader wealth transfer strategies.
Choosing Singapore Luxury Homes ensures your property reaches its full market potential. In a city where real estate is the ultimate luxury, we provide the expertise, network, and dedication to achieve the best possible outcome for your prized asset.
