Friday, May 15, 2009

Singapore Property - Transacted Price or Selling Price

Wow, time flies. It is about 2 months since my last posting here. Life has been very busy and hence the time "passed by faster"...

Anyway, just to share something that I realised recently. Of course, it is still related to Internet and property.

If you may know, Singapore property pricing is usually based on past transacted price. The reason is being transacted price is most reliable due to the fact that it is the price a willing seller and a willing buyer has reached an agreement.

However, I think situation may change because of Internet.

I was told by a client (property agent) that buyers who use Internet for house hunting, have an upper hand compare to those who do not. This is because those, so called Internet buyers, can compare properties and get information easily in the Internet. They are the well informed lot. This group of Internet buyers are growing everyday in the Singapore Property Market.

As compared to traditional media, information are not complete. It is not easy to compare the pricing of similar properties because of how information are provided using traditional media. However, Internet has increased the convenience of comparing the pricing of properties.

On the other hand, sellers can also make use of Internet to price their properties too! It works both side. Hence, sellers' agents or sellers themselves can also make use of Internet to keep up-to-date of the trend. This is something that agents need to get used to if they are to be competitive and win the trust of the owners.

Again, I am a true believer of Internet and strongly feel that Internet has changed our life for the better. It is a pity that most people are still not using it. These are people who are less privilege, who can afford it but are "afraid" of IT and who have no time to learn IT. Internet is not just for the young, hip and highly educated lot. Internet is just a way of life, like watching television and etc. When you need information, you just make use of Internet to do that. I used to joke and say "Internet is like a box of chocolate, you never know what you're gonna get.".... believe Forrest Gump mother may say that if Internet was available at that time...:) May be Search Engine or Advertising company can use this as their marketing catch phrase... :)

Well, hopefully, the day will come early when Internet access is so so so affordable and more and more people realise the Power of Internet and start using it. :) Enjoy the following video:-

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