It's been a year now since I have shifted to my new house. The whole family has adjusted to the new environment and routine in the new house. However, there is still one sticking thorn which has not been resolved. My previous still remain unsold till today.
The house has been up for sale since we shifted out last October. The house was first assigned to be sold by my long time friend. He left the bank and joined a realty company to start his new "venture" and selling my house was his first assignment. He managed to get a buyer within 2 months but the terms did not worked in my favour and the deal was aborted. I have even put in my own advertisement in the papers and calls that I got were all from agents and not from individual buyers themselves. The worst was when I advertised it in the Malay paper... not a call was received.
Just to change things, I have now assigned the sale of the house to a friend of my wife. A change to a female "property negotiator" might change my luck. Any how, I was on leave and took her for a ride to the house and told her the various good selling points to get the house sold.
In our discussion, what I gathered now is that there are many houses being built in and surrounding KL. There are buyers but the sale of these houses (which include condos) are rather slow. To add on to the number of houses for sale are houses which were left vacant when the owners upgraded their living quarters, just like me.
With house prices going above RM150K to nearly RM200K, it is not easy for a person to fork out 10% of the purchase price. Bank borrowing is easier nowadays as there are ample choices from the various financial institutions but then again the purchases repayment capacity will be the determination factor to get the loan. There are those who have been staying in flats and lower cost apartment who have accumulated enough funds to get a new house.
Most current house owners now have more one one piece of property. Take for instance, in my case, I own 2 houses now, even my wife owned an apartment of her own (which is now rented out). Then what about others who have better financial standing.
Conclusion, there are property buyers out there but the market is in the favour of the buyer at the moment. So I have to wait for my property to be sold.
1 comment:
I am waiting for the right time to buy one. I am hoping next year will even be a better year as I could see there is a lot of supply but there is no taker. If next year the BLR increase it will be even worse. Just like giving another step to the fallen market. Its not only you, I have few friends still waiting for buyer. I think the seller should change their mind set as now is no longer the seller market. Let go and inverst in other things. They will be better investment opportunity elsewhere. Just flow according to times...It is now the buyer market......
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