Property Transactions Crashed, Agents Go Hungry

[sgnewsalte]

http://www.salary.sg/2008/property-transactions-crashed-see-graph-agents-go-hungry/

Only 267 condominiums and private apartments changed hands in the whole of November.

This is the fourth consecutive month of decline in non-landed private property transactions, down from a peak of 1,613 recorded in July this year.

As property agents depend on transacting deals to make a living - sellers typically pay them 2% of transacted price as commissions - I reckon they must have been quite hungry last month.

Imagine thousands of agents sharing commissions from less than 300 deals.
Will they go hungrier? You bet, going by recent market sentiments and this comment.

And what does this say about property prices? If history is anything to go by, a crash in property prices is usually preceded by a crash in the number of transactions (see this graph from Business Times).

So I say again, property must crash.

 

[myfoot123]

The agents have already earned their fill during good years. Their savings should last them this lifetime.

 

[downgrader]

The agents have already earned their fill during good years. Their savings should last them this lifetime.

unfortunately a lot of time kena caught

 

[ArtBoon]

The number is taken from caveat lodged.

I thought that number is a % of actual transaction.

Extracted from URA:-

Why are there no records of recent transactions reported in the press?
This information service only covers property transactions with caveats lodged with the Singapore Land Authority.

Typically, caveats are lodged at least 2-3 weeks after a purchaser signed an option to purchase at the showflats. The press frequently reports the sales status of projects based on observations at showflats or interviews with developers. Therefore, what you read in the media will be different from the information shown here.

In addition, it is not compulsory to lodge a caveat for all property purchases. Lodging of caveats is usually done voluntarily by purchasers through their lawyers to protect their interest in the property.


http://www.ura.gov.sg/realEstateWeb/resources/misc/PMIFaq.jsp

http://www.salary.sg/2008/property-transactions-crashed-see-graph-agents-go-hungry/

Only 267 condominiums and private apartments changed hands in the whole of November.

This is the fourth consecutive month of decline in non-landed private property transactions, down from a peak of 1,613 recorded in July this year.

As property agents depend on transacting deals to make a living - sellers typically pay them 2% of transacted price as commissions - I reckon they must have been quite hungry last month.

Imagine thousands of agents sharing commissions from less than 300 deals.
Will they go hungrier? You bet, going by recent market sentiments and this comment.

And what does this say about property prices? If history is anything to go by, a crash in property prices is usually preceded by a crash in the number of transactions (see this graph from Business Times).

So I say again, property must crash.

 

[jesus]

unfortunately a lot of time kena caught

As LKY would say, their eyes are open.

 

[theblackhole]

aiyah, things go in cycles - ups and downs. why so pitiful? every profession also kena like this lah. don't have to worry about these property agents. many can survive.many have plenty of savings.many are also part-timers. so why worry. they will survive.

 

[Leegimeremover]

One needs to prostitute one's self to sell anything. So agents can open leg what. Some already doing it for sales. So now go geylang and fight!

 

[SammyHulk]

As Arnie said 'i will be back' ,so no problem

 

[mockingbird]

This time round almost everything is down down down ... Debt collection companies, liquidators, lawyer firms etc up up up

 

[chinkangkor]

There are still many transactions going on in the HDB resale market, although slowing down as well.