With Circuit Breaker coming to an end on the 1st of June, many are wondering what is it going to be like moving forth. As we all should know by now, the government will gradually release the Circuit Breaker in phases, with Phase 1 allowing only certain businesses to open and some students able to go back to school, most of the rest of us will only start to see things beginning to take shape upon Phase 2 and when more and more businesses and regular activities are allowed.

Having gone through Circuit Breaker, I'm sure everyone has developed new habits and practices to help get through the lockdown and things in the days ahead will surely be much different compared to before.

Many people who are looking at buying properties are also waiting for special discounts being offered by developers, which however, not many developers are giving. A good example would be a project called Parc Esta by developer MCL. No additional discounts were given by the developer during this period, understandably because this project has managed to achieve a sales figure of over 84% of the 1,399 units sold till date. Having been asked on multiple occasions during this Circuit Breaker period when I spoke to clients regarding this project if the developer is giving any attractive discounts, my reply to them is actually pretty simple. Putting yourself in the shoes of the developer, if you sold more then 30 units till date during this period without any discounts, will you give any special discounts if a buyer asked for it?

Real estate purchases, unlike our common day to day necessities or even 2nd hand cars, are unique. A 2 bedroom plus study unit, at 840 square feet, on the 8th floor, in a stack that faces towards the pool for example, is the one and only unit in the development. Once it is sold, there will be no replenishing or replacement of the unit besides the buyer having to choose a unit above or below (if available). The only choice the buyer will have if they are adamant on purchasing the said unit will be to wait for the unit to be put on the resale market when the owner decides to sell it, which in itself is a question mark. So, if you are the buyer that missed out on this opportunity, and if the unit that was sold at say, $1.4million today, will you be willing to buy the unit at $1.7million the day the owner of the unit decides to sell it?

To all my clients, after ensuring that their finances check out and all necessary loans and timelines planned and explained, I will always tell them that "today" will always be the best day to buy the property as yesterday has passed.

Having said that, today is INDEED, a great time to consider property purchases as bank loans are at record lows! So financing a property in today will cost much less then buyers who have bought at the same time last year. Existing property owners who are servicing loans can capitalise on the low interest rates to refinance their existing loans to enjoy savings on the mortgage payments!

​Want to find out more about how you can do so and which banks give the best interest rates today? Drop me a text or email to find out more!