Housing pricing is hitting a new high on the back of high demand from buyers, be it public HDB or private housing. Buyers are desperate to land a house fast before the sellers increase their selling price again.

Yes, I am very busy now.  After all, this is the best time we must work hard to get the best out of the market. And I am putting up some observations I see that are re-appearing since the peak in 2007.

The house sellers are at the upper hand in a boom time, especially when they are not in a hurry to sell. Today, the asking pricing of house owners is somehow pegged to the newspaper headline. When the newspaper publishes positive statistics by URA or HDB, or record breaking transactions of HDB and private launches, the asking prices will then be adjusted upwards. I have personally experience the price adjustment 2 times over 1 week. And I have to advise all the prospective buyers on this (which can be quite frustrating to some buyers).

In a boom time like we are facing now, we also tend to screen the buyers more strictly too (based on the request of owners). The prospective buyers are advised of the minimum asking price that the owners are asking for. In addition, my advice to my prospective buyers is to consult their bankers before they are out for shopping. Once they really favor the house, it is best they are aware the financial strength before committing to the Option to Purchase. Since I ever have cases that the buyer did not manage to get the house they want, since they were not in time to confirm their financing package.

There is high optimism in the air, we agents can sense it so do the sellers and buyers. I am not sure how fast and how much the price hike is continuing. However I hope that the situation will moderate. Since everything builds up fast with no solid foundation on demand will not last long. As an agent, I will rather hope for a steady economy with ample transactions for us to work on, rather than a come and go boom that ends up no job for us.