{"id":63201,"date":"2023-01-17T18:53:36","date_gmt":"2023-01-17T10:53:36","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=63201"},"modified":"2026-03-16T14:54:07","modified_gmt":"2026-03-16T06:54:07","slug":"8-property-topics-house-visiting-chinese-new-year","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/8-property-topics-house-visiting-chinese-new-year\/","title":{"rendered":"8 property-related topics you can bring up or do during house-visiting for Chinese New Year"},"content":{"rendered":"
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This Chinese New Year, three things are certain: Mandarin oranges, ang pows (\u7ea2\u5305) and pineapple tarts.<\/p>\r\n

From 22 January 2023 to the end of its 15-day run – this Lunar New Year celebration will see Singapore CNY celebrants wearing red and visiting as many houses as a property agent on a sunny day.<\/p>\r\n

While the above activities are certain, the types of conversations you’ll have during these visits aren’t.<\/p>\r\n

So, here’s an idea: since you’re visiting houses, and you’re familiar with the “property scene” (hey, you’re reading 99.co right?), why not discuss these 8 property-related topics among your grandparents, relatives and cousins?<\/p>\r\n

Instead of “when are you getting married?” and “when are you having children?”, try “houses are expensive these days” and “do you know how much your house is worth?”<\/p>\r\n

\"crazy
You don’t always get invited to someone’s home. CNY is definitely a great excuse to pay a visit and find out how much it’s worth.<\/figcaption><\/figure>\r\n

1. Be a smart ass and check the estimated Property Value of the house you’re visiting<\/h2>\r\n

Since you know the postcode and address of the house you’re visiting, you can do an estimated check on the value of the property.<\/p>\r\n

For example, you could be visiting your great-grandmother’s old condo, only to realise everyone’s sitting on a “Huat ah!” gold mine.<\/p>\r\n

All you need to do is to visit 99.co Property Value Tool<\/a>, enter the postcode, select property type (HDB, condo, etc.), floor level and unit. You’ll get an estimated value of how much the property is worth. \"property<\/a> We’ve even inserted a QR code here so you can invite your relatives to check theirs.<\/p>\r\n

\"property<\/a><\/p>\r\n

Note that the estimated value derived from our Property Value Tool is based on machine learning models across time, location and property attributes. The algorithm usually gives a less than 2-3% deviation of the property value from the final transacted price (based on past transacted records).<\/p>\r\n

However, when buying and selling the property, HDB or the financial institution approving the home loan will require an official valuation report. You’ll then need to engage one of their recommended valuers to produce the report.<\/p>\r\n

Still, with the estimated property value, your family, relatives and you can discuss ways to market and list the property (prior to engaging an agent<\/a>). If the house has perceived disadvantages<\/a>, there are ways to focus on the unit’s strengths and find a matching buyer.<\/p>\r\n

\"Excited,Kid,Happy,To,Visit,His,Grandparents,For,Chinese,New\"<\/a><\/p>\r\n

2. Lament about soaring rental prices (or the perks of being a landlord)<\/h2>\r\n

Everyone in Singapore is discussing soaring rent and when it’ll stabilise<\/a>.<\/p>\r\n

Since you’re house visiting, you can also broach the subject of finding spare bedrooms and tenancy opportunities.<\/p>\r\n

Maybe you have an overseas friend looking for work in Singapore who needs a place to rent?<\/p>\r\n

It definitely pays if you can help your “friend” source for a cheaper rental alternative from your relatives. Whatever the case, conversations during house visits can revolve around rental prices or the potential rental value of the house you’re visiting.<\/p>\r\n

You can also use 99.co’s Property Value Tool to derive an estimated rental value. \"\"<\/a> In the example above, a 4-room HDB flat at Jurongville has an estimated resale value of S$471k and an estimated rental value of S$2,400 a month.<\/p>\r\n

3. Talk about the US interest rates and their impact on local banks’ mortgage rates<\/h2>\r\n

During your house visit, you may be in a circle of uncles and granduncles who only talk about CPF, financial investments, politics, and that 5-million TOTO draw.<\/p>\r\n

What better way to sneak into their conversation than talking about the recent lower-than-expected US Consumer Price Index (CPI) inflation rate? In December 2022, US inflation was 6.5% (falling from November’s 7.1%). There’s a glimmer of hope, but time will tell.<\/p>\r\n

Lower inflation may see the US Federal Reserve ease its interest rate hikes.<\/p>\r\n

This easing translates to lower costs for inter-bank lending, and that will spill over to consumer home loan or mortgage interest rates. Consumer home loan rates, traditionally based on SOR and SIBOR, will transition to SORA<\/a>.<\/p>\r\n

Here’s a historical chart of SORA rates over the past two weeks:<\/p>\r\n<\/colgroup>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
SORA Publication Date<\/strong><\/td>\r\nSORA<\/strong><\/td>\r\nCompound SORA – 1 month<\/strong><\/td>\r\nCompound SORA – 3 month<\/strong><\/td>\r\nCompound SORA – 6 month<\/strong><\/td>\r\n<\/tr>\r\n
04 Jan 2023<\/td>\r\n2.1567<\/td>\r\n2.5722<\/td>\r\n3.0166<\/td>\r\n2.5587<\/td>\r\n<\/tr>\r\n
05 Jan 2023<\/td>\r\n2.4019<\/td>\r\n2.5201<\/td>\r\n3.0049<\/td>\r\n2.5621<\/td>\r\n<\/tr>\r\n
06 Jan 2023<\/td>\r\n2.6482<\/td>\r\n2.4918<\/td>\r\n3.0008<\/td>\r\n2.5668<\/td>\r\n<\/tr>\r\n
09 Jan 2023<\/td>\r\n3.1851<\/td>\r\n2.4715<\/td>\r\n2.998<\/td>\r\n2.5902<\/td>\r\n<\/tr>\r\n
10 Jan 2023<\/td>\r\n3.7433<\/td>\r\n2.4912<\/td>\r\n3.0019<\/td>\r\n2.6002<\/td>\r\n<\/tr>\r\n
11 Jan 2023<\/td>\r\n3.4177<\/td>\r\n2.5004<\/td>\r\n3.0074<\/td>\r\n2.6085<\/td>\r\n<\/tr>\r\n
12 Jan 2023<\/td>\r\n3.2209<\/td>\r\n2.5032<\/td>\r\n3.0057<\/td>\r\n2.6156<\/td>\r\n<\/tr>\r\n
13 Jan 2023<\/td>\r\n3.3641<\/td>\r\n2.5285<\/td>\r\n3.0115<\/td>\r\n2.6242<\/td>\r\n<\/tr>\r\n
16 Jan 2023<\/td>\r\n3.8002<\/td>\r\n2.7011<\/td>\r\n3.0298<\/td>\r\n2.6554<\/td>\r\n<\/tr>\r\n
17 Jan 2023<\/td>\r\n3.4653<\/td>\r\n2.7374<\/td>\r\n3.0328<\/td>\r\n2.6638<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n

Notice the slight dip in the daily rate on 17 Jan 2023? Monitor that diligently. (Source: Monetary Authority of Singapore (MAS))<\/em><\/p>\r\n

Due to hikes in interest rates (and the resulting mortgage rates), the government introduced cooling measures on 30 September 2022 to ensure responsible borrowing among home buyers and sellers. This includes the higher stress-test interest rates<\/a> for loan approval.<\/p>\r\n

Hopefully, as the US CPI trends downwards through 2023, we’ll see a greater easing in the US interest rate hikes and lower stress-test interest rates when we refinance our home loans this year.<\/p>\r\n

\"Loving,Asian,Young,Couple,Making,A,Selfie,In,Front,Of\"<\/a><\/p>\r\n

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