Thirty eight percents of the residents in this area think Symphony Suites homes prices will fall over the next six months according to a recent study.
Thirty five percent felt there would be no change.
Executives in the area do not think decreasing home prices are bad. They want to keep the market stable and make sure the drop is not huge.
People in the age group 21 to 34 think the prices will rise. Younger buyers are not as familiar with the housing market warns experts.
Since 2009 prices of flats have begun to drop. The market for Symphony Suites Yishun private homes also showed slight drops since January 2014.
Home Prices Symphony Suites
The survey also asked about cooling measure from the government with regards to Symphony Suites. Seventy percent of the people knew at lease one of the six measures.
Many people were unaware of the Mortgage Servicing Ratio and the Total Debt Servicing Ratio programs.
According to the Director of Research and Consultancy some people may not known the terms associated with these programs. They do know that is has been harder to get a loan from a bank or other financial business. This survey interviewed 500 people in September and October.
An increase in the sales of Symphony Suites has increased the sales for private homes in November 2014. They were up from the pervious months. This information was provided by the Urban Redevelopment Authority.Last month there were 412 private condos sold. According to the URS this was a 67% improvement from previous sales.
Symphony Suites Sales
In October the home sold were only 855 units. This could have been due to the lack of availability of new units in this and previous months.
In November there were 2,617 new units and 1,758 were for private residents.
This figure is still 28 percent lower then the units that have been sold in November 2013.
This measure is often collected by the government including the department of Total Debt Servicing Ratio. This helps to stabilize the prices of units and private homes as well.
According to this data these figure still show for a strong housing market.
More concerned about Symphony Suites timeline
The units sold are based on figures from the Option to Purchase developers who report this information to the government. Not all of this reporting includes final sales including Symphony Suites.
A home buyer can purchase the home at a set price for a specific time period. In addition there may be a 5-10% fee from the company. If a person does not purchase the property within this time period the price is likely to changes. If they chose not to make the purchase the price may go up or they may have to find somewhere else to live allowing a new family to move in.