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I was on the phone with a friend whom I have not seen in many years. He was wondering if he could visit me during the Chinese New Year holidays, remembering belatedly that I moved out to stay on my own a few years ago.
When I told him that I sold my place more than a year ago and moved back to stay with my parents, he was incredulous.
"Why did you sell? Real estate in that area is really HOT now!"
His statement reminded me of what a bank officer asked me many years ago when I was at the bank to sell my unit trusts which went up 40% in value. Lucky me.
"Why are you selling now? The Chinese stock market is doing so well now and you are making money!"
To me, it is quite simple. Shouldn't I sell when it is hot and when I am making money? Is it better to sell when it turns cold and when I cannot make any money?
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12 comments:
Haha. Wise move. AK
Hi yeh,
I think it could be too early to tell but I feel that it was a good move. :)
Hi AK,
You are simply following Warren Buffett. Be fearful when everyone is greedy.
Wishing you a very prosperous CNY!
YHTan
I also sold my condo about two years ago. It went up about 100K by now. It is difficult to time the market and concur with AK that it is best to sell when the market is still hot. I had about twenty potential buyers on the first day of open house. The market was really hot then.
Hope you made the right move. Hot isnt good for those new couples :(
Serendipity can sometimes be great.
Hi YH Tan,
To tell the truth, I was indeed fearful. I was fearful that I could miss the chance to sell. ;)
Gong Xi Fa Cai! :)
Hi seefei,
I sold my place 1.5 years ago.
When I checked the caveats, I found that a similar unit was sold last year in August at the same price I sold mine at. That made me happy. ;p
Anyway, I've already put the proceeds to good use. Crossing fingers that things would turn out nicely. :)
Hi Seah,
Actually, quite a few couples came to view my place back then. In the end, I sold to a foreign investor who was able to beat the offers made by the locals. :(
Hi Lizardo,
Indeed! It is the best kind of discovery! :)
As they say: Nobody has become poor from taking profits...
Happy New Year to you, and Gong Xi Fa Cai! Looking forward to many more insights and discussions in the year of the snake.. may the 'great rotation' make us all rich for many years to come.. ;-)
Jay
Hi Jay,
To be quite honest, I feel that the day when I suffer a writer's block might not be far away! ;)
In the meantime, Gong Xi Fa Cai! :)
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