How Transaction Prices Impact the Singapore Property Market: Ohmyhome HomerAI

Past transaction prices often set benchmarks for current and future valuations of properties within a particular area or development. When a property is sold, the transaction price becomes part of the historical data that potential buyers, sellers, and valuers use to gauge the market value of similar properties. 

For example, if recent transactions show an upward trend, sellers may price their properties higher, and buyers may be willing to pay more as they may expect the trend to continue. The first few transactions in a new development or area can also set an anchor price that future transactions are compared against. 

Where can you find the latest Singapore property transaction prices?

Several property platforms offer free tools where you can get a list of historical property transaction data, and of course, we tested them all. Here’s what we found:

99.co Property Valuation Tool

Apart from displaying the past transactions in your area in a table, which is how most companies and research agencies do it, 99.co’s Property Valuation Tool also displays the transacted properties on a map. This additional visual aid gives you a better understanding of its proximity to amenities, which could have influenced the final transacted price. 

PropertyGuru Property Valuation Tool

With PropertyGuru, you’ll be able to see when there are or aren’t any transactions for a particular year. However, this is more of a general view of the market, and you won’t be able to see the transaction history in your area or block. Remember: the most recent transacted prices in your development may become the standard price that your property valuation, and therefore asking price, may be compared against.

Ohmyhome HomerAI

Ohmyhome’s HomerAI does not just provide you with the transaction history in your area from the past 6 months, but it also presents all the homes sold by our Super Agents in the same area.

You’ll also get to see the average transacted price of properties sold near you and the total number of homes sold every month, from the past 6 months. All information provided by HomerAI is updated every month to reflect the latest transacted prices of properties in your area or development.

Which tool should you use?

Make sure to consider these factors:

• Accuracy. Is your home valuation and financial calculations true to market conditions?
  
• Transparency. Does the home valuation tool let you know the source for their data and information, and explain their valuation methodology?
  
• Comprehensiveness. Can you get all the information you need in one place?

Want to verify HomerAI’s insights with a property agent before selling your home?

You shouldn’t rely on assumptions when it comes to your home. So even with all the information you get from these property valuation tools, even HomerAI, you should still speak to a property agent to get their professional advice. With their experience and expertise, they can assist you with proper financial and timeline planning for your property journey.

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