Do you also feel nervous before making a big purchase? Especially with something as serious as property. You're always unsure if it's the right time to buy. Maybe the monthly repayments look a little too tight, or maybe you're hoping that prices will drop. So it makes sense that you feel a bit hesitant. No one wants to have regrets later.BUT- waiting around doing nothing is not going to help you either. Instead, let's go through some key indicators that can help you decide if now is a good time to buy or if you should hang tight. In this article: Interest rates GDP Population reflects demand Will we face oversupply? So... Is now the right time to buy?Interest ratesAs of the time of writing, the 3-month Singapore Overnight Rate Average (SORA) stands at 2.35%, down from its peak of approximately 3.76% in late 2023. This decline indicates a gradual easing of borrowing costs, which is good news for those who have been meaning to get a housing loan, as mortgage rates are starting to ease.If you're financially ready, it's a good time to enter the market now. If not, you might miss out on the right unit or risk paying more. Then, it won't even matter that interest rates drop even further. If property prices go up, you simply have to pay more.Just look at how prices have moved at Treasure @ Tampines. Back on 27 July 2019, a 3-bedroom unit (1,012 sqft) was transacted at $1,319 psf, or about $1.335 million. Not even three years later, a similar unit (1,033 sqft) was sold at $1,584 psf. That's $302,000 for essentially the same layout. The more you delay, the more you pay later.So if you're still undecided, it might be better to go with a floating-rate for now, then refinance later if and when rates fall more. That way, you can keep your options open without missing out on a good opportunity.In any case, don't be too discouraged by high interest rates because you might even reap more returns. Take Florence Residences for example. Owners who purchased their units in 2019, amidst cooling measures and high interest rates, made the most profit in the end.GDPBe honest, do you spend more when the economy is doing bad or good?If you're like most people, then you probably get into a spending mood when the economy is booming. You know, when the job feels secure and bonuses are rolling in. But when times are good, prices, including property, tend to go up too. So if you wait until the economy looks "safe", you might miss your chance to buy the dip and end up paying more.Generally, a good opportunity for buyers is when the YOY% is below 2%. If you pay attention to the examples I've marked above, you'll notice that whenever the YOY% GDP drops below 2%, it presents a good entry point for buyers since the price psf tends to be lower. Then, when the GDP bounces back up, the price psf follows suit. So, moral of the story is: sometimes, buying when everyone else has fear puts you one step ahead.Recently, the Ministry of Trade and Industry (MTI) downgraded this year's GDP growth forecast to 0 to 2% in light of Trump's tariffs on global trade. So, it might actually be a good time to start looking up some projects if you haven't already.Population reflects demandIt's quite simple. More people = more housing demand, regardless of whether it's first-time buyers, upgraders, investors, locals, or immigrants. The constant demand drives prices up. But as more people retire and fewer young citizens replace them, that demand pool could shrink. And it's no secret that Singapore is growing older and fast.With longer lifespans and one of the world's lowest fertility rates, we are hurtling toward a demographic tipping point. By 2030, 1 in 4 Singaporeans will be aged 65 and above, and that number is only set to grow.Older homeowners may choose to downgrade, move into retirement-style living, or pass on property through inheritance. But if too many properties enter the market, and not enough younger households are around to buy them, supply could start outpacing demand. What happens then? Prices go down.Some of you are going to think, "Great, I can finally afford to buy a home".?? Well, don't celebrate just yet. If the property market crashes, there will also be job losses, weaker banks, and people owing more than their homes are worth. The whole economy could take a hit. So yes, homes will be more affordable, but at what cost?Accordingly, the government monitors the population trends so that there's a steady increase every year. As of June 2024, the population stands at 6.04 million, and it's expected to hit 6.5 million by 2030.Source: population.gov.sgHaving a steady population growth can help boost the economy and fulfil workforce needs. Because when there are more people, there's also a need for more homes.Of course, supporting marriage and parenthood among citizens plays a crucial role in achieving a sustainable population size. But, with birth rates falling and the population ageing, supporting immigration may help too, especially by granting citizenship and permanent residency.Source: pmo.gov.sgUnlike expats, who mostly rent, citizens and PRs are more likely to buy homes, likely due to the current ABSD regulations (foreigners pay 60% ABSD, while PRs pay just 5% on their first property). So, many expats may rent first, then apply for PR before purchasing a home.Alas, immigration comes with its own challenges. It's a tricky balance between bringing in new people and ensuring locals don't miss out on job opportunities or social support.Will we face oversupply?Actually, there's no magic number that can tell us when the market is oversupplied or undersupplied. It all comes down to market sentiment. You could have a large housing stock, but if buyers are confident about the future, prices can still rise.That's why even with over 19,000 unsold units in Q4 2024, prices haven't nosedived. Because the long-term fundamentals (population growth, land scarcity, and economic strength) are still intact.Singapore's housing market has always shown resilience, bouncing back stronger after short-term dips. So, unless population growth slows down unexpectedly (and the government does nothing about it) or demand from new citizens and PRs fails to materialise, there's no reason for us to worry about facing oversupply.Besides, if Singapore hits its 6.5 million population target by 2030, we would need nearly 25,000 homes, which exceeds the current unsold inventory. Supply may look high for now, but it's likely preparation to meet future demand.This means that prices are unlikely to crash, and it might be a good time to enter the market before the next wave of demand pushes prices further up.So... Is now the right time to buy?Honestly, no one can time the market perfectly. But that doesn't mean you should wait around for a "perfect" moment that may never come. What you can do is make smart, informed decisions.Right now, we're seeing a good alignment of three key factors that matter to homebuyers, where interest rates are easing, GDP growth is modest (which historically benefits buyers), and the nation's population growth is on track to support long-term housing demand. This is the sweet spot for buyers to enter the market. And you don't have to worry so much because Singapore's property prices have consistently proven to be resilient. So if you have the financial means, better start looking around for the right project.Still not sure? Well, if you don't want to hear it from me, at least do yourself a favour and hear it from the pros. We have an upcoming seminar where industry experts will break things down in more detail, so please come join us there.Views expressed in this article belong to the writer(s) and do not reflect PropNex's position. 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