What do home buyers need to take note of about the property market in Singapore given COVID-19 and how can we overcome them or at least be prepared for it especially since it will last even till 2021?

Home buyers need to be prudent at this time, especially with regard to upgrading.

As always, they should adhere to guidelines like a property costing no more than five times their annual combined income, with costs (including home loan repayment) at no more than 30 per cent of combined monthly income.

They should not presume that home prices will be lower just because it's Covid-19 (in fact home prices have been on an uptrend).

If you're buying a flat, today you can set aside up to $20,000 in your CPF insted of using all of it. In light of the Covid-19 downturn, it's a good idea to set aside at least six months of the home loan repayment in your OA, if you don't want to set aside all $20,000. That's to keep your loan serviced in the event of retrenchement, etc.

The one advantage on the side of home buyers is that home loan interest rates are low; it should be possible to get it at around 1.3 per cent right now.