HDB launches resale flat listing portal for owners

The brand-new system will certainly trigger home owners if their listing cost goes beyond the greatest negotiated price of nearby units of the very same flat kind by greater than 10% in the past six months. “The careful tracking and flagging of unreal prices can guarantee that asking costs align much more closely to price patterns or estimates in the vicinity, thus reducing unforeseen price surge in defined areas,” says Christine Sun, chief researcher and strategist at OrangeTee Group.

By enabling each vendor to post only one flat list, the new listing system offers to avoid rate adjustment and take care of cost hikes, according to OrangeTee’s Sun. On the other hand, other on-line platforms might show multiple listings of the same unit with varying costs or marketed by different representatives. “It might produce an incorrect understanding that the location is in high demand, with lots of units up for sale in the same place, and result in higher prices if customers believe they have actually chosen the lowest-priced unit among a number of listings,” she says.

HDB announced today the soft launch of a brand-new secondhand flat listing company effective tomorrow, May 13. The resale flat site will be formally released eventually this month. It will allow flat owners who have signed up their intent to offer with HDB to classify their resale flats to sell independently on the HDB level website.

Hillhaven condo floor plan

The portal will promptly be edited, considering the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) allocation for the listings. It will save the owner and the salesperson time checking on a monthly basis, claims Huttons’ Lee.

Sellers have to have a legitimate motive to resell before they can post or select a salesman to list on their part. The portal likewise gives the floor plan of the unit, which can be useful for old flats where the owners might have misplaced them, says Lee Sze Teck, top director of information analytics at Huttons Asia.

Alternatively, the proprietors can assign their real estate broker to take care of the posting and take care of the sale on their part. Just one listing is allowed per resale flat on HDB’s site.

While possible buyers can surf the listings on the resale website, simply those with a valid HDB flat eligibility (HFE) letter can acquire the vendor’s or the hired salespersons’ details to schedule a visiting within the site.

Buyers with a valid HFE may also be able to see the real estate grants and the loan amount for which they are qualified. With this, they can screen listings that fit their conditions. They can arrange a scanning with the owner/salesperson in the portal, says Huttons’ Lee. Clients can look across both built-to-order (BTO) and resale flats.

The resale listing portal need to profit the industry and the general public in the future, says Huttons’ Lee.

Permitting only purchasers with HFE to contact the proprietor or representative agent provides a tighter and more regulated setting, consisting of primarily genuine purchasers and vendors. However, the drawback is that vendors might not be tapping the whole demand pool for their flat as some interested purchasers might not have a valid HFE letter yet and will not be able to call the homeowner, PropNex’s Lim explains.

She includes that some sellers might like to preserve privacy or do not desire the trouble of dealing with the deals themselves. Buyers comfortable with technology and online purchases and have applicable market or sales understanding may discover the brand-new online system beneficial.

Nevertheless, those not sure about handling real property sales might still prefer having a sales representative or broker to recommend them on the sale procedure, help them with the application, and ensure that their residential properties are priced appropriately.

“With no repeat listings, the list of apartments offered available are going to be structured, increasing transparency, and possibly, boosting the home seeking experience for prospective purchasers when they are scanning the lists,” says Lim Yong Hock, major executive officer (KEO) of PropNex Realty.


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