HDB launches resale flat listing portal for owners

The website will promptly be edited, factoring in the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) quota for the lists. It will definitely save the owner and the salesperson time visiting monthly, claims Huttons’ Lee.

HDB announced today the soft launch of a brand-new secondhand flat listing assistance effective tomorrow, May 13. The resale apartment website will be officially released later this month. It will allow flat owners who have registered their intent to sell with HDB to classify their resale flats up for sale individually on the HDB level portal.

Nonetheless, those unsure about handling real property sales may still choose having a sales representative or broker to encourage them on the sale procedure, help them with the application, and make sure that their properties are valued properly.

While potential buyers can browse the listings on the resale portal, only those with a legitimate HDB flat eligibility (HFE) letter can get the vendor’s or the assigned salesmans’ information to set up an observation within the site.

By allowing each vendor to post just one flat list, the brand-new listing system serves to avoid price adjustment and manage cost hikes, according to OrangeTee’s Sun. In contrast, some other on-line systems may present numerous listings of the exact same unit with differing prices or marketed by various agents. “It could create a false understanding that the area is in high demand, with lots of units up for sale in the exact same area, and lead to higher costs if customers believe they have actually picked the lowest-priced unit among a number of listings,” she claims.

The resale listing website must benefit the market and the public in the future, says Huttons’ Lee.

Additionally, the owners can appoint their real estate agent to manage the listing and manage the sale on their part. Just one listing is enabled per resale flat on HDB’s portal.

Homeowners have to have a valid motive to resell before they can list or assign a sales representative to list on their account. The portal additionally provides the layout of the unit, which can be valuable for old apartments where the proprietors might have misplaced them, says Lee Sze Teck, senior supervisor of information analytics at Huttons Asia.

Meyer Blue floor plan

“Without duplicate postings, the listing of condos offered for sale are going to be streamlined, increasing transparency, and potentially, improving the home seeking experience for possible purchasers when they are searching the lists,” states Lim Yong Hock, key executive officer (KEO) of PropNex Realty.

The new system will prompt home owners if their listing rate surpasses the highest possible negotiated price of neighboring units of the exact same flat kind by more than 10% in the past 6 months. “The cautious checking and flagging of unrealistic prices can ensure that asking costs straighten extra very closely to cost patterns or valuations in the vicinity, hence decreasing unforeseen cost surge in specified areas,” says Christine Sun, chief researcher and strategist at OrangeTee Group.

Permitting only purchasers with HFE to speak to the proprietor or representative agent provides a tighter and much more structured setup, consisting of mostly real customers and vendors. Nevertheless, the downside is that vendors may not be touching the entire demand pool for their flat as some interested customers might not have a legitimate HFE letter yet and will not be able to contact the property owner, PropNex’s Lim explains.

She adds that some sellers may choose to preserve privacy or do not want the headache of dealing with the deals themselves. Buyers comfortable with technology and on-line purchases and have applicable market or sales expertise might find the brand-new online system beneficial.

Customers with a legitimate HFE may likewise have the ability to see the housing assistances and the loan amount for which they are suitable. With this, they can filter listings that fit their conditions. They can arrange a viewing with the owner/salesperson in the site, states Huttons’ Lee. Buyers can search across both built-to-order (BTO) and resale apartments.


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