HDB launches resale flat listing portal for owners

The new system will motivate home owners if their listing rate goes beyond the highest negotiated cost of nearby units of the exact same level type by more than 10% in the past six months. “The cautious tracking and flagging of unreal pricing can assure that asking costs straighten extra carefully to cost patterns or valuations around, therefore lowering unforeseen rate increase in specified areas,” states Christine Sun, chief analyst and planner at OrangeTee Group.

She adds that some sellers might favor to preserve privacy or do not desire the headache of managing the offers themselves. Buyers comfy with technology and online purchases and have relevant market or sales understanding may identify the new online system valuable.

The resale listing site ought to benefit the industry and the public in the future, says Huttons’ Lee.

Vendors need to have a valid intent to resell before they can post or assign a sales representative to list on their part. The portal likewise gives the floor plan of the unit, which can be useful for old apartments where the proprietors may have lost them, says Lee Sze Teck, top supervisor of data analytics at Huttons Asia.

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However, those unclear regarding managing real property sales might still prefer having a sales representative or broker to encourage them on the sale procedure, help them with the application, and make sure that their homes are priced appropriately.

Enabling just buyers with HFE to get in touch with the owner or representative agent offers a tighter and extra regulated setting, consisting of generally real buyers and sellers. Nevertheless, the drawback is that sellers may not be touching the whole demand pool for their flat as some interested customers may not have a valid HFE letter yet and will not be able to call the owner, PropNex’s Lim points out.

HDB publicized today the soft launch of a new resale flat listing company effective tomorrow, May 13. The resale apartment website will be formally introduced eventually this month. It is going to enable flat owners that have subscribed their intent to sell with HDB to classify their resale apartments available for sale individually on the HDB level website.

The site will promptly be edited, considering the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) allocation for the lists. It will definitely save the owner and the salesperson time checking every month, says Huttons’ Lee.

“Without repeat postings, the listing of apartments in the market available will be streamlined, increasing openness, and possibly, enhancing the home scouting experience for prospective purchasers when they are browsing the lists,” claims Lim Yong Hock, major executive officer (KEO) of PropNex Real Estate.

Purchasers with a legitimate HFE may additionally have the ability to see the housing contributions and the loan amount for which they are a candidate. With this, they can filter listings that fit their conditions. They can schedule a scanning with the owner/salesperson in the website, states Huttons’ Lee. Purchasers can search throughout both built-to-order (BTO) and resale flats.

Alternatively, the owners can designate their real property agent to take care of the posting and manage the sale on their behalf. Just one listing is allowed per resale flat on HDB’s portal.

While possible purchasers can surf the listings on the resale portal, solely those with a legitimate HDB flat eligibility (HFE) letter can get the vendor’s or the hired salespersons’ information to schedule a visiting within the website.

By permitting each vendor to upload just one flat listing, the new listing platform serves to stop rate control and handle rate hikes, according to OrangeTee’s Sun. In contrast, some other on-line platforms may present multiple listings of the exact same unit with differing rates or marketed by various agents. “It could develop an incorrect perception that the location is in high demand, with several units up for sale in the exact same area, and bring about inflated costs if purchasers think they have actually selected the lowest-priced unit among several listings,” she says.


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