HDB launches resale flat listing portal for owners
HDB released today the soft launch of a new resale condo listing assistance effective tomorrow, May 13. The resale flat portal are going to be officially introduced subsequently this month. It is going to enable flat owners who have signed up their intent to offer with HDB to classify their resale apartments to sell separately on the HDB level website.
Nevertheless, those uncertain regarding taking care of real estate sales might still choose having a sales representative or broker to recommend them on the sale process, help them with the application, and make sure that their homes are valued properly.
The resale listing site should profit the market and the public in the long run, says Huttons’ Lee.
“With no repeat listings, the listing of condos offered available are going to be structured, improving transparency, and potentially, enhancing the home seeking experience for possible customers when they are searching the lists,” claims Lim Yong Hock, key executive officer (KEO) of PropNex Realty.
While prospective purchasers can search the listings on the resale portal, only those with a valid HDB flat eligibility (HFE) letter can get the seller’s or the hired sales representatives’ information to set up an observation within the site.
By allowing each seller to publish only one flat list, the new listing system offers to prevent cost manipulation and manage price increases, according to OrangeTee’s Sun. On the other hand, other on the internet platforms may show several listings of the exact same unit with varying rates or marketed by different representatives. “It could produce a false understanding that the location is in high need, with lots of units up for sale in the exact same place, and bring about inflated costs if buyers think they have actually chosen the lowest-priced unit amongst several listings,” she says.
Alternatively, the owners can select their property agent to take care of the posting and take care of the sale on their part. Only one listing is enabled per resale flat on HDB’s portal.
Customers with a legitimate HFE will also have the ability to see the housing assistances and the loan quantity for which they are qualified. With this, they can screen listings that fit their requirements. They can set up a viewing with the owner/salesperson in the site, states Huttons’ Lee. Buyers can browse across both built-to-order (BTO) and resale apartments.
Enabling just customers with HFE to contact the proprietor or representative agent offers a tighter and a lot more regulated setting, comprising mainly authentic buyers and sellers. Nevertheless, the drawback is that sellers might not be tapping the whole interest pool for their flat as some interested customers might not have a legitimate HFE letter yet and will certainly not have the ability to speak to the homeowner, PropNex’s Lim points out.
Sellers need to have a valid intent to sell before they can post or assign a sales representative to list on their behalf. The portal additionally gives the layout of the unit, which can be useful for old flats where the proprietors might have lost them, says Lee Sze Teck, top supervisor of information analytics at Huttons Asia.
She includes that some vendors may like to maintain anonymity or do not desire the trouble of dealing with the deals themselves. Purchasers comfy with technology and online deals and have relevant market or sales expertise may identify the new online system useful.
The website will promptly be refreshed, considering the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) allocation for the lists. It will save the owner and the salesperson time visiting monthly, claims Huttons’ Lee.
The brand-new system will certainly motivate sellers if their listing rate goes beyond the greatest negotiated cost of neighboring units of the very same level type by more than 10% in the past 6 months. “The cautious checking and flagging of unreal prices can assure that asking costs align extra carefully to price trends or valuations around, hence decreasing unforeseen price increase in defined areas,” states Christine Sun, chief specialist and planner at OrangeTee Group.
