HDB launches resale flat listing portal for owners

The website will automatically be updated, factoring in the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) allocation for the listings. It will definitely save the property owner and the salesperson time visiting monthly, states Huttons’ Lee.

Nevertheless, those uncertain regarding handling property sales may still prefer having a sales agent or broker to encourage them on the sale process, help them with the application, and make sure that their properties are priced properly.

Alternatively, the owners can assign their real estate agent to deal with the listing and manage the sale on their part. Just one listing is permitted per resale flat on HDB’s website.

The brand-new system will trigger home sellers if their listing rate surpasses the highest negotiated cost of close-by units of the same flat type by more than 10% in the past 6 months. “The thorough monitoring and flagging of unlikely rates can ensure that asking rates straighten much more very closely to price trends or valuations around, thus decreasing unexpected cost surge in specified locations,” says Christine Sun, primary researcher and strategist at OrangeTee Group.

She adds that some vendors might favor to keep anonymity or do not want the hassle of taking care of the offers themselves. Purchasers comfortable with technology and on-line deals and have applicable market or sales expertise might identify the new online system valuable.

Purchasers with a valid HFE may likewise have the ability to see the real estate grants and the loan quantity for which they are eligible. With this, they can screen listings that fit their conditions. They can schedule a scanning with the owner/salesperson in the website, says Huttons’ Lee. Clients can search throughout both built-to-order (BTO) and resale apartments.

HDB announced today the soft launch of a brand-new secondhand condo listing service effective tomorrow, May 13. The resale apartment portal are going to be officially launched eventually this month. It will enable condo owners who have subscribed their intent to offer with HDB to list their resale apartments to sell separately on the HDB flat website.

While possible customers can browse the listings on the resale site, only those with a legitimate HDB flat eligibility (HFE) letter can get the vendor’s or the assigned salespersons’ information to arrange a viewing within the site.

Residence at W Singapore

By enabling each vendor to post only one flat list, the brand-new listing system offers to avoid price control and handle cost increases, according to OrangeTee’s Sun. In contrast, some other on the internet systems might display numerous listings of the very same unit with differing rates or marketed by different agents. “It could produce a false understanding that the area is in high need, with numerous units up for sale in the very same place, and lead to inflated prices if buyers believe they have actually selected the lowest-priced unit amongst several listings,” she states.

Allowing just buyers with HFE to contact the owner or representative agent gives a tighter and a lot more controlled setup, consisting of mainly authentic customers and vendors. However, the downside is that sellers might not be touching the whole demand pool for their flat as some interested purchasers may not have a legitimate HFE letter yet and will certainly not have the ability to get in touch with the homeowner, PropNex’s Lim explains.

Homeowners need to have a valid motive to sell before they can list or assign a salesman to list on their part. The portal also gives the layout of the unit, which can be valuable for old flats where the owners might have lost them, says Lee Sze Teck, top supervisor of information analytics at Huttons Asia.

The resale listing portal ought to benefit the market and the general public in the future, claims Huttons’ Lee.

“With no duplicate postings, the listing of condos in the market for sale will be structured, enhancing openness, and possibly, enhancing the home seeking experience for prospective purchasers when they are searching the lists,” claims Lim Yong Hock, key executive officer (KEO) of PropNex Real Estate.


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