HDB launches resale flat listing portal for owners

The new system will certainly trigger sellers if their listing price surpasses the highest negotiated price of neighboring units of the same flat type by more than 10% in the past six months. “The careful checking and flagging of unreal pricing can ensure that asking prices align much more carefully to price trends or estimates around, therefore reducing unforeseen cost spikes in defined locations,” states Christine Sun, chief specialist and planner at OrangeTee Group.

Sellers must have a legitimate intent to resell before they can list or appoint a sales representative to list on their part. The website likewise provides the layout of the unit, which can be helpful for old flats where the proprietors may have lost them, claims Lee Sze Teck, senior director of information analytics at Huttons Asia.

Nonetheless, those unclear about taking care of real property sales might still choose having a sales representative or broker to suggest them on the sale process, help them with the application, and make sure that their apartments are priced correctly.

“With no repeat postings, the listing of apartments available are going to be structured, improving transparency, and potentially, enhancing the home scouting experience for potential buyers when they are searching the lists,” says Lim Yong Hock, key executive officer (KEO) of PropNex Realty.

HDB announced today the soft launch of a brand-new secondhand condo listing company effective tomorrow, May 13. The resale flat website will be formally introduced later this month. It will certainly enable condo owners who have subscribed their intent to offer with HDB to list their resale flats for sale separately on the HDB flat website.

Lentor Hills Residences Guocoland, Hong Leong and TID Pte Ltd

The site will systematically 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 visiting every month, claims Huttons’ Lee.

Alternatively, the owners can appoint their property representative to handle the advertisement and take care of the sale on their behalf. Only one listing is allowed per resale flat on HDB’s portal.

Buyers with a valid HFE can additionally be able to see the housing grants and the loan quantity for which they are qualified. With this, they can screen listings that fit their needs. They can schedule a scanning with the owner/salesperson in the website, says Huttons’ Lee. Clients can browse throughout both built-to-order (BTO) and resale flats.

The resale listing portal need to benefit the market and the public in the future, states Huttons’ Lee.

By permitting each seller to upload only one flat list, the brand-new listing system serves to prevent cost manipulation and take care of rate hikes, according to OrangeTee’s Sun. In contrast, other on-line platforms may present several listings of the very same unit with varying rates or marketed by various representatives. “It might produce a false understanding that the area is in high demand, with numerous units up for sale in the exact same location, and bring about inflated rates if buyers think they have actually picked the lowest-priced unit among numerous listings,” she states.

While possible customers can surf the listings on the resale portal, simply those with a legitimate HDB flat eligibility (HFE) letter can get the vendor’s or the hired salesmans’ details to set up a viewing within the portal.

She includes that some vendors may favor to maintain anonymity or do not desire the headache of dealing with the deals themselves. Buyers comfortable with technology and on-line purchases and have appropriate market or sales understanding may find the new online system beneficial.

Permitting just customers with HFE to call the proprietor or representative agent provides a tighter and more regulated setting, consisting of mainly genuine purchasers and vendors. Nevertheless, the downside is that sellers may not be tapping the whole demand pool for their flat as some interested purchasers might not have a legitimate HFE letter yet and will not be able to call the owner, PropNex’s Lim mentions.

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