HDB launches resale flat listing portal for owners

Sellers must have a legitimate intention to offer before they can list or assign a salesman to list on their part. The website likewise gives the layout of the unit, which can be helpful for old apartments where the proprietors might have misplaced them, says Lee Sze Teck, top supervisor of information analytics at Huttons Asia.

By enabling each vendor to upload only one flat home listing, the brand-new listing platform offers to avoid cost manipulation and manage cost hikes, according to OrangeTee’s Sun. On the other hand, some other on the internet platforms might present numerous listings of the very same unit with varying rates or marketed by various representatives. “It could create an incorrect understanding that the area is in high demand, with many units up for sale in the exact same place, and result in higher prices if customers believe they have actually picked the lowest-priced unit amongst several listings,” she claims.

Buyers with a valid HFE will likewise have the ability to see the real estate grants and the loan amount for which they are a candidate. With this, they can screen listings that fit their requirements. They can schedule a scanning with the owner/salesperson in the site, claims Huttons’ Lee. Buyers can browse throughout both built-to-order (BTO) and resale flats.

“Without repeat postings, the listing of condos offered for sale will be structured, increasing transparency, and possibly, enhancing the home scouting experience for possible purchasers when they are searching the listings,” says Lim Yong Hock, key executive officer (KEO) of PropNex Realty.

The new system will certainly prompt sellers if their listing cost exceeds the highest negotiated price of neighboring units of the exact same level type by greater than 10% in the past six months. “The thorough tracking and flagging of unrealistic prices can guarantee that asking costs align much more closely to cost trends or assessments around, hence reducing sudden rate increase in defined areas,” says Christine Sun, chief specialist and planner at OrangeTee Group.

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Nevertheless, those not sure about handling building sales might still would prefer having a sales representative or broker to encourage them on the sale process, help them with the application, and make certain that their homes are valued properly.

Alternatively, the owners can appoint their property agent to manage the advertisement and handle the sale on their behalf. Only one listing is permitted per resale flat on HDB’s site.

She includes that some vendors might favor to preserve anonymity or do not want the headache of handling the deals themselves. Customers comfortable with technology and online deals and have appropriate market or sales understanding may find the new online system valuable.

While prospective customers can search the listings on the resale site, simply those with a legitimate HDB flat eligibility (HFE) letter can acquire the vendor’s or the appointed salesmans’ details to schedule an observation within the portal.

The website will automatically be refreshed, factoring in the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) quota for the lists. It will definitely save the property owner and the salesperson time reviewing each month, states Huttons’ Lee.

HDB publicized today the soft launch of a new secondhand flat listing service effective tomorrow, May 13. The resale apartment website are going to be officially launched subsequently this month. It will make it possible for condo owners that have registered their intent to sell with HDB to classify their resale apartments to sell independently on the HDB level portal.

Permitting only purchasers with HFE to contact the proprietor or representative agent gives a tighter and a lot more structured setup, consisting of mainly genuine purchasers and sellers. Nevertheless, the disadvantage is that sellers 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 certainly not be able to contact the property owner, PropNex’s Lim explains.

The resale listing website should benefit the sector and the public in the future, claims Huttons’ Lee.


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