HDB launches resale flat listing portal for owners

The portal will systematically be updated, factoring in the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) quota for the advertisements. It will definitely save the property owner and the salesperson time reviewing monthly, claims Huttons’ Lee.

The brand-new system will motivate sellers if their listing price exceeds the highest possible negotiated rate of close-by units of the exact same level type by greater than 10% in the past 6 months. “The thorough tracking and flagging of unreal pricing can assure that asking prices line up extra very closely to cost trends or estimates around, therefore reducing unexpected price spikes in specified areas,” states Christine Sun, primary researcher and planner at OrangeTee Group.

While prospective buyers can surf the listings on the resale portal, solely those with a valid HDB flat eligibility (HFE) letter can obtain the seller’s or the appointed salespersons’ information to schedule a viewing within the site.

Hill House condo

“Without any duplicate listings, the listing of flats offered for sale are going to be streamlined, improving openness, and possibly, improving the home hunting experience for potential buyers when they are scanning the listings,” says Lim Yong Hock, major executive officer (KEO) of PropNex Real Estate.

Additionally, the proprietors can assign their real estate broker to take care of the posting and manage the sale on their part. Just one listing is allowed per resale flat on HDB’s website.

The resale listing website need to profit the industry and the public in the future, says Huttons’ Lee.

Vendors need to have a legitimate intention to sell before they can classify or assign a salesperson to list on their account. The portal additionally supplies the layout of the unit, which can be valuable for old flats where the proprietors may have lost them, states Lee Sze Teck, senior director of data analytics at Huttons Asia.

Purchasers with a legitimate HFE can also be able to see the housing contributions and the loan amount for which they are eligible. With this, they can screen listings that fit their guidelines. They can set up a viewing with the owner/salesperson in the portal, claims Huttons’ Lee. Clients can search across both built-to-order (BTO) and resale flats.

She adds that some sellers may favor to maintain anonymity or do not want the inconvenience of taking care of the bargains themselves. Buyers comfortable with technology and on the internet deals and have appropriate market or sales understanding might identify the new online system helpful.

By allowing each vendor to upload only one flat list, the new listing platform offers to avoid price control and handle rate increases, according to OrangeTee’s Sun. On the other hand, other on-line systems may show several listings of the same unit with differing prices or marketed by different representatives. “It could develop a false perception that the area is in high need, with lots of units up for sale in the exact same place, and result in higher rates if buyers believe they have selected the lowest-priced unit among numerous listings,” she claims.

Nonetheless, those unclear concerning taking care of real property sales might still choose having a sales representative or broker to advise them on the sale procedure, help them with the application, and guarantee that their homes are priced appropriately.

Permitting only buyers with HFE to call the proprietor or representative agent offers a tighter and more controlled setup, making up generally authentic buyers and sellers. However, the downside is that sellers might not be tapping the whole demand pool for their flat as some interested purchasers might not have a legitimate HFE letter yet and will certainly not be able to speak to the homeowner, PropNex’s Lim points out.

HDB announced today the soft launch of a brand-new secondhand flat listing company effective tomorrow, May 13. The resale flat site will be officially introduced later this month. It will certainly enable flat owners that have signed up their intent to offer with HDB to list their resale apartments up for sale independently on the HDB flat portal.

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