HDB launches resale flat listing portal for owners
HDB announced today the soft launch of a brand-new secondhand flat listing company effective tomorrow, May 13. The resale flat website will be formally introduced eventually this month. It will allow flat owners that have subscribed their intent to offer with HDB to classify their resale flats up for sale individually on the HDB flat portal.
By enabling each vendor to publish only one flat home listing, the new listing system serves to prevent cost manipulation and manage price increases, according to OrangeTee’s Sun. On the other hand, some other on the internet systems may display numerous listings of the same unit with varying costs or marketed by different representatives. “It might create an incorrect understanding that the location is in high need, with several units up for sale in the same location, and cause inflated costs if customers believe they have chosen the lowest-priced unit among several listings,” she claims.
Buyers with a legitimate HFE will additionally be able to see the housing grants and the loan quantity for which they are suitable. With this, they can filter listings that fit their guidelines. They can schedule a viewing with the owner/salesperson in the portal, says Huttons’ Lee. Purchasers can browse across both built-to-order (BTO) and resale apartments.
The resale listing website should benefit the market and the public in the long run, states Huttons’ Lee.
“With no repeat postings, the listing of condos offered available are going to be structured, improving transparency, and possibly, enhancing the home scouting experience for prospective customers when they are browsing the lists,” says Lim Yong Hock, major executive officer (KEO) of PropNex Real Estate.
Sellers have to have a valid intent to sell before they can post or select a salesperson to list on their part. The website additionally provides the layout of the unit, which can be useful for old flats where the owners may have lost them, states Lee Sze Teck, senior supervisor of data analytics at Huttons Asia.
The brand-new system will trigger sellers if their listing rate surpasses the greatest negotiated rate of neighboring units of the very same level kind by more than 10% in the past six months. “The careful checking and flagging of unlikely prices can guarantee that asking costs align more closely to price patterns or estimates around, thus reducing unexpected cost surge in specified locations,” states Christine Sun, chief specialist and planner at OrangeTee Group.
Allowing only purchasers with HFE to get in touch with the owner or representative agent supplies a tighter and a lot more structured setup, consisting of mostly real purchasers and sellers. Nonetheless, the downside is that vendors may not be touching the whole demand pool for their flat as some interested purchasers might not have a valid HFE letter yet and will not have the ability to call the owner, PropNex’s Lim points out.
Additionally, the owners can select their property representative to deal with the listing and take care of the sale on their part. Just one listing is enabled per resale flat on HDB’s website.
She includes that some sellers may like to maintain privacy or do not want the inconvenience of dealing with the bargains themselves. Buyers comfy with technology and on the internet deals and have appropriate market or sales understanding may discover the brand-new online system useful.
Nonetheless, those unsure regarding handling property sales might still would prefer having a sales representative or broker to advise them on the sale procedure, help them with the application, and make sure that their apartments are priced appropriately.
The site will automatically be updated, factoring in the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) allocation for the lists. It will definitely save the property owner and the salesperson time reviewing on a monthly basis, states Huttons’ Lee.
While prospective buyers can browse the listings on the resale site, only those with a legitimate HDB flat eligibility (HFE) letter can acquire the seller’s or the appointed salesmans’ details to schedule an observation within the website.
