HDB launches resale flat listing portal for owners
HDB released today the soft launch of a new resale condo listing service effective tomorrow, May 13. The resale flat website are going to be formally launched later this month. It will allow flat owners that have signed up their intent to offer with HDB to list their resale flats up for sale separately on the HDB flat website.
Nonetheless, those unsure concerning handling real property sales may still choose having a sales representative or broker to encourage them on the sale process, help them with the application, and make certain that their properties are priced correctly.
The resale listing website ought to benefit the industry and the public in the future, says Huttons’ Lee.
The site will systematically 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 checking every month, claims Huttons’ Lee.
By enabling each vendor to post only one flat home listing, the brand-new listing system offers to stop cost manipulation and take care of cost hikes, according to OrangeTee’s Sun. In contrast, some other on-line systems may show several listings of the same unit with varying prices or marketed by various agents. “It can develop an incorrect perception that the area is in high need, with many units up for sale in the very same location, and lead to higher prices if purchasers think they have chosen the lowest-priced unit amongst a number of listings,” she claims.
Buyers with a legitimate HFE can also be able to see the housing assistances and the loan quantity for which they are a candidate. With this, they can filter listings that fit their conditions. They can schedule a scanning with the owner/salesperson in the site, states Huttons’ Lee. Purchasers can search across both built-to-order (BTO) and resale apartments.
Sellers have to have a valid purpose to offer before they can post or appoint a salesperson to list on their part. The site likewise gives the layout of the unit, which can be helpful for old apartments where the owners may have misplaced them, says Lee Sze Teck, senior director of data analytics at Huttons Asia.
“Without any duplicate postings, the list of condos in the market up for sale will be streamlined, improving openness, and potentially, enhancing the home seeking experience for possible buyers when they are searching the listings,” claims Lim Yong Hock, key executive officer (KEO) of PropNex Realty.
While possible customers can surf the listings on the resale site, solely those with a valid HDB flat eligibility (HFE) letter can acquire the seller’s or the hired salespersons’ details to set up an observation within the site.
The new system will trigger sellers if their listing cost goes beyond the highest possible negotiated rate of neighboring units of the same flat kind by greater than 10% in the past six months. “The cautious tracking and flagging of unreal rates can assure that asking costs line up much more carefully to price patterns or estimates in the vicinity, therefore decreasing sudden rate increase in specified locations,” says Christine Sun, chief specialist and strategist at OrangeTee Group.
She adds that some vendors may prefer to maintain anonymity or do not desire the headache of taking care of the deals themselves. Customers comfortable with technology and on the internet transactions and have applicable market or sales expertise may find the brand-new online system useful.
Enabling just purchasers with HFE to get in touch with the owner or representative agent gives a tighter and a lot more structured setting, consisting of mainly genuine customers and vendors. Nevertheless, the disadvantage is that vendors might not be tapping the whole interest pool for their flat as some interested purchasers might not have a legitimate HFE letter yet and will not be able to call the homeowner, PropNex’s Lim mentions.
Additionally, the owners can appoint their real property 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 site.
