HDB launches resale flat listing portal for owners
HDB publicized today the soft launch of a new resale condo listing service effective tomorrow, May 13. The resale apartment website will be officially introduced subsequently this month. It will certainly allow condo owners that have subscribed their intent to sell with HDB to classify their resale flats for sale independently on the HDB flat portal.
“Without any duplicate listings, the listing of condos offered available will be streamlined, improving transparency, and potentially, improving the home seeking experience for prospective customers when they are browsing the lists,” claims Lim Yong Hock, major executive officer (KEO) of PropNex Realty.
Buyers with a valid HFE will additionally have the ability to see the real estate assistances and the loan amount for which they are qualified. With this, they can filter listings that fit their needs. They can schedule a scanning with the owner/salesperson in the website, claims Huttons’ Lee. Buyers can look across both built-to-order (BTO) and resale apartments.
While prospective buyers can browse the listings on the resale site, only those with a legitimate HDB flat eligibility (HFE) letter can get the seller’s or the hired salespersons’ information to set up an observation within the site.
Enabling just customers with HFE to contact the owner or representative agent provides a tighter and more regulated setup, consisting of mostly real buyers and vendors. Nevertheless, the downside is that vendors might not be touching the entire interest pool for their flat as some interested purchasers may not have a valid HFE letter yet and will certainly not have the ability to call the owner, PropNex’s Lim mentions.
The portal will promptly be updated, factoring in the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) quota for the advertisements. It will definitely save the owner and the salesperson time checking each month, states Huttons’ Lee.
The resale listing portal need to profit the market and the public in the future, says Huttons’ Lee.
The new system will trigger home owners if their listing rate goes beyond the highest possible negotiated rate of close-by units of the exact same flat kind by more than 10% in the past 6 months. “The thorough checking and flagging of unlikely pricing can ensure that asking prices line up extra closely to price trends or estimates around, therefore decreasing unexpected price spikes in defined areas,” says Christine Sun, chief researcher and planner at OrangeTee Group.
Alternatively, the owners can appoint their property agent to handle the listing and take care of the sale on their behalf. Just one listing is permitted per resale flat on HDB’s website.
She adds that some sellers may like to keep anonymity or do not desire the hassle of handling the deals themselves. Buyers comfy with technology and on the internet purchases and have applicable market or sales expertise may identify the new online system beneficial.
Homeowners should have a valid motive to resell before they can post or appoint a salesman to list on their behalf. The website also offers the layout of the unit, which can be useful for old apartments where the proprietors may have misplaced them, says Lee Sze Teck, top director of information analytics at Huttons Asia.
However, those unsure concerning taking care of property sales may still choose having a sales representative or broker to encourage them on the sale procedure, help them with the application, and ensure that their residential properties are priced properly.
By permitting each seller to upload just one flat home listing, the new listing platform serves to prevent rate control and take care of cost hikes, according to OrangeTee’s Sun. On the other hand, some other on-line platforms might present multiple listings of the same unit with differing prices or marketed by different agents. “It might develop an incorrect perception that the location is in high demand, with lots of units up for sale in the very same location, and lead to higher prices if buyers believe they have actually chosen the lowest-priced unit among several listings,” she claims.
