HDB launches resale flat listing portal for owners

HDB announced today the soft launch of a brand-new resale condo listing service effective tomorrow, May 13. The resale apartment site are going to be officially introduced later this month. It is going to allow flat owners that have signed up their intent to sell with HDB to list their resale apartments up for sale separately on the HDB flat website.

Allowing only customers with HFE to speak to the proprietor or representative agent supplies a tighter and more controlled setting, making up mostly genuine purchasers and vendors. Nonetheless, the disadvantage is that vendors may not be tapping the entire interest pool for their flat as some interested purchasers may not have a legitimate HFE letter yet and will not have the ability to get in touch with the owner, PropNex’s Lim explains.

The resale listing portal must profit the industry and the public in the future, claims Huttons’ Lee.

“With no duplicate postings, the listing of flats offered available are going to be streamlined, enhancing transparency, and potentially, boosting the home hunting experience for possible customers when they are browsing the listings,” states Lim Yong Hock, key executive officer (KEO) of PropNex Real Estate.

Nevertheless, those uncertain about taking care of building sales might still prefer having a sales representative or broker to suggest them on the sale procedure, help them with the application, and make certain that their apartments are priced properly.

Alternatively, the proprietors can assign their real estate broker to manage the listing and handle the sale on their part. Just one listing is allowed per resale flat on HDB’s portal.

While prospective purchasers can surf the listings on the resale website, solely those with a valid HDB flat eligibility (HFE) letter can obtain the seller’s or the assigned salespersons’ information to set up a visiting within the website.

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By enabling each seller to publish just one flat list, the new listing system serves to avoid rate adjustment and take care of cost hikes, according to OrangeTee’s Sun. On the other hand, other on the internet systems might display several listings of the exact same unit with varying prices or marketed by various representatives. “It could produce a false perception that the area is in high demand, with several units up for sale in the same location, and bring about inflated prices if purchasers believe they have actually picked the lowest-priced unit among several listings,” she says.

The site will systematically be updated, considering the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) allocation for the listings. It will save the owner and the salesperson time reviewing monthly, says Huttons’ Lee.

The brand-new system will prompt home sellers if their listing rate exceeds the greatest negotiated cost of close-by units of the exact same flat kind by greater than 10% in the past 6 months. “The cautious monitoring and flagging of unreal prices can ensure that asking costs straighten a lot more carefully to cost trends or assessments around, thus decreasing sudden rate surge in specified places,” states Christine Sun, primary specialist and strategist at OrangeTee Group.

She adds that some vendors might like to maintain anonymity or do not desire the trouble of taking care of the deals themselves. Buyers comfortable with technology and on the internet purchases and have relevant market or sales expertise may identify the new online system valuable.

Vendors have to have a valid motive to sell before they can list or assign a sales representative to list on their part. The site likewise offers the floor plan of the unit, which can be valuable for old apartments where the proprietors may have misplaced them, claims Lee Sze Teck, senior supervisor of data analytics at Huttons Asia.

Buyers with a legitimate HFE can additionally have the ability to see the real estate grants and the loan quantity for which they are suitable. With this, they can filter listings that fit their requirements. They can schedule a scanning with the owner/salesperson in the site, claims Huttons’ Lee. Purchasers can look across both built-to-order (BTO) and resale flats.

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