HDB launches resale flat listing portal for owners
HDB released today the soft launch of a new secondhand condo listing assistance effective tomorrow, May 13. The resale apartment portal will be formally launched later this month. It is going to make it possible for condo owners that have registered their intent to sell with HDB to list their resale apartments to sell separately on the HDB level website.
The website will automatically be refreshed, 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 visiting every month, claims Huttons’ Lee.
The brand-new system will trigger sellers if their listing rate goes beyond the greatest transacted rate of nearby units of the exact same flat kind by greater than 10% in the past six months. “The careful monitoring and flagging of unlikely pricing can assure that asking costs align much more carefully to cost patterns or estimates in the vicinity, thus reducing unforeseen price increase in specified locations,” states Christine Sun, primary analyst and planner at OrangeTee Group.
By enabling each vendor to post only one flat listing, the new listing platform offers to stop rate control and manage cost increases, according to OrangeTee’s Sun. On the other hand, other online platforms might display several listings of the very same unit with varying prices or marketed by different agents. “It might create an incorrect understanding that the area is in high need, with numerous units up for sale in the very same area, and lead to inflated prices if purchasers believe they have actually picked the lowest-priced unit amongst numerous listings,” she says.
While possible buyers can surf the listings on the resale portal, simply those with a legitimate HDB flat eligibility (HFE) letter can obtain the vendor’s or the hired sales representatives’ information to set up an observation within the portal.
Nonetheless, those uncertain regarding handling real estate sales may still prefer having a sales representative or broker to advise them on the sale procedure, help them with the application, and guarantee that their properties are priced correctly.
Allowing just purchasers with HFE to call the proprietor or representative agent gives a tighter and a lot more controlled setup, consisting of primarily real customers and vendors. Nonetheless, the downside is that sellers may not be tapping the whole interest pool for their flat as some interested purchasers may not have a valid HFE letter yet and will certainly not be able to get in touch with the property owner, PropNex’s Lim points out.
Vendors must have a valid intention to sell before they can classify or select a salesperson to list on their account. The website also provides the layout of the unit, which can be valuable for old flats where the owners may have misplaced them, says Lee Sze Teck, top director of information analytics at Huttons Asia.
Purchasers with a valid HFE can also be able to see the housing contributions and the financing quantity for which they are a candidate. With this, they can filter listings that fit their conditions. They can schedule a viewing with the owner/salesperson in the website, states Huttons’ Lee. Clients can search across both built-to-order (BTO) and resale flats.
The resale listing website should profit the industry and the public in the long run, says Huttons’ Lee.
Additionally, the proprietors can assign their real property representative to take care of the posting and take care of the sale on their part. Just one listing is permitted per resale flat on HDB’s portal.
She includes that some vendors might choose to preserve anonymity or do not desire the hassle of taking care of the deals themselves. Buyers comfortable with technology and on the internet deals and have appropriate market or sales understanding might identify the brand-new online system helpful.
“Without duplicate listings, the listing of flats available for sale will be structured, enhancing openness, and possibly, improving the home seeking experience for possible buyers when they are browsing the lists,” says Lim Yong Hock, major executive officer (KEO) of PropNex Realty.