HDB launches resale flat listing portal for owners
The new system will prompt home owners if their listing cost exceeds the highest possible transacted rate of nearby units of the very same flat type by greater than 10% in the past 6 months. “The thorough tracking and flagging of unrealistic pricing can ensure that asking rates straighten a lot more very closely to cost patterns or estimates around, hence minimizing sudden cost spikes in defined places,” states Christine Sun, chief specialist and strategist at OrangeTee Group.
Purchasers with a legitimate HFE may additionally be able to see the housing grants and the financing amount for which they are suitable. With this, they can filter listings that fit their conditions. They can set up a viewing with the owner/salesperson in the website, states Huttons’ Lee. Clients can browse across both built-to-order (BTO) and resale apartments.
By enabling each vendor to upload just one flat listing, the brand-new listing system offers to stop cost manipulation and handle price increases, according to OrangeTee’s Sun. In contrast, some other on-line systems may show several listings of the very same unit with varying prices or marketed by different representatives. “It could develop a false understanding that the location is in high need, with several units up for sale in the same location, and result in higher rates if purchasers think they have selected the lowest-priced unit among several listings,” she says.
The resale listing website must benefit the market and the general public in the long run, claims Huttons’ Lee.
The website will systematically be refreshed, considering the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) quota for the advertisements. It will save the property owner and the salesperson time checking monthly, claims Huttons’ Lee.
“Without any duplicate listings, the listing of condos in the market up for sale will be streamlined, increasing transparency, and possibly, boosting the home hunting experience for possible buyers when they are searching the listings,” claims Lim Yong Hock, major executive officer (KEO) of PropNex Real Estate.
HDB released today the soft launch of a brand-new secondhand flat listing assistance effective tomorrow, May 13. The resale flat portal will be formally launched subsequently this month. It is going to allow condo owners that have registered their intent to offer with HDB to list their resale apartments available for sale independently on the HDB flat portal.
While possible customers can browse the listings on the resale portal, only those with a legitimate HDB flat eligibility (HFE) letter can obtain the seller’s or the hired salesmans’ information to arrange a visiting within the website.
Nonetheless, those not sure concerning managing property sales might still would prefer having a sales representative or broker to recommend them on the sale process, help them with the application, and guarantee that their properties are valued correctly.
Sellers have to have a legitimate intent to resell before they can list or appoint a sales representative to list on their part. The portal additionally offers the floor plan of the unit, which can be helpful for old flats where the owners may have misplaced them, says Lee Sze Teck, senior director of data analytics at Huttons Asia.
She adds that some sellers may choose to maintain anonymity or do not desire the trouble of dealing with the bargains themselves. Purchasers comfortable with technology and on the internet deals and have relevant market or sales expertise may identify the brand-new online system beneficial.
Additionally, the owners can appoint their real property representative to deal with the listing and manage the sale on their behalf. Only one listing is allowed per resale flat on HDB’s site.
Permitting only customers with HFE to get in touch with the owner or representative agent supplies a tighter and extra regulated setup, comprising mainly real customers and sellers. Nevertheless, the downside is that sellers might not be tapping the whole demand pool for their flat as some interested customers may not have a valid HFE letter yet and will certainly not be able to speak to the homeowner, PropNex’s Lim explains.
