HDB launches resale flat listing portal for owners

Buyers with a legitimate HFE can additionally be able to see the housing assistances and the loan amount for which they are a candidate. With this, they can filter listings that fit their conditions. They can arrange a scanning with the owner/salesperson in the website, says Huttons’ Lee. Clients can look across both built-to-order (BTO) and resale apartments.

Sellers need to have a valid purpose to offer before they can list or select a sales representative to list on their account. The portal also gives the layout of the unit, which can be helpful for old flats where the proprietors may have lost them, claims Lee Sze Teck, senior supervisor of data analytics at Huttons Asia.

While prospective purchasers can browse the listings on the resale site, simply those with a valid HDB flat eligibility (HFE) letter can obtain the seller’s or the appointed sales representatives’ details to set up an observation within the site.

Permitting only purchasers with HFE to get in touch with the proprietor or representative agent supplies a tighter and extra regulated setup, making up generally genuine customers and vendors. Nevertheless, the downside is that sellers may not be touching the entire interest pool for their flat as some interested buyers might not have a legitimate HFE letter yet and will certainly not have the ability to speak to the owner, PropNex’s Lim mentions.

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She adds that some sellers may favor to keep privacy or do not desire the hassle of dealing with the deals themselves. Buyers comfortable with technology and on the internet deals and have relevant market or sales knowledge may find the new online system beneficial.

The new system will prompt sellers if their listing rate goes beyond the highest possible negotiated cost of neighboring units of the exact same flat type by more than 10% in the past 6 months. “The thorough tracking and flagging of unreal rates can ensure that asking costs line up much more carefully to price patterns or assessments in the vicinity, hence minimizing unexpected rate surge in defined places,” says Christine Sun, chief analyst and strategist at OrangeTee Group.

HDB released today the soft launch of a new resale condo listing service effective tomorrow, May 13. The resale apartment portal will be formally introduced eventually this month. It will certainly allow flat owners that have registered their intent to sell with HDB to list their resale apartments for sale individually on the HDB flat portal.

The resale listing website need to benefit the industry and the general public in the long run, states Huttons’ Lee.

By enabling each seller to post just one flat list, the brand-new listing system serves to prevent price control and take care of cost increases, according to OrangeTee’s Sun. On the other hand, other online platforms might display numerous listings of the very same unit with varying rates or marketed by different agents. “It could produce an incorrect perception that the area is in high demand, with many units up for sale in the same place, and lead to higher prices if purchasers believe they have chosen the lowest-priced unit amongst several listings,” she claims.

“Without repeat postings, the listing of flats offered up for sale are going to be structured, increasing transparency, and possibly, improving the home seeking experience for prospective buyers when they are searching the listings,” states Lim Yong Hock, major executive officer (KEO) of PropNex Realty.

The portal will systematically be refreshed, considering the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) allocation for the lists. It will save the owner and the salesperson time checking each month, says Huttons’ Lee.

Additionally, the owners can select their real estate agent to deal with the advertisement and handle the sale on their behalf. Only one listing is permitted per resale flat on HDB’s portal.

Nevertheless, those unclear concerning managing building sales might still choose 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 properly.