HDB launches resale flat listing portal for owners
The brand-new system will certainly motivate home owners if their listing rate surpasses the greatest negotiated rate of close-by units of the very same level type by greater than 10% in the past six months. “The cautious checking and flagging of unrealistic rates can guarantee that asking costs straighten extra carefully to price trends or estimates around, thus reducing unexpected rate surge in defined areas,” says Christine Sun, primary specialist and strategist at OrangeTee Group.
She includes that some vendors may choose to keep privacy or do not desire the headache of taking care of the bargains themselves. Purchasers comfy with technology and online transactions and have appropriate market or sales knowledge might find the new online system beneficial.
The website will automatically be refreshed, factoring in the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) quota for the lists. It will definitely save the owner and the salesperson time checking each month, states Huttons’ Lee.
While potential buyers can search the listings on the resale website, only those with a valid HDB flat eligibility (HFE) letter can get the vendor’s or the assigned sales representatives’ details to arrange an observation within the portal.
Vendors must have a legitimate motive to resell before they can classify or select a salesperson to list on their behalf. The site also offers the layout of the unit, which can be useful for old apartments where the proprietors may have misplaced them, claims Lee Sze Teck, senior director of data analytics at Huttons Asia.
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Enabling just customers with HFE to contact the proprietor or representative agent provides a tighter and more regulated setting, comprising mostly genuine buyers and vendors. However, the disadvantage is that sellers may not be tapping the whole interest pool for their flat as some interested buyers may not have a legitimate HFE letter yet and will not be able to contact the owner, PropNex’s Lim points out.
Alternatively, the owners can appoint their real estate agent to manage the advertisement and handle the sale on their behalf. Just one listing is allowed per resale flat on HDB’s portal.
Buyers with a legitimate HFE will likewise be able to see the real estate assistances and the loan amount for which they are a candidate. With this, they can screen listings that fit their requirements. They can set up a scanning with the owner/salesperson in the site, says Huttons’ Lee. Buyers can look throughout both built-to-order (BTO) and resale apartments.
However, those unsure concerning taking care of real property sales may still prefer having a sales representative or broker to advise them on the sale procedure, help them with the application, and ensure that their properties are priced appropriately.
The resale listing portal ought to benefit the industry and the general public in the long run, claims Huttons’ Lee.
HDB released today the soft launch of a brand-new secondhand flat listing assistance effective tomorrow, May 13. The resale flat site will be officially released eventually this month. It is going to make it possible for condo owners who have registered their intent to sell with HDB to list their resale flats available for sale independently on the HDB flat website.
By allowing each seller to upload only one flat list, the brand-new listing platform offers to prevent price control and take care of price hikes, according to OrangeTee’s Sun. On the other hand, some other online platforms may present several listings of the same unit with differing rates or marketed by various agents. “It can create a false perception that the area is in high demand, with lots of units up for sale in the exact same place, and result in higher rates if customers think they have picked the lowest-priced unit amongst numerous listings,” she says.
“Without any repeat listings, the list of apartments in the market up for sale are going to be structured, improving transparency, and potentially, boosting the home scouting experience for potential customers when they are scanning the listings,” says Lim Yong Hock, major executive officer (KEO) of PropNex Real Estate.
