HDB launches resale flat listing portal for owners

HDB publicized today the soft launch of a new resale flat listing service effective tomorrow, May 13. The resale apartment portal will be officially launched subsequently this month. It will certainly allow condo owners that have registered their intent to offer with HDB to list their resale apartments up for sale individually on the HDB flat website.

While prospective customers can surf the listings on the resale portal, only those with a valid HDB flat eligibility (HFE) letter can obtain the vendor’s or the appointed sales representatives’ information to arrange a visiting within the site.

Lentoria showflat location

The brand-new system will certainly trigger sellers if their listing rate exceeds the greatest transacted cost of close-by units of the same flat kind by more than 10% in the past six months. “The thorough monitoring and flagging of unlikely pricing can guarantee that asking rates align more very closely to cost patterns or estimates in the vicinity, hence decreasing unexpected cost increase in specified places,” states Christine Sun, chief researcher and strategist at OrangeTee Group.

By permitting each vendor to post only one flat list, the brand-new listing platform offers to avoid rate control and manage price hikes, according to OrangeTee’s Sun. On the other hand, some other on the internet systems might show numerous listings of the very same unit with varying prices or marketed by different representatives. “It can produce an incorrect understanding that the location is in high demand, with many units up for sale in the same area, and result in inflated prices if customers think they have picked the lowest-priced unit amongst numerous listings,” she claims.

“Without repeat listings, the list of condos available will be structured, improving openness, and potentially, boosting the home seeking experience for prospective customers when they are browsing the listings,” states Lim Yong Hock, major executive officer (KEO) of PropNex Realty.

The resale listing site should benefit the sector and the public over time, claims Huttons’ Lee.

Homeowners must have a valid intent to offer before they can post or assign a salesman to list on their behalf. The website additionally gives the floor plan of the unit, which can be helpful for old flats where the owners might have lost them, says Lee Sze Teck, senior supervisor of data analytics at Huttons Asia.

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

Nonetheless, those unsure about taking care of real property sales may still prefer having a sales agent or broker to advise them on the sale procedure, help them with the application, and ensure that their properties are priced correctly.

Permitting just customers with HFE to get in touch with the owner or representative agent provides a tighter and more regulated setup, consisting of mainly authentic customers and sellers. However, the disadvantage is that vendors may not be tapping the whole demand pool for their flat as some interested buyers might not have a valid HFE letter yet and will not have the ability to speak to the owner, PropNex’s Lim mentions.

The website will systematically be edited, factoring in the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) allocation for the lists. It will definitely save the owner and the salesperson time reviewing each month, claims Huttons’ Lee.

She adds that some sellers may like to keep anonymity or do not want the trouble of taking care of the offers themselves. Buyers comfy with technology and online purchases and have applicable market or sales knowledge may find the brand-new online system valuable.

Purchasers with a valid HFE may also have the ability to see the real estate contributions and the financing quantity for which they are eligible. With this, they can screen listings that fit their guidelines. They can arrange a viewing with the owner/salesperson in the site, says Huttons’ Lee. Clients can browse across both built-to-order (BTO) and resale apartments.

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