HDB launches resale flat listing portal for owners

HDB announced today the soft launch of a brand-new secondhand condo listing assistance effective tomorrow, May 13. The resale apartment site are going to be officially released later this month. It is going to allow condo owners that have signed up their intent to offer with HDB to list their resale flats up for sale separately on the HDB level website.

The resale listing site ought to benefit the sector and the general public in the long run, claims Huttons’ Lee.

“Without any repeat postings, the listing of condos available up for sale are going to be streamlined, enhancing openness, and possibly, improving the home hunting experience for potential buyers when they are scanning the listings,” claims Lim Yong Hock, key executive officer (KEO) of PropNex Realty.

By permitting each vendor to upload only one flat list, the brand-new listing platform serves to stop cost control and handle cost increases, according to OrangeTee’s Sun. In contrast, some other on the internet platforms might display numerous listings of the same unit with varying prices or marketed by various representatives. “It could develop an incorrect perception that the area is in high demand, with several units up for sale in the very same place, and result in higher rates if buyers think they have actually chosen the lowest-priced unit among numerous listings,” she claims.

Additionally, the owners can assign their real estate broker to take care of the advertisement and handle the sale on their behalf. Only one listing is enabled per resale flat on HDB’s site.

Purchasers with a legitimate HFE will additionally be able to see the real estate assistances and the financing quantity for which they are suitable. With this, they can filter listings that fit their requirements. They can set up a viewing with the owner/salesperson in the portal, states Huttons’ Lee. Clients can browse across both built-to-order (BTO) and resale apartments.

The portal will promptly be edited, factoring in 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 every month, states Huttons’ Lee.

The brand-new system will certainly trigger home sellers if their listing price surpasses the highest transacted rate of close-by units of the exact same flat type by more than 10% in the past 6 months. “The thorough checking and flagging of unreal rates can assure that asking prices straighten much more very closely to price trends or estimates around, hence decreasing unexpected rate spikes in defined places,” says Christine Sun, chief specialist and planner at OrangeTee Group.

While possible buyers can search the listings on the resale website, only those with a legitimate HDB flat eligibility (HFE) letter can acquire the seller’s or the assigned salespersons’ information to schedule a viewing within the website.

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Allowing only customers with HFE to get in touch with the proprietor or representative agent supplies a tighter and extra controlled setting, comprising mostly real buyers and sellers. Nonetheless, the downside is that sellers might not be tapping the whole interest pool for their flat as some interested purchasers might not have a legitimate HFE letter yet and will not be able to speak to the property owner, PropNex’s Lim mentions.

She includes that some vendors might like to preserve privacy or do not desire the inconvenience of managing the deals themselves. Purchasers comfortable with technology and online purchases and have relevant market or sales understanding might find the new online system helpful.

Sellers should have a valid intention to resell before they can classify or appoint a salesman to list on their account. The portal likewise gives the layout of the unit, which can be valuable for old flats where the proprietors might have lost them, states Lee Sze Teck, senior supervisor of information analytics at Huttons Asia.

Nevertheless, those uncertain regarding handling building sales might still prefer having a sales representative or broker to advise them on the sale process, help them with the application, and make sure that their residential properties are priced correctly.