HDB launches resale flat listing portal for owners

Purchasers with a valid HFE can likewise be able to see the real estate contributions and the loan amount for which they are suitable. With this, they can screen listings that fit their guidelines. They can set up a viewing with the owner/salesperson in the portal, says Huttons’ Lee. Buyers can browse throughout both built-to-order (BTO) and resale apartments.

The portal 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 reviewing monthly, states Huttons’ Lee.

While prospective customers can search the listings on the resale portal, solely those with a valid HDB flat eligibility (HFE) letter can acquire the seller’s or the hired sales representatives’ information to set up an observation within the site.

The resale listing website ought to benefit the market and the public over time, says Huttons’ Lee.

The new system will trigger sellers if their listing price exceeds the highest negotiated rate of nearby units of the same flat type by greater than 10% in the past six months. “The cautious checking and flagging of unrealistic rates can ensure that asking costs straighten extra closely to price patterns or estimates around, therefore minimizing unforeseen cost increase in defined locations,” says Christine Sun, primary researcher and planner at OrangeTee Group.

Vendors should have a valid motive to offer before they can post or appoint a sales representative to list on their behalf. The portal likewise offers the layout of the unit, which can be valuable for old flats where the owners might have lost them, says Lee Sze Teck, top supervisor of data analytics at Huttons Asia.

HDB announced today the soft launch of a new resale flat listing company effective tomorrow, May 13. The resale flat portal are going to be formally introduced later 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 individually on the HDB flat portal.

Union Square Residences floor plan

By allowing each seller to post just one flat list, the new listing platform offers to avoid price adjustment and take care of rate hikes, according to OrangeTee’s Sun. On the other hand, some other on the internet platforms may present numerous listings of the same unit with varying prices or marketed by various representatives. “It can produce a false perception that the location is in high need, with several units up for sale in the exact same area, and cause higher rates if purchasers believe they have picked the lowest-priced unit amongst several listings,” she claims.

She adds that some vendors may favor to preserve anonymity or do not desire the inconvenience of taking care of the offers themselves. Buyers comfortable with technology and on-line deals and have relevant market or sales expertise might find the brand-new online system valuable.

Additionally, the owners can assign their real estate representative to manage the advertisement and handle the sale on their part. Only one listing is allowed per resale flat on HDB’s site.

Nonetheless, those unsure about taking care of real estate sales might still choose having a sales representative or broker to encourage them on the sale process, help them with the application, and ensure that their apartments are valued properly.

“Without duplicate postings, the list of apartments in the market available are going to be streamlined, improving transparency, and possibly, improving the home scouting experience for prospective buyers when they are searching the lists,” claims Lim Yong Hock, key executive officer (KEO) of PropNex Realty.

Permitting just buyers with HFE to get in touch with the proprietor or representative agent supplies a tighter and more controlled setting, making up primarily genuine buyers and vendors. However, the drawback is that sellers may not be touching the entire demand pool for their flat as some interested purchasers may not have a valid HFE letter yet and will certainly not have the ability to get in touch with the owner, PropNex’s Lim mentions.

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