HDB launches resale flat listing portal for owners
HDB publicized today the soft launch of a brand-new secondhand flat listing service effective tomorrow, May 13. The resale flat portal are going to be officially launched subsequently this month. It is going to enable flat owners who have subscribed their intent to offer with HDB to list their resale apartments for sale separately on the HDB flat portal.
Permitting just purchasers with HFE to speak to the owner or representative agent provides a tighter and a lot more regulated setting, comprising mostly real purchasers and vendors. Nevertheless, the drawback is that sellers might not be tapping the entire demand pool for their flat as some interested customers may not have a valid HFE letter yet and will certainly not have the ability to contact the owner, PropNex’s Lim explains.
Buyers with a valid HFE can also be able to see the housing assistances and the financing amount for which they are qualified. 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 look throughout both built-to-order (BTO) and resale flats.
The site will automatically be refreshed, factoring in the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) quota for the listings. It will definitely save the owner and the salesperson time reviewing every month, states Huttons’ Lee.
Vendors need to have a valid motive to offer before they can classify or appoint a sales representative to list on their account. The website also offers the layout of the unit, which can be valuable for old flats where the owners may have lost them, says Lee Sze Teck, top supervisor of data analytics at Huttons Asia.
Alternatively, the proprietors can select their real property representative to take care of the advertisement and manage the sale on their behalf. Just one listing is enabled per resale flat on HDB’s site.
The resale listing website need to profit the sector and the public in the future, says Huttons’ Lee.
She adds that some sellers might favor to preserve anonymity or do not desire the hassle of managing the bargains themselves. Customers comfortable with technology and on-line purchases and have applicable market or sales knowledge may find the brand-new online system helpful.
Nonetheless, those unsure regarding handling real property sales may still prefer having a sales representative or broker to recommend them on the sale process, help them with the application, and guarantee that their homes are priced appropriately.
“Without duplicate postings, the list of flats available will be structured, improving openness, and possibly, improving the home scouting experience for potential buyers when they are browsing the lists,” states Lim Yong Hock, key executive officer (KEO) of PropNex Realty.
The new system will certainly trigger home owners if their listing cost exceeds the highest transacted rate of nearby units of the same flat kind by greater than 10% in the past six months. “The cautious monitoring and flagging of unlikely prices can guarantee that asking prices align much more carefully to cost patterns or estimates around, thus lowering unforeseen rate spikes in defined areas,” says Christine Sun, primary specialist and planner at OrangeTee Group.
By allowing each vendor to post just one flat home listing, the new listing platform offers to avoid price manipulation and handle rate hikes, according to OrangeTee’s Sun. In contrast, some other on-line systems might display several listings of the exact same unit with varying costs or marketed by various agents. “It might develop a false perception that the area is in high demand, with several units up for sale in the exact same place, and bring about inflated prices if customers think they have selected the lowest-priced unit amongst a number of listings,” she states.
While possible customers can surf the listings on the resale site, simply those with a valid HDB flat eligibility (HFE) letter can get the seller’s or the assigned salespersons’ details to arrange a viewing within the website.