HDB launches resale flat listing portal for owners
The website will promptly be updated, considering the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) allocation for the advertisements. It will save the property owner and the salesperson time checking each month, states Huttons’ Lee.
She adds that some vendors might favor to keep privacy or do not desire the hassle of handling the bargains themselves. Buyers comfortable with technology and on-line transactions and have relevant market or sales knowledge may identify the brand-new online system valuable.
By permitting each seller to post only one flat home listing, the brand-new listing platform serves to avoid rate control and take care of price hikes, according to OrangeTee’s Sun. In contrast, other online systems may present numerous listings of the same unit with varying rates or marketed by different representatives. “It can develop an incorrect understanding that the location is in high demand, with many units up for sale in the same location, and bring about inflated rates if buyers believe they have selected the lowest-priced unit among several listings,” she says.
Alternatively, the owners can assign their property agent to manage the advertisement and take care of the sale on their part. Just one listing is allowed per resale flat on HDB’s site.
While potential purchasers can search the listings on the resale site, solely those with a valid HDB flat eligibility (HFE) letter can get the seller’s or the assigned salesmans’ information to set up a viewing within the website.
The brand-new system will motivate home owners if their listing rate goes beyond the highest transacted price of close-by units of the exact same level kind by greater than 10% in the past 6 months. “The cautious tracking and flagging of unrealistic pricing can ensure that asking prices line up much more closely to cost patterns or assessments in the vicinity, hence lowering unexpected cost surge in specified places,” says Christine Sun, chief specialist and planner at OrangeTee Group.
“Without any duplicate listings, the list of apartments available up for sale will be streamlined, enhancing transparency, and potentially, improving the home seeking experience for possible customers when they are searching the lists,” claims Lim Yong Hock, key executive officer (KEO) of PropNex Real Estate.
Customers with a legitimate HFE will also be able to see the housing contributions and the loan amount for which they are a candidate. With this, they can screen listings that fit their guidelines. They can arrange a scanning with the owner/salesperson in the website, states Huttons’ Lee. Purchasers can search across both built-to-order (BTO) and resale apartments.
Nevertheless, those unclear regarding handling real property sales might still prefer having a sales agent or broker to suggest them on the sale process, help them with the application, and make certain that their apartments are priced properly.
Enabling only customers with HFE to get in touch with the proprietor or representative agent gives a tighter and much more structured setting, comprising mainly real purchasers and sellers. However, the downside is that sellers might not be tapping the entire interest pool for their flat as some interested customers may not have a legitimate HFE letter yet and will certainly not have the ability to contact the owner, PropNex’s Lim mentions.
Vendors have to have a valid intent to offer before they can list or select a salesperson to list on their behalf. The site likewise supplies the layout of the unit, which can be helpful for old apartments where the owners might have misplaced them, claims Lee Sze Teck, senior supervisor of information analytics at Huttons Asia.
The resale listing website need to profit the industry and the public in the future, claims Huttons’ Lee.
HDB announced today the soft launch of a brand-new resale flat listing service effective tomorrow, May 13. The resale flat site will be formally launched eventually this month. It will enable condo owners that have signed up their intent to offer with HDB to classify their resale apartments up for sale independently on the HDB level portal.
