HDB launches resale flat listing portal for owners

Homeowners have to have a legitimate intention to offer before they can classify or select a salesman to list on their account. The site likewise supplies the floor plan of the unit, which can be helpful for old apartments where the proprietors might have lost them, says Lee Sze Teck, senior director of information analytics at Huttons Asia.

By permitting each seller to upload just one flat listing, the new listing platform offers to stop rate adjustment and take care of cost increases, according to OrangeTee’s Sun. In contrast, some other on the internet systems may display several listings of the very same unit with differing prices or marketed by different agents. “It can develop a false understanding that the location is in high demand, with several units up for sale in the very same location, and result in higher rates if buyers believe they have actually picked the lowest-priced unit amongst a number of listings,” she claims.

However, those unsure regarding taking care of real estate sales might still choose having a sales agent or broker to encourage them on the sale process, help them with the application, and ensure that their residential properties are priced properly.

19 Nassim floor plan

She adds that some sellers might like to keep anonymity or do not want the inconvenience of taking care of the offers themselves. Buyers comfortable with technology and online purchases and have relevant market or sales understanding might discover the brand-new online system helpful.

The brand-new system will motivate home sellers if their listing rate surpasses the highest negotiated cost of close-by units of the same level type by more than 10% in the past 6 months. “The careful checking and flagging of unreal prices can assure that asking costs straighten a lot more closely to price trends or valuations around, hence lowering sudden rate surge in specified locations,” states Christine Sun, primary researcher and planner at OrangeTee Group.

The site will automatically be edited, considering the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) quota for the lists. It will save the owner and the salesperson time visiting every month, states Huttons’ Lee.

“Without duplicate listings, the listing of condos offered for sale will be streamlined, improving transparency, and potentially, boosting the home hunting experience for possible buyers when they are browsing the lists,” claims Lim Yong Hock, key executive officer (KEO) of PropNex Realty.

Buyers with a legitimate HFE can also have the ability to see the real estate contributions and the financing amount for which they are a candidate. With this, they can screen listings that fit their guidelines. They can arrange a viewing with the owner/salesperson in the website, states Huttons’ Lee. Purchasers can search throughout both built-to-order (BTO) and resale apartments.

While possible purchasers can browse the listings on the resale website, only those with a valid HDB flat eligibility (HFE) letter can obtain the seller’s or the appointed salespersons’ details to set up a viewing within the site.

Alternatively, the owners can appoint their property broker to take care of the advertisement and take care of the sale on their behalf. Only one listing is allowed per resale flat on HDB’s portal.

Allowing just customers with HFE to contact the proprietor or representative agent offers a tighter and much more regulated setup, comprising mainly authentic buyers and sellers. However, the disadvantage is that vendors might not be touching the whole interest pool for their flat as some interested customers might not have a legitimate HFE letter yet and will certainly not have the ability to contact the homeowner, PropNex’s Lim mentions.

HDB publicized today the soft launch of a brand-new resale condo listing service effective tomorrow, May 13. The resale flat portal will be officially released eventually this month. It will make it possible for flat owners who have subscribed their intent to sell with HDB to classify their resale flats up for sale individually on the HDB level portal.

The resale listing portal must profit the market and the general public in the future, states Huttons’ Lee.

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