HDB launches resale flat listing portal for owners
HDB publicized today the soft launch of a new resale flat listing service effective tomorrow, May 13. The resale apartment website will be officially released subsequently this month. It is going to allow flat owners who have subscribed their intent to sell with HDB to classify their resale flats available for sale independently on the HDB flat portal.
Vendors must have a legitimate purpose to sell before they can classify or appoint a salesperson to list on their account. The site also gives the layout of the unit, which can be valuable for old apartments where the proprietors might have misplaced them, says Lee Sze Teck, top supervisor of data analytics at Huttons Asia.
While prospective buyers can search the listings on the resale website, only those with a valid HDB flat eligibility (HFE) letter can acquire the vendor’s or the appointed sales representatives’ details to schedule an observation within the site.
Additionally, the owners can select their real property representative to deal with the advertisement and manage the sale on their part. Only one listing is enabled per resale flat on HDB’s portal.
By permitting each seller to upload only one flat list, the brand-new listing system serves to avoid cost manipulation and handle cost hikes, according to OrangeTee’s Sun. In contrast, other on-line systems might display multiple listings of the very same unit with varying rates or marketed by different agents. “It might develop a false perception that the area is in high demand, with several units up for sale in the same location, and bring about inflated rates if purchasers think they have actually picked the lowest-priced unit amongst several listings,” she states.
“With no repeat postings, the list of apartments in the market for sale will be structured, enhancing openness, and potentially, enhancing the home seeking experience for possible customers when they are scanning the listings,” claims Lim Yong Hock, major executive officer (KEO) of PropNex Real Estate.
The resale listing website should benefit the industry and the general public in the future, states Huttons’ Lee.
She adds that some vendors might like to keep anonymity or do not want the trouble of dealing with the bargains themselves. Buyers comfy with technology and on the internet deals and have applicable market or sales understanding may identify the brand-new online system valuable.
Purchasers with a legitimate HFE will additionally have the ability to see the real estate assistances and the financing quantity for which they are suitable. With this, they can screen listings that fit their needs. They can schedule a scanning with the owner/salesperson in the website, says Huttons’ Lee. Purchasers can search across both built-to-order (BTO) and resale flats.
However, those unsure about managing property sales may still prefer having a sales agent or broker to encourage them on the sale procedure, help them with the application, and make certain that their apartments are valued properly.
The website will automatically be refreshed, considering the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) allocation for the listings. It will save the owner and the salesperson time reviewing monthly, claims Huttons’ Lee.
The brand-new system will certainly trigger home owners if their listing price surpasses the highest negotiated cost of nearby units of the same flat type by greater than 10% in the past six months. “The thorough checking and flagging of unlikely rates can assure that asking costs align much more carefully to price trends or estimates around, therefore decreasing unforeseen price surge in defined areas,” says Christine Sun, primary researcher and strategist at OrangeTee Group.
Permitting only purchasers with HFE to speak to the owner or representative agent provides a tighter and much more regulated setting, comprising mainly genuine buyers and sellers. Nonetheless, the disadvantage is that sellers might not be tapping the whole demand pool for their flat as some interested buyers may not have a valid HFE letter yet and will not have the ability to speak to the property owner, PropNex’s Lim mentions.
