We understand how the real estate market can seem intimidating. Whether you’re buying or selling, homeowners are constantly plagued by a never-ending stream of property jitters that just won’t cease. And it’s no wonder why. With that many zeroes on the line, and without the proper guidance, we would be constantly second-guessing ourselves on whether we’re making the right moves too.
Well, fret not!
Ohmyhome’s own CEO Rhonda Wong and COO Race Wong appeared on ST’s Money Hacks Podcast to share their sage home selling advice to navigate today’s HDB resale market and explain how proptech services like Ohmyhome can simplify the home buying and selling process.
Here are the top 6 tips for today’s HDB home sellers:
1. Pricing your unit correctly
Striking the right balance is key. Set the price too high and it’ll drive home buyers away. Set it too low and you might face a deficit in your profits. Their advice? Benchmark the price of your property against the other units in your area. If you’re not sure how, one handy tool you can use is Ohmyhome’s in-app valuation calculator that gives you an instant estimation of how much your unit is valued today. Download Ohmyhome app.
2. Remember to register an Intent to Sell
It is of the utmost importance that home sellers remember to register an Intent to Sell in the HDB Resale Portal. This Intent to Sell has a validity that lasts only 12 months, which means you’ll need to re-apply the Intent to Sell if you have yet to submit your resale application within that 12-month period. Mark your calendar!
3. Meet your Minimum Occupation Period (MOP) before selling
This varies as the MOP can be shorter or longer depending on your flat type. However, in most cases, the MOP requires you to physically occupy your flat for 5 years before you can put it on the market. To be on the safe side, you can check your flat’s MOP on the HDB website.
4. Be mindful of the Ethnic Quota
Home sellers should be mindful of the Ethnic Quota that’s imposed on the blocks in your neighbourhood. For integrated Eligibility Checks, sellers can access the HDB resale portal which includes the available quota in the block/neighbourhood for the different ethnic groups and citizenships under the Ethnic Integration Policy (EIP) and Singapore Permanent Residents (SPR) quota.
5. Declutter your unit before a viewing
Home sellers, don’t let this tip fly under your radar. Keeping your flat spick and span before a viewing will not only make your home look more appealing, but it will also make it a lot more welcoming for buyers when they view your home. Be sure to concentrate on busy areas of the home like the kitchen, kid’s room, bathroom and living room.
6. Engage Ohmyhome agents
Not to toot our own horn but Ohmyhome’s team of in-house, CEA-licensed agents should be your go-to when choosing a representative for your housing transactions. Home sellers can rest easy knowing their property journeys are taken care as our HDB Resale Agent Services cover everything from advertising to completion at a worry-free fixed rate.
Putting your home on the market is no arduous task with the right tools to help you with a seamless transaction. Apply these tips to get started with your home selling journey in a simpler, fuss-free way. All the best!