Guide to Secure Highest Selling Price for Your HDB

Every seller will hope to secure the highest selling price for their HDB flat and then use the proceeds for their next property or other investment expenses (e.g., higher education). To achieve this goal, these are the 4 important steps you have to follow through.

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Table of Content

• Step 1: Check Similar Transactions
• Step 2: What is the Market Trend?
• Step 3: Review Your Situation
• Step 4: Declutter + Minor Repairs

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  📌 Step 1: Check Similar Transactions

• There are many free valuation apps in the market: SRX, EdgeProp & 99.co.
• Get at least 3 valuations to determine a range (e.g., $500k-550k) for your flat.
• HDB Resale portal will also show the median price range for your flat type.
• To narrow this price range further, zoom into recent 6 months transactions that share similar attributes to your unit (e.g., same stack or floor)

 📌 Step 2: What is the Market Trend

• Market valuation will give you an estimated value of the flat based on transactions in the last 6-12 months.
• What many people overlook is that this valuation does not factor in current or future trends.
• For example, if the market is hot, you can expect to sell higher than valuation.
• We must understand that market sentiment will evolve with time. It is never stagnant.
• It is important to review the latest market trend every 3-4 weeks after putting your flat on the market
• The simplest way is to ask for feedback from the people who come to view your flat

📌 Step 3: Review Your Situation

• The next step is to review your flat conditions and your personal needs.
• What is the condition of your flat?
• Are there any recent renovations done?
• Is it a corner unit?
• More positive factors will help you justify a higher asking prices 
• If you have a specific need like “extension of stay” or if your block has “ethnic quota restrictions”, then buyers are more likely to push your prices down.
• Be objective in your review and convey your needs to your agent
• The key is to be open and find the highest paying buyer that can match what you need

📌 Step 4: Declutter + Minor Repairs

• I do not advocate major renovations because it is not cheap
• When it comes to your time to sell, your buyers may not like what is done to the house.
• Declutter your house and keep the unit clean and bright during viewings.
• This will make your buyer feel comfortable and encourage higher offers.
• Remove the rusty hooks on the walls and oil the squeaky window hinges.
• These minor repairs and a fresh coat of paint will remove the worries of buyers who don’t like to DIY and prevent them from over-estimating the renovation expenses.
• Home staging with designer furniture may impress buyers as well.
• However, this will not come cheap and it is more suitable for vacant units
• Putting the staged furniture in your house will bring inconveniences to your family

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