How You Can Easily Track Your Home Valuation As It Changes

Ever wondered why property valuation plays a crucial role in the HDB resale market? Whether you’re a seller aiming for maximum profit or a buyer seeking the best deal, understanding your home’s value is key. But property values aren’t static – they fluctuate with the market. So, how do you stay on top of these changes and ensure you’re always in the know?

First, what is property valuation in Singapore?

A property valuation in Singapore refers to a professional assessment of a property’s estimated market value. This estimation serves as a crucial reference point for both buyers and sellers when negotiating the selling price of a property, such as an HDB flat.

What factors determine a property valuation?

1. Location

Your property’s location is one of the most significant factors. Properties in prime locations or areas with high demand typically have higher values. Proximity to amenities such as schools, transportation, shopping centres, and recreational facilities can positively impact your property’s valuation.

2. Property Type

The type of property you own, whether it is an HDB flat, private condominium, landed property, or commercial property, influences its value. Each property type has its own market trends and demand levels, affecting the overall valuation.

3. Size and Layout

The size and layout of your property play a significant role in determining its value. Larger properties with efficient layouts are often valued higher. Usable space, number of rooms, and overall design contribute to the assessment.

4. Condition and Age

The condition and age of your property are important considerations. Well-maintained and newer properties generally have higher valuations. Renovations and upgrades can positively impact the value, while properties requiring significant repairs may be valued lower.

5. Market Conditions

Current market conditions, including supply and demand dynamics, interest rates, and economic factors, influence property valuations. Understanding these trends can help you gauge the right time to buy or sell your property.

6. Comparable Sales

Valuers often look at recent sales of similar properties in your area to determine a fair market value. Comparing these properties helps in providing an accurate and realistic valuation.

How to get a property valuation report for HDB and condo?

For HDB flats

Once the seller has granted the Option to Purchase (OTP) to the buyer, he/she can then submit a Request for Value to HDB on the HDB Resale Portal. This will be conducted by HDB’s Panel of Valuers. Within a few working days, the property valuation report will be available on the HDB Resale Portal. It will be available for 3 months, to ensure the property is sold within this period.

If you’re the seller, you won’t have to pay any fees for the HDB valuation.

If you’re the buyer, you will be prompted to pay a fee of under $200 during the application process of the Request for Value.

For condo units

If you’re the buyer, and you apply for mortgage or refinancing, the bank you choose will provide a valuer to inspect the property and provide a property valuation report. You will have to pay about $400 to $800; it will be included in the loan processing fees.

The valuers from HDB or banks in Singapore must be part of the Singapore Institute of Surveyors and Valuers (SISV). (They typically are, but it wouldn’t hurt to double confirm.)

Can I get a property valuation report before listing my property for sale?

Before you even think about listing your HDB flat for sale, it is actually crucial to understand its current market value. This is where HomerAI, your next-generation Home Ownership & e-Valuation Report AI tool, steps in.

What is Homer AI?

HomerAI is designed by Ohmyhome to provide homeowners with valuable insights, including a comprehensive home valuation. By analysing past transactions of similar properties in your area, HomerAI can estimate your HDB’s worth, giving you a realistic idea of your potential selling price.

What can you learn about your property with HomerAI?

Property valuation

With HomerAI, you get an accurate and comprehensive valuation of your property compared to others in the market, like SRX’s X-Value Home Report, EdgeProp Edge Fair Value, PropertyGuru Property Valuation Tool, and 99.co’s Property Value Tool.

While those other tools mainly rely on past transaction data, HomerAI goes the extra mile by integrating current market data, including the latest listing prices.

This real-time information allows HomerAI to provide you with a more up-to-date and accurate valuation, reflecting the ever-changing dynamics of the property market.

By incorporating both historical and current data, HomerAI delivers a holistic view of a property’s value, ensuring that you have the most accurate information at your fingertips. This comprehensive approach gives you a significant advantage when making informed decisions about selling (or buying) property.

So for HDB sellers, you don’t have to wait until your buyer requests a valuation for your HDB listing. And same goes with condo sellers too!

Property transaction data in the last 6 months

HomerAI also compiles transaction data from the past 6 months for properties similar to yours in your neighbourhood. This includes the lowest, highest, and average transacted prices, giving you a clear picture of the price trends in your area. You’ll also get a detailed breakdown of all sold transactions, even pinpointing those in your specific block. This information is sorted by date, so you can see the most recent sales, which gives you a precise and realistic context for your property’s value. It ensures that you are not just looking at general neighbourhood data but at sales that closely match your own property’s location and features.

Post listing

With HomerAI, you can not only get an accurate valuation but also list your property for sale directly on the Ohmyhome platform at no cost. This feature gives you more control and visibility over your listing, making it easier for potential buyers to find your property. However, you can still engage Ohmyhome’s agent services if you prefer a more hands-off approach to selling your home.

Browse exclusive listings for sale

When searching for your next home on HomerAI, you can browse the “Find Homes” page to discover exclusive listings. These are properties managed by Ohmyhome agents and are verified through Singpass to ensure that all listings are legitimate and that the properties are accurately represented.

Benefits of Using Homer AI

• Save time for what matters. No need to manually scour multiple websites for transaction data; HomerAI consolidates everything in one place.
• Get accurate and up-to-date property insights in a few clicks. HomerAI provides the latest market data, ensuring your valuation is accurate and reflects current trends.
• Make smarter property decisions. With a clear understanding of your property’s value, you can set realistic expectations and price your property competitively. Fight for your ideal selling price (or negotiate for higher). HomerAI helps you increase your chances of a successful sale by giving you the knowledge to negotiate effectively.

Most importantly, with HomerAI, you can…

• Track your property valuation as it changes. HomerAI updates you every month on any changes in your property valuation via WhatsApp, so you’ll know immediately if it’s hit or exceeded your ideal selling price. This allows you to make informed decisions about when to list your property or adjust your asking price.

Get started with HomerAI

If you own an HDB flat or condo unit and are considering selling, you can connect with HomerAI today to take the first step towards a smooth and successful home sale. Remember, a well-informed seller is a successful seller. With HomerAI by your side, you’ll be empowered with the knowledge you need to achieve your desired selling price.

If you’re ready to sell, chat with our property agents to start your property transaction!

Drop us a message on WhatsApp or chat with us via our Live Chat to get started.