If you have been keeping an eye on the real estate market you will have noticed that more & more of our properties are been offered for sale via a marketing method called “Set Date Sale”…but what is a set date sale and why do we use it?
Well a set date sale is basically a tendering process whereby a home is marketed for 25 days with no fixed price. During this period buyers are invited to make offers where they see the value. This marketing method holds advantages for both buyers and sellers and is a fair way of assessing market value.
Buyers: From a buyer’s perspective, it is the real estate market and not the real estate agent that are dictating the price.
Sellers: While a seller retains the right to accept an offer at anytime during the tender process, holding a property on the market for 25 days ensures that ALL potential buyers have an opportunity to view the property and put their best offer on the table (which negates the need for further negotiation).
It is important to remember that pricing properties is not an exact science (we generally find a 10% discrepancy between the lowest & highest offers) received during a property sale because properties are always worth different amounts to different people. Therefore the more offers we receive, the higher the probability of the seller achieving an exceptional sale price.