CREA set to bring transparency to the Canadian real estate consumer

The Canadian Real Estate Association (CREA) is set to launch a pilot project for open bidding this summer, in select markets it says, hopefully Ottawa is one. This would mean blind bidding would be replaced with open biding. Some have said the blind biding process benefits the seller. There are times where it may, for instance “I want this house so bad I’ll pay an extra $100,000 to get it.” But. I believe many buyers shy away from the blind biding process and so there can be less buyers considering a property. Getting them back in the fold means more buyers vying for a property. I think if I were in a multiple offer situation, knowing that $10,000 is what is needed to get the property would be a more desirable option to “I wonder if $50,000 will do it”

Open biding may still bring up the prices of homes but at least you know you spent what you needed. Read more here on CREA.ca.

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