Selling with 'offers over'

Homes listed as offers over with an asking price around about 20 and just over 29 percent of all listed properties on the Southern Gold Coast. So this method has a stated figure framed as a minimum, like, for example, offers over one point five nine million, almost as common as fixed price. And this is a real workhorse in our market area. So it's a real common one. From a buyer's point of view, the number is a floor, not the expected selling price and sale prices on offers over listings frequently land above the quote so it's treated as the start of a conversation not the finish. From a seller's point of view you get the anchoring benefit of a number while leaving upside open if competition builds and it gives you a softer commitment than a fixed price. Agents pick this method as the default have your cake and eat it too method because it draws the search filter traffic and number of tracks while keeping negotiation room there. It's dominance like at 30 percent in our market, just under 30 percent, is the clearest sign that the local market is like rewarding price guidance over no-price theatre of auctions. So offers over being the near equal to the number one method, a listed price method, it's the method vendors reach for when they want a number working for them but aren't confident enough in competition to fix a price or to go to auction. So it suits current softer conditions. When a market softens or balances, auction shares fall and offers over really rises because sellers want the safety of price guidance rather than the exposure of a public no sale. So this year so far we've already seen rates having risen three times, demand is cool, Gold Coast prices have ticked down for the down to 24%. Sellers really retreated from auctions towards priced private treaty methods and that's exactly what our mix shows auctions being only around 8% right now versus 60% of listings carrying a number to the market such as offers over as nearly the number one method. The way homes are being listed is like a real-time read on softening buyer-friendly market conditions.