Real-Time Online Home Auctions Coming to Newmarket, Ontario

Excited home buyers welcome end to blind bidding

NEWMARKET, ON, June 9, 2022 – Domus Optima Co. Ltd. is launching a new, more transparent way for home sellers and buyers to transact real estate. The user-friendly site, which allows home sellers to list their property for sale via an auction, along with setting a minimum reserve price if they so choose, allows for a fully transparent process, free from blind bidding. The sellers and buyers are aware in real-time of the current price and the number of interested parties. Interest in the newly launched Domus Optima Real Estate Auctions site has been steady with one luxury Newmarket residential property already set to be auctioned.

“The one thing that people hate about the traditional process of buying a home in Ontario right now is blind bidding. It’s universally hated by buyers and Realtors and it’s fundamentally unfair,” explains Vitaly Kaidanov, founder of Domus Optima Co. Ltd. “The process is so disliked that the federal government recently announced changes to bring greater transparency to the home buying process. As soon as we announced the creation of our home auction site, we’ve seen steady interest from both buyers and sellers. While people are familiar with auctions, most have never attended an online auction for a home before. Given the benefits and transparency of the auction system, we believe people will become more and more comfortable with the idea and that it will become the method of choice for buying and selling homes. The first home that we are helping a seller auction is a stunning 4400 square foot home in Newmarket. It has all the bells and whistles from travertine floors, premium appliances, a double size inground heated outdoor pool, and a massive, professionally landscaped backyard with a gazebo, cabana, and even a treehouse.”

Domus Optima’s concept, while new in the Ontario real estate market, is one that consumers are familiar with south of the border. Similar to any auction site, there are opening bids, pre-set incremental bid increases which everyone involved can see in real time, and soft closing times which extend bidding to prevent last-minute auction ‘sniping’. Unlike the current system, which sees Realtors and buyers take a wild guess about what other parties may have bid, which can lead to extreme purchase offers that are hundreds of thousands of dollars over asking, the auction will allow all parties to see the bids in real-time. Sellers do not lose out on higher home purchase prices as interest in their home will still generate bids over the initial opening price. The only change is in the transparency of the interaction.

“While the wild ‘over-asking’ purchase prices are what often generates headlines in the media, there is another aspect of the hot housing market that does get overlooked,” says Kaidanov. “With the traditional bid process, along with out-bidding other potential purchasers, buyers are offering different, sometimes reckless conditions, such as waiving inspections, long closing dates, and waiving financial conditions, leaving buyers very vulnerable. When a home is sold on Domus Optima’s auction site, the conditions are the same for all buyers and are clearly set out ahead of time which again, adds to the transparency and fairness of the transaction. We offer extensive auction catalogue with a full home inspection report done by a third-party home inspector which is available to all interested parties ahead of the auction.”

Domus Optima Co. Ltd. was founded in 2018 to introduce an innovative approach to buying and selling real estate through a simple and clear real estate auction platform.

Domus Optima’s first home auction was launched on June 8, 2022.

For more information about Domus Optima Real Estate Auctions, please visit www.domusoptima.ca.

For the latest news, upcoming auctions and to connect with Domus Optima on social media follow @domusopt on Instagram and on YouTube.

Domus Optima Team