I have had many sellers over the last few years ask me if they should hold off on offers to a specific date. Reviewing offers on one date can be a double edge sword. It can be successful but it doesn't always work.
Here are some Pros and Cons
You allow showings to as many possible buyers who may not be able to view the property immediately.
If you are lucky enough to have multiple offers, generally buyers will come in with their best foot forward and realize negotiating may not be an option.
You may give a buyer who views your property enough time to cool their jets and realize the reasons why they may not like your home.
Something similar may come on the market that is a direct competition to your property.
Holding off on offers can be a red flag to potential buyers who do not want to get caught up in a bidding war and you may scare them off.
In order for holding off on offers till a specific date to be successful. You should be priced appropriately. Which means under your comparative market analysis just enough to generate a buzz and flurry of showings. From those showings you will need a number of brave buyers who are up for the challenge of a potential bidding war.
If you think you may be tempted by a "bully offer" ( an offer trying to skip the waiting period), than holding off on offers may not be the right strategy for you. If you accept a bully offer, you aren't giving the other potential buyers a chance to beat, what you may think is a great offer.
The location of your property also plays a big part in the success of an offer review date. Some areas it is almost expected that a offer presentation date will be set, where some cities they are not very common and may be less likely to be succesfull
If you's like more information please feel free to contact me at 416 909 1421 or click here to find out what your home may be worth