Jonathan Hopper from Garrington Property Finders discusses the prevailing trend of properties being sold off-market
Where once the decision to sell off-market was typically driven by the desire for discretion, in 2023 selling away from the open market is now about practicality as much as privacy. While buyers are increasingly aware that there are potentially more properties to buy than can be seen on property portals, how can they find and secure these hidden homes?
Why are homes sold off-market?
Despite the UK-wide property market having experienced a period of slowdown, in prime areas exclusive addresses continue to be in high demand. While the overall number of house buyers may have reduced, there continues to be an undersupply of certain property types, meaning the marketplace continues to be imbalanced.
This disparity between the volume of homes openly for sale and the demand for such properties from buyers means that those with a good property to sell in a desirable location, when priced correctly, are likely to have a sale agreed very quickly and then feel under considerable pressure to find somewhere to move to just as fast. Selling off-market can offer a solution to this dilemma, as it gives sellers more control over the pace of the sale, often a longer window in which to make their dates align, and it can also increase the likelihood of a smoother sale.
How to find an off-market home to buy
For those aiming to buy off-market, registering your interest with local estate agents as a serious and proceedable buyer is a good start, but to access the full range of the hidden market it can be beneficial to engage a reputable and experienced buying agent who will have won the trust and confidence of a network of professional connections, in addition to their relationships with estate agents.
Good buying agents, known to have committed clients, frequently hear about off-market properties first and can quite literally put their client at the front of the queue. Garrington also has access to exclusive software that assists in identifying potential off-market properties in clients’ specific search areas. As the first to view a property, you can also be the first to put in an offer, which, if backed up by good intelligence and a strong buying position, can also be the most successful.
Garrington’s property consultants help buyers to find and purchase properties that meet their lifestyle requirements. Their local expertise and in-depth knowledge of the property market helps homebuyers to consider a wider choice of properties and purchase more effectively.
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