Finding your dream home is a task which is very rarely fulfilled overnight.
Buyers can wait weeks, months or even years for the right property to be placed on the market. And even then, there are no guarantees.
But there are ways to progress your property search. Right now, off-market property transactions are a highly effective tactic for buyers and sellers.
The Financial Times recently reported 37,070 homes were sold ‘off-market’ in the first quarter of this year. A staggering 156% rise compared to the same period in 2019.
But how can access to off-market properties put you in the driving seat? In this blog, we explain more.
What is an off-market property?
An off-market property is one that is not advertised on the open market. In short, you will not find these properties on Rightmove, Zoopla or on any other online property portal.
There are great advantages to exploring off-market properties. The chances of finding your dream home increase significantly as you will have exclusive access to properties that rival buyers do not see.
Sales are agreed on a mutual basis too, avoiding a potential bidding war. While there is no way of proving the best homes are sold off-market, we think a lot of them are.
Why go off-market?
There are two ways an off-market property can be viewed.
Firstly, directly by the vendor. Secondly, via an agent – this route is where most off-market properties are sold.
Exploring these options allows prospective buyers to view homes before they are placed on the open market.
“People simply want to gain access to off-market properties,” explained Ben Procter, Managing Director of Oxford Property Consulting. “A lot of the time, good buyers are too late to the party and only find out about a property after a sale has been agreed.
“We have established strong and trustworthy relationships with key estate agents in Oxfordshire who know our clients are qualified, quality and serious buyers.
“This means our clients view properties before they go on the market, which puts them at a significant advantage.”
The price is right
Purchasing off-market is also an effective way of avoiding a bidding war.
Properties which attract lots of interest inevitably lead to bidding wars. This can happen over an extended period. At the conclusion of this process, the vendor will make a final decision who to sell to.
Viewing off-market allows prospective buyers to act quickly, meaning you can make an offer before a bidding war begins.
This means you will always purchase an off-market property at a price you are comfortable with and will have a better chance to secure the property you want. But be warned, buying a property before it is on the open market can mean paying a premium. After all, you are denying the open market an opportunity to truly assess its value.
At Oxford Property Consulting, all our clients can view off-market properties which match broadly what they are looking for.
We consider why our client is moving, what they enjoy, what they dislike, their must haves and can’t haves. This way, we can build a clear picture of their dream location and home to go with it.
Ben added: “Sometimes, we have to be patient which is why we are continuously in contact with estate agents across Oxfordshire.
“We want to know what’s on the market and what’s coming up so we can plan and prepare viewings to give our clients the best chance of investing in a property that is suitable to them.”
Buying off-market is low-key, making your investment experience smooth and stress-free.
Part of why this is the case is because buyers often view homes exclusively, something we are extremely passionate about.
“It is our ambition to ensure our clients are the first to view properties,” said Ben. “We don’t want them to be the second, third, fourth or tenth viewer.
“We also strive to give clients options before properties become readily available. It’s why we are in constant dialogue with estate agents so we can be first in the door.”
If you are interested in buying or renting a property for residential, commercial or development purposes, why not contact our friendly team today? You can call 01865 553956 or email firstname.lastname@example.org