If 2022 is anything to go by, 2023 could be the year that selling homes off-market hits the mainstream.
About 10% of property sales in the UK in 2022 have been off-market homes. That’s more than ever before, and for a number of reasons.
Off-market sales began to increase because of the shortage of property for sale over the last year. Estate agents have had to get more creative by putting chains together from the top down, finding homes that weren’t on the market for ever-growing lists of increasingly desperate buyers.
More recently, the ill-fated mini-budget and mixed messages around the property market have led some sellers to test the waters first with an off-market launch.
But, if you don’t tell every buyer that your home is for sale, are you at risk of selling for less than you could?
A lot depends on the type of property you own and when you need to move. So with that in mind, our blog this week includes all you need to know about selling your home off-market and whether it’s the right move for you.
Historically, off-market selling was exclusively for homes at the very top of the market, or public figures and celebrities who wanted discretion. But there are other reasons why people make their homes available off-market, including:
These are all valid reasons, but they only apply to a minority of homes. When most people decide to move, they usually want to get an offer and get going as soon as possible. And if you live in a prime example of homes for sale in the Wilton & Salisbury area, you’re likely to get the best result by making sure that every buyer knows about it.
Your selling price influences your entire move, from your budget for your next home to how much you can spend on upgrades and furniture. Usually, the best way to get the highest price is to reach as many buyers as possible, but there are some homes where a different approach can pay off, because:
Of course, it’s impossible to know whether another buyer would have come along a week or month later and paid more, but that’s the same for everyone selling a home. What’s important is that your agent gets you a price that stacks up against other local sales, from a buyer who can proceed to your timeframe.
For an estate agent to sell your home off-market, they need access to a pool of ready, willing and able buyers. Otherwise, given that your home will be invisible to the public, you’re unlikely to have much interest. So use the following steps to identify the most suitable agents to call.
Bear in mind that one or more of the agents you speak to may feel that selling your home off-market is not the best move for you, and they may have a point. It isn’t right for everyone, so be open to any comments and advice before making your final decision.
The vast majority of buyers search for a home through portals like Rightmove and Zoopla, and many never even contact an estate agent unless they get a property alert. The only way to reach them is to advertise your home. However, there are various other sources of buyers that agents have access to, including:
One thing about being an estate agent is that people talk to us about property all the time, and not just when we’re at work. We often hear about someone’s plans to move very early on, and we lose count of the times we’ve been asked to give them a call if something ever comes up in their dream location.
If you remove all the tools and channels that estate agents use to give you the widest exposure, you’ll be reliant on someone from a smaller group of buyers falling in love with your home.
That’s not to say they won’t, but it’s worth considering what selling on the open market gives you:
Ultimately, the way you choose to market your home should give you the best chance of success. If you want or need to move by a specific date, there’s little point in keeping your home a secret.
Could selling your home off-market be right for you?
Now that you know how selling off-market works, perhaps it’s time for a chat about your plans.
For some friendly and expert advice on the best selling strategy for your home, call us on 01722 580059 or email us at info@piccoloproperty.co.uk - we’d love to help you get your move underway.
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