Why are off-market properties so valuable to know about?
Taking a look at the current crop of available properties on the market might leave you disappointed. You could be lucky and come across the perfect property for your next move, or even a brilliant option for an investment to add to your portfolio.
However, among the thousands and thousands of possibilities, the best ones can be lost. In fact, the very best choices could be hidden away off the market, and that's where the accessibility of a buyer's agent will come in handy.
With solid relationships on hand and a great understanding of the market at present, a buyer's agent from Cohen Handler will take your specifications for a property, be that for investment, holiday home or as a primary residence, and find the absolute best options for you. These will include properties that might have slipped under the radar already on the market, or even ones that are out of sight and off-market.
Why do people sell off-market?
Heading into winter, the number of properties that are open for viewings and for sale is expected to decrease. This is because of confidence taking a dive when the wet weather sets in. Combine this with the fact that vendors believe a lot of people go away for the winter and during school holidays, as well as a lack of competition to drive the price up at auction or in a bidding war, and it's easy to see why off-market selling is so popular.
It's easy to see why off-market selling is so popular.
Sure, when the sun is shining at just the right angle through a master bedroom and it takes your breath away to the point where you put an offer in for the home immediately, selling off-market might sound a little silly. However, on a dreary, rainy Saturday with an open home, people dripping their clothes through the house and not being able to see the beautifully landscaped garden spaces outside, it would be much more difficult to draw people in.
And so, off-market selling comes into play. Taking nothing away from the extreme number of listings that SQM Research reported for April, the number off-market could be just as impressive, except for the fact that you won't know which ones are available and who is wanting to move on.
In April, SQM Research found that there were 366,151 homes listed across Australia, with Melbourne taking out top spot and contributing 39,536. By comparison last April, only 347,966 homes were listed for sale, and Sydney's figure of 19,648 seems paltry compared to the more recent rise of 37.8 per cent to 27,080 for this year. There are many available properties on the market at the moment, but it could just be more of the same. You've seen many of them in your current house hunt, or they don't appeal to you at first glance. Why would you buy one of these homes?
A buyer's agent will open up a whole new world of accessible homes in the off-market category, and they can help you through the entire buying process along the way too.
What sort of homes are sold off-market?
Any home, at all, can be an off-market property. That is, if you walk down the street and see a big, beautiful house that you'd like to own, you can make the owner an offer and, if they accept, the home is essentially yours. However, getting them to accept is the hard part, as an offer that's too low will discourage them from continuing communications. Go too far the other way and you'll spend too much.
A buyer's agent can make this process far simpler – as a professional in the industry, they have studied and so understand the true value of a home. It's also quite likely they'll know how long a person has lived in a certain house, and how attached they might be to it, which would ramp the price up a little.
Buying off-market can be very beneficial, however, as there is usually no competition in the bidding stage.
Domain Group also notes that many Chinese buyers, or indeed any from overseas, might look at off-market properties through a buyer's agent in order to get onto the Australian property ladder without too much hassle.
Realestate.com.au goes on to say that one of the main disadvantages of buying off-market is that you have to do a lot of the legwork yourself, because there are no catalogues of available homes for a particular area or in a certain price range. Something else that's important to note is that it's all about relationships, and for both of these ideas, a buyer's agent is the answer.
A buyer's agent takes a lot of the work out of buying off-market, and Cohen Handler employs experts in Sydney, Melbourne and Brisbane to ensure you have a great base to choose from. Get in touch today and buy your dream home, on- or off-market.