Estate agents covering Rutland, Stamford and Leicestershire are reporting increasing frustration amongst those looking to move, particularly as the number of quality properties available for sale is just not keeping up with demand.
Reflecting this, Garrington is frequently approached by those struggling to find somewhere to buy – as well as, ironically, those who are reluctant to put their property on the market because they cannot see anything that they would like to purchase. So, a state of stalemate in some sectors prevails.
One solution to a frustrating buyers’ market is to tap into to the elusive ‘off-market’ buying approach. I am often asked how to access off-market homes for sale in the East Midlands, so have given an overview of how I work below.
What is an off-market property?
Real off-market properties are bought and sold away from the public eye.
In the East Midlands, the most common off-market properties are at the top end of the market (£1m+) and often include large period properties, building plots and homes in high demand areas such as the popular Rutland villages and Stamford.
Last year, Garrington sourced a number of off-market properties in Wothorpe, a rare canal side property in Leicestershire, a Stamford plot and two farmsteads in Rutland to name just a few.
How do you gain access to these elusive properties?
Usually professional property finders hold a ‘little black book’ of off-market properties, have a well-established network of property contacts, as well as, the knowledge of how to approach homeowners direct to gauge whether there is an appetite to sell.
Whilst this method of sourcing property is not guaranteed to bear fruits, Garrington regularly unearths exciting opportunities in this way.
What are the challenges associated with buying ‘off-market’?
Whilst sourcing genuine off-market properties for clients is a challenge in itself, some of the most difficult aspects is negotiating the price and then seeing the deal through the subsequent conveyancing and due diligence stages.
Properties that are being sold on the open market have their asking prices tested; if a buyer asks too much, then they get no viewings but if the asking is low then a gaggle of hungry buyers can push the paid price considerably higher.
Away from this market test, establishing a price that is acceptable to an ambitious seller and prudent buyer is very difficult and this is where a skilful property buyer can use evidence, market knowledge and diplomacy to find a meeting point.