All across the UK, house prices have been soaring. The pandemic and lockdown have increased demand for housing in nearly all cities, including Bristol. This may be a blessing or a curse depending on the reason you’re buying the house.
If you’re looking into the business side of houses and property investment, this is excellent news. Prices will likely continue to rise in Bristol and allow you to return a nice profit!
Prices in Bristol have been rising by around £1000 per month since the start of the pandemic. If this trend continues, you could be set to make a lot of money as a property investor.
If you’re looking for a new home to live in, this is not great news. Houses are getting more expensive, which means you may not be able to afford a perfect home.
Lots of competition and not enough houses is not great either. Even if you find a house in your price range, it’s hard not to get outbid by other keen house hunters.
All of these issues make house-hunting in Bristol very difficult indeed. So it’s essential to know different strategies which may help you in your search. One great way to buy houses without all the extra hassle is by looking for off-market property.
But what are off-market properties, and how can they help you out?
Off-market properties are houses that are not publicly advertised and listed on housing markets. You can’t find them at local estate agents on public housing markets.
Typically, the seller sells houses directly to the buyer, just as you would sell an old car or old item of clothing to someone else privately.
It’s not common to see property developers selling their houses off-market. It’s much easier to find individual homeowners or landlords who very keen to sell their house quickly and privately.
It’s crucial to remember that this doesn’t mean there’s something wrong with the house and the seller is unable to sell publicly- the buyer is just in a position to sell quickly or more peacefully!
Off-market properties aren’t as popular because it’s more difficult to find interested buyers unless they have one already. But when you find an off-market property, you can usually discover a great house that you wouldn’t find elsewhere.
Off-market sales are most familiar with high-value sales. With these kinds of sales, the houses are more likely to be looked at by high-class clientele who prefer more private transactions. So if you’re looking for or buying a very large or well-known house- off-market is the way to go!
This is very useful in Bristol because finding houses is hard enough as it is. Accessing more housing market areas that other people don’t know about will give you an advantage and help you find more houses you love! But you can still find more ordinary houses being sold off-market.
When looking for houses on standard estate agents, most of the time, you have a lot of other buyers interested in the house you’re looking at. It is very annoying when you find your dream home, but someone else steals it!
When you are in the process of buying an off-market property, virtually no other people know about the property- you won’t have to get involved in any unexpected bidding wars!
Some sellers will be in a hurry to sell the house for many different reasons. Therefore, they will be more likely to negotiate and accept a deal below the house’s market price.
If the seller isn’t looking to sell quickly, ordinarily, you can take more time viewing the house and learning more about the house and seller. You won’t have to make a hasty decision to buy or not due to pressure from other bidders- you can take your time when deciding if the house is right for you.
When sellers are contacting multiple buyers, the buying and bidding process usually takes a while. Sellers tend to wait for the highest possible bid to get as much money as they can from the sale. This is not the case with an off-market property, as the seller can dedicate all their time to you and get the deal done as quickly as possible.
Houses are not listed publicly. Suppose you’re not comfortable with people knowing your moving house or looking for new accommodation. In that case, you’re covered because no one will know you’ve moved into a new house until you’ve announced it.
The open market for housing in Bristol is bustling at the moment. Estate agents are saying houses listed on the market are sold in the first week of marketing. So unless you’re very quick and willing to pay more than the market price, using the open market is very difficult.
Even if you’re not buying on the open market, estate agents can be a great way to find houses. Estate agents commonly know houses that are about to go onto the market. They can get you in contact with the owners of those houses, and you can jump in just before the house reaches the market!
It’s a lot easier to find off-market opportunities for higher-end houses. Owners of these houses are more likely to prefer the security and privacy benefits offered by off-market sales. With these houses, you can approach the owners directly or approach estate agents that may know about the house and the owners.
Houses in need of renovation can also be a target for you. If you’re looking for a DIY job, then you can find houses in need of conversion. These houses are less likely to sell on the open market because of their condition- but the owners will be happy to let you take it off their hands.
These houses are tremendous blessings in disguise! You can design them in a way that you love, and usually, the whole project is cheaper than buying a regular house.
But be careful and remember only to take on a project that you can manage. Try and stick to your budget as well and prepare for any unexpected costs.