If you’re currently on the hunt for your forever home, an investment property or a DIY house project, you’ve probably heard the term ‘off-market’ thrown around whilst on your property pursuit. When hearing this term, you either know exactly what it means or when used in conversation, you politely nod your head and pretended to understand what this ‘property talk’ is all about.
Whether you’re a first home buyer or a savvy investor, you’ll come across this phrase a lot throughout your property endeavours. Wrapping your head around what off-market properties are, why people sell off-market and why people buy off-market is an excellent step to ensuring you find the right property for you.
According to realestate.com.au, an off-market sale is a term used to define a property that is selling or has already been sold without any public advertising. This term is often associated with a property that needs an immediate sale, where the sale is often more important than the sold price, but this isn’t always the case.
To clarify some reasons as to why selected vendors sell off-market, we asked the Director of Universal Buyers Agents, Darren Piper for his expert understanding on the matter.
“People sell off-market for a number of reasons,” he said.
“These can range from vendors not wanting to pay for advertising or marketing money to promote the property, to some vendors being extremely private people that don’t want the world to know that they are selling or have 50 people come through their home,” he said.
“Other times, it’s as simple as some vendors wanting a quick sale to ensure they don’t have to deal with the emotional stress of putting their house on the market.”
Darren Piper further explained that selling off-market does not only benefit the vendor, but many buyers are starting to seek off-market properties to avoid competition and negotiation.
“When buying off-market, there is very little competition given that the property isn’t being promoted online through platforms such as social media, realestate.com.au or Domain,” he said.
“Given that there is usually a lot less people looking at an off-market property, it is likely that you can purchase better due to the lack of competition,” he said.
“Another excellent benefit of buying off-market is that the buyer can take their time with negotiating, which ultimately allows the buyer to come to their decision happily and without pressure.”
Finding off-market properties can take a little bit longer than your standard property search, but it’s worth it if you want to avoid competition and tedious negotiation. An excellent way to find the perfect off-market property for you is to get in contact with Universal Buyers Agents. Universal have access to a range of incredible off-market properties and will happily take the stress out of the buying process.
So now that you have you head around all things off-market, contact Universal Buyers Agents today to find the right off-market property for you.