Nothing for sale

Scottish Property Finders, Garrington explain that despite an apparent lack of property for sale there are opportunities available if you know where to look

Rising house prices driven by a lack of property for sale has been fuelling press headlines for many months. There continues to be frustration amongst home buyers as the situation has shown few signs of improving over recent months.

Unbeknown to many, some of the finest homes changing hands are sold exclusively ‘off market’. Whilst some buyers are vaguely aware of this method of sale, many hold the false assumption that only high value homes are sold this way, which is not the case, as this hidden element of the Scottish property market has a wide range of opportunities for all budgets.

Why do sellers choose off-market?

Sellers might choose to discretely sell off-market if the sale is delicate or there is a need for privacy. Increasingly, with so few properties available to buy, over the past 12 months some sellers have become wary about selling too quickly and then not having anything to move to. A way around this issue is to sell quietly to a patient buyer off-market, giving them both certainty of sale and confidence to look in earnest for a new home without the usual pressures.

Good news for buyers?

On the face of it being able to purchase a property off-market sounds appealing for a buyer, as the property will usually be newly available meaning there is normally less or no competition from other buyers. However, buying off-market can mean that the sellers will expect more flexibility with timescales, as they most likely will not have found themselves yet.

The sellers are also likely to be expecting to achieve above valuation, to prevent the property from being formally marketed and made available to other buyers. The art is to negotiate a deal where both buyers and sellers are both happy and neither feel outdone by the price agreed.

How do property finders find off-market homes?

The key to a property finder’s success, and more importantly the value they offer to a client, is their local contacts and connections in an area which enable access to a variety of exclusive opportunities.

Whilst finding the right property to purchase is likely to remain challenging, it is by no means an insurmountable challenge, with the right experience, contacts and access to all options in the market.

If are looking to buy a property in Scotland and would value some advice on the local market in a specific area and the opportunities that exist, Garrington offer a commitment-free discussion with one of their team.

Contact

Tel: 0131 564 1156, E-mail: info@garrington.co.uk www.garringtonscotland.co.uk