Do you know about off-market selling in Wokingham?

Selling a home off-market has been around for a long time, yet is not generally spoken of, but there has been a rise on off-market transactions in recent years.

Many people choose to follow the traditional route of instructing an estate agent, who will market your property, including producing photographs, floor plans and perhaps videos, all of which will be available online to attract potential buyers.

Removing all of this from the public eye, with no sale board or any evidence the house is on the market, is referred to as an off-market sale.

Why sell off-market

There are many reasons you may wish to sell in a more discreet way.

One of the main reasons we find is that the seller wishes to avoid much of the stress usually involved in selling a home.

Busy lives could mean they don’t want a large number of viewings, while others may be concerned for their health post pandemic.

They want to ensure that any buyer that comes through their door is serious, and in a position to proceed.

Privacy is another concern for some sellers – they don’t wish for people to know they are wanting or, maybe, needing to move home, therefore the idea of selling in this way is more appealing.

Does it work?

Off-market sales have been popular in the high-end market for many years, but now this type of sale accounts for one in ten sales overall. 

Firstly, you need an agent who is experienced in this field, who understands the market, and has strong relationships with buyers.

To achieve an off-market sale, you need to have a waiting list of strong buyers, understanding exactly what each of those buyers are looking for in a property and what kind of home will suit their needs.

The more an agent understands their buyers, the easier it is to ensure the property will sell discreetly, because they are able to bring the property and the buyer together without any publicity.

With demand for properties high, buyers are also keen to build relationships with agents and similarly end up benefitting from being informed of off-market properties.

Many buyers miss out on properties due to not being one of the first to view, and by the time they do, an offer has been accepted and their viewing has been cancelled.

This is why the off-market approach for buyers is one that has also been successful in securing a new home.

Let’s look at the statistics

Recent research has shown:

• In the first quarter of this year, over 37,000 homes were sold off-market, up from almost 21,000 over the same period in 2019.
• As of May 2022, more than one in ten homes has sold off-market.
• The average off-market home sold achieved 99.5% of its asking price in 2022, surpassing the 98% record set in 2014 in a strong prime central London market.
• Properties that were marketed online and to a wider audience achieved 99.1% of their initial asking price so far this year, also a record. 

Finding the dream

Not all off-market sales are due to a seller approaching an estate agent to sell their home – sometimes the buyer is the focus.

Occasionally, we will be approached by a buyer looking for a particular kind of home in Wokingham; we may know of such a property, but we also know that there isn’t one on the market.

As agents, we have two choices: we can do nothing and let the buyers wait until a property does become available, or we can get to work and see if we can make something happen.

By approaching homeowners who have not expressed a desire to sell, demonstrating the strong desire for their, or a similar property in Wokingham, we can often turn a waiting game into a home-move.

There may sometimes be a reluctance to sell due to the stress of finding a buyer. Having this ‘stress’ taken away from them and an eager buyer handed to them, can be just what a seller needs to make the decision to move. Plus, all this can happen behind closed doors.

It's not for everyone

Off-market sales do come with their own challenges, which is why this method is not suitable for everyone.

It is always advisable to talk through all options with your estate agent before you make a decision, and do your research: does your agent have success in selling discreetly?

If you are thinking about selling your home and would like to understand the market and the options open to you and your property, contact Nick or Teresa at Quarters Residential Estate Agents on 0118 466 0292 (call or WhatsApp) – we’re here to help!