The benefits of buying a country house off market
With bidding wars and gazumping rife throughout the country house market in West Sussex at the moment, more and more purchasers are realising the benefits of purchasing their dream home off market.
Also known as a private or discreet sale, the term off market means when a home is being sold without being publicly advertised on estate agency websites and portals. It’s quite hard to know about them as a purchaser unless you are using a buying agent, as estate agents generally give them the heads up first because they know they will have access to a pool of serious buyers who are ready to pounce. But there is of course the proactive approach too, and I have heard stories of buyers knocking on the door of a house they like the look of and making the owner a tempting offer there and then!
However you find out about these ‘secret’ houses, the benefits are all the same. In a world where you have a number of people bidding for the same house publicly, off market offers buyers the opportunity to purchase a stunning country house exclusively, because nobody else will have access to it. The element of competition is either removed or substantially reduced. This not only means the risk of gazumping is minimised, and you actually have a chance of owning your dream home, but purchase prices tend to be lower as nobody is bidding heavily against each other – especially in today’s market.
Almost all of my purchases for clients over the last year have been bought via the off market route. Every single one of those I’m confident would have sold for a much higher asking price if they had been advertised publicly, as the really good houses are attracting 60 plus viewings on the open market.
It’s so easy to be drawn into a house you love, but once bidding wars start, it’s very easy to get carried away and pay far too much – something I’m sure we’re all familiar with on ebay! At the end of a day, buying a home is an investment. You want to make sure you can benefit from capital growth further down the line and not end up selling for less than the purchase price you paid. Plus, how frustrating is it when your offer has been accepted by the seller, only for you to receive a phone call later to say they have said yes to a higher bid ie, you have been gazumped? It’s worth considering when you’re considering your next move… purchasing off market really does help you avoid these pitfalls.
For more information about the benefits of purchasing a house off market in West Sussex, contact Jennie Hancock on +44 (0)7776452128.