Buying & Selling Quickly Off-Market (for the stamp duty holiday)
The housing market is a competitive space, and public listings are not always the most desirable way to buy or sell your property. An off-market or pocket listing is an alternative, and it describes a home that isn’t listed on the MLS (Multiple Listing Service). An off-market listing sets the stage for a private transaction in a more exclusive space. But, does an off-market listing benefit the buyer or the seller?
Advantages of buying and selling off-market
There are benefits on both sides, and buying and selling houses off-market are great for those in need of a quick sale. However, there are other benefits, also.
Benefits for buyers:
- Less competition: You are less likely to get caught up in a bidding war. Fewer buyers and investors are accessing the off-market space, so there is more chance your bid will have little competition.
- Exclusive access to interesting deals: You can discover investment opportunities not seen by the wider public.
- Buy undervalue when the market is in a boom state: A seller may not be aware of rising market prices allowing you to offer less than market value.
- Less pressure: With fewer buyers, there is less pressure to make a snap-buying decision.
- Save time: If you don’t want to browse through thousands of listings, then off-market is the place to be.
Benefits for sellers:
- Your valuation: You can sell your house for what you think it is worth. You can test out market interest at your price before making an MLS listing.
- No listing date: There is no pressure to sell quickly to avoid the stigma and bad impression of a house on the market for a long time. This means that you won’t become a target for low offers.
- Anonymity: Enjoy improved privacy with your home, not showing on the open real estate market. This is a popular way of selling your home if you have renters or simply don’t want your neighbours to see the photos of the inside of your home.
- Low listing costs: Save money with lower listing fees and doing your own photos. There is no waiting for an appointment with a professional photographer so you can list your home instantly.
- Serious buyers: Your house doesn’t come to the attention of window shoppers.
- Fewer viewings: Spend less time cleaning for countless viewings with only serious buyers seeing your listing.
Selling off-market does also come with potential downsides, so if you’re inexperienced, it may be ideal to sell the house off-market but process the sale through an estate agent.
How bridging loans can help with a quick sale
If you are looking to buy quickly, you may need access to a secured homeowner loan. Bridging loans help you cover the financial gap between buying your new home and selling your old house. These are secured loans offered against the value of the property you are going to buy.
If you are an investor or developer undertaking a quick-turn renovation, then second charge loans give you access to working capital without having to remortgage. These will help you get your property back on the market as soon as possible.
Apply for a bridging loan with Friends Capital today! We have the best rates to help you make the most of the stamp duty holiday ending in March.