When it comes to how to find a house to buy, finding out about properties before they go on the market can give you an advantage over other buyers. Being ready to go as a buyer can also help your position.
Read on for our top tips.
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It’s a buyers’ market in 2024. Earlier this year, Zoopla reported the average estate agent has 31 homes for sale – the highest level in 8 years. But with buyer demand also up, how do you find a house to buy before someone else snaps it up?
Build relationships with estate agents
One of the most important tips for how to find a house to buy before it goes on the market is to build relationships with estate agents. The more you get estate agents on your side, the more they are likely to help you:
They may give you forewarning of properties that are about to come on the market.
Some off-market properties are only marketed quietly to buyers the agents trust. This can happen when sellers are divorcing and the sale of the home is a sensitive issue, or a property developer wants to discreetly liquidate stock.
Top end properties are often sold off-market as they don’t want the curious snooping around.
Leaflet the area you want to live in
Another good way of finding a house to buy before it goes on the market is to leaflet your target area. If you know exactly which area or street(s) you want to live in and there aren’t many properties on sale, then consider leafleting it.
Put notes through people’s letterboxes telling them about yourself and asking if they intend to sell. Many people spend years thinking about selling, and you might prompt them to take the plunge. Others are very keen that their family home goes to a family, not a property developer. And the seller may be tempted to get in touch and sell directly as a way of avoiding expensive estate agent fees.
Ask friends and family
Turn family and friends into your army of property scouts. Tell everybody you know that you are looking to buy and ask them to keep their eyes peeled and their ears open for any suitable properties about to come up for sale. Often you will hear through word of mouth that a suitable property is, or will soon be, on the market.
Approach absentee owners
Absentee owners, particularly of empty rental properties, often simply haven’t got around to selling, and so you can make the decision easier for them.
If you find an empty flat or house that you like the look of, put a note through the door or ask a neighbour for contact details – especially if it has been empty for a long time. The property might be their old home, a holiday home or a rental and you getting in touch may nudge them into action.
Use a buying agent
Want an expert to help you find a house? Or maybe you don’t feel confident in negotiating the price. If this rings true for you, then you might want to investigate instructing a Buying Agent. Buying agents work for homebuyers to help them find the right property for their budget and needs and navigate the buying process. A good buying agent will often know how to find properties before they come on the market as well as find out about properties sold ‘off-market’ too. A buying agent will often secure a discount on a property as well.
Knock on doors
Wondering how to find a house to buy before it hits the market? Well it might seem like a lot of work, but if you have narrowed down the area, consider asking door to door.
It may be awkward, but you could strike gold. And be diplomatic: say you are looking to move into the area, and ask if they know any properties that are likely to come onto the market soon.
Go on a weekend, when more people are at home.
Prepare for rejection.
Take along cards/notes with your contact details.
Check homebuying schemes
And when you’re looking for tips of how to find a house to buy before it goes on the market, don’t overlook homebuying schemes:
Deposit Unlock lets you buy a new build home from a participating developer with just a 5% deposit. Many major housebuilders are already signed up including Bellway, Barratt Homes and Persimmon. But if nothing suitable is already on the market, keep your eye out for any future developments planned. You can do this by keeping a look out for planning applications for housing developments in the area where you want to buy and by signing up to house builders’ marketing emails too so that you’re in the know about any new developments.
The First Homes scheme offers newly-built homes to first time buyers and keyworkers with a discount of at least 30% compared to the market value of equivalent properties. This discount stays on the First Home forever. This means that, every time the property is sold, the new buyer benefits from the discount. So look out for new homes in your area that are advertised by developers as part of the First Homes scheme.
Shared Ownership allows buyers who meet the eligibility criteria to secure a shared ownership mortgage to buy a share (usually 25%-75%) of a property and pay rent on the remaining share to the housing association or private developer that owns the building. So keep an eye out for new shared ownership properties coming on the market. Be aware that properties are usually leasehold and you may have to pay a monthly service charge and contribute to maintenance fees for major works. Find out more about Shared Ownership.
Sign up for property alerts
In many cases it’s not possible to get prior notice that a house is about to go on the market. So don’t just scour the main property portals, if you’re interested in a specific area set up alerts. For example, with Rightmove and Zoopla you can specify your criteria and you’ll be notified when a house that fits your criteria goes on the market. That means you can be quick off the mark in booking a viewing.
Consider buying at auction
Buying at auction does have its advantages, you’ll avoid a potentially lengthy buying process and there’ll be no risk of being gazumped. So if you feel you’ve missed out on other properties because other buyers have pipped you at the post you may feel buying at auction offers more certainty to the buying process. But you need to be fully prepared by understanding the pros and cons.
How to make yourself an attractive buyer
So we’ve looked at how to find a house to buy before it goes on the market so you have an edge on other buyers – but to seal the deal you’ll also want to make yourself as an attractive a buyer as possible. To do this you should:
1. Prepare your finances
When a hot property comes on the market, the sellers are far more likely to go for a buyer who is in good financial shape. So get your finances sorted before you start looking for a property and find a house. Speak to a fee-free mortgage broker to find out how much you’re likely to be able to borrow and it’s a good idea to get a mortgage agreement in principle too. Admitting you haven’t even talked to anyone about a mortgage will not instil confidence that you are a serious buyer. While being a cash buyer is obviously an advantage.
2. Avoid being in a chain
Many sellers are worried about being in a housing chain, because their ability to sell their home then depends on other people they don’t know being able to sell theirs. If you are able to be chain-free yourself, then you will put yourself in a stronger position.
First time buyers will clearly not be part of a chain, but if you already own a home, there are ways to make yourself chain free, for example by selling your house and moving into a rented property while you look to buy. However, there are downsides to this such as you may have to pay more in rent than you would have on a mortgage.
Angela Kerr Director, Editor
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