You are considering putting your property on the market, or already have, and are excited about your next move. But you may also be a little apprehensive. You’ve heard whispers about the challenges of selling in a buyer’s market and are wondering what demand you might see for your property.

Is it likely to get snapped up straightaway, enabling you to find your next property easily and quickly, or is selling going to be a more challenging affair and do you therefore need to factor this into your future plans? Understanding the likely demand for your property enables realistic expectations for how quickly your property might sell as well as understanding what you might be able to do to boost buyer demand.

Research what similar properties have sold for

A little homework into properties that have recently sold in your area will help you to better understand potential demand for your property. Look at properties that are similar to yours in terms of size and target market to see what pricing was set and how quickly they have sold.

Build relationships with local agents

As well as a little homework on well-known property portals and estate agent websites, having one-to-one conversations with local agents will also help you to better understand buyer demand. Local agents will be able to give you a clearer idea of demand, sale times and actual selling prices which you can then relate to your own property and circumstances.

Establishing and building on the relationship with local agents will also help you identify the agent you are most confident will maximise the sale potential of your property and therefore who to instruct.

Get an appraisal of your property

As we’ve said your local agent will be the expert in the market, knowing what’s selling and what’s not and what to do to boost the likelihood of a sale. Use their expertise to maximise your demand. A good agent should give you an honest appraisal of your property anyway in order to maximise its marketing potential. But you can be proactive, too. Ask them if there is anything you need to change or highlight to maximise its appeal, they are likely to have useful suggestions such as better staging your property for your target market or doing a few quick and easy maintenance jobs.

Be realistic about pricing

Following the advice of your agent will be important to achieving a fast sale and boosting buyer demand. However, one of the easiest ways to increase demand and the likelihood of a sale is to ensure that you have accurate and realistic pricing. The end of 2023 saw asking price discounts hit a five-year high, according to research from Zoopla as sellers became more realistic about their pricing to achieve a sale. Setting your prices at a realistic level from the start will minimise negotiation time and mean you are more likely to achieve the price you’ve asked and that can boost buyer demand.

Thinking of selling a property? Here at Key Property Consultants we are client-driven in everything we do. Find out more about us here.

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