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Henry Pryor on property tv programmes

Henry Pryor

Pryor's Property Clinic

- Read more Pryor on Property features
- Share your thoughts on the property market

Continuing our series of questions and answers, the past ten days has seen my inbox bulge with pleas for help, suggestions for upcoming articles and the usual smattering of ranting.

I try to respond to all the emails I get, but repetitive strain injury was a serious risk last week as so many of you reacted to the news that asking prices were reported to have risen. Anyway, here goes:

Prices rising? Eh?!

Geoff Smith emailed and spoke for many asking 'How on earth can Rightmove report that asking prices in April rose across the country? Can this be true or is this another case of estate agents refusing to grasp reality?'

Well, as I said to Geoff and many others, in fact the monthly report that he quotes did indeed suggest that average asking prices had risen last month but when you look at the whole report, in fact 32 counties in England and Wales saw asking prices FALL - more than saw prices rise.

What it did illustrate, I think is that there are many vendors who will feel that they should build in some negotiating room and quote a full guide price but I pretty sure that for many, it's too late to try this tactic and it may well blow up in their face.

How long to sell?

On Tuesday, I was working on a report for BBC East and met a charming lady who had been trying to sell her house for two years. As an email from Kirsty said 'does anyone know how long it is taking for houses to sell at the moment and how long is too long?'

In my view, there is no excuse for a home taking two years to sell.

There is always a buyer for every property but you need to get to them and you need to appeal to them. Sitting on the market for six months with no offers or worse, no viewers is a waste of everyone's time and money.

Your agent will get bored, buyers will regard the house as flawed (even though it may well not be) and eventually it will only attract the scavengers who will make a derisory offer in the hope that you're desperate.

Get advice from more than one agent, listen to it and then go for it! Selling is expensive and if you are half hearted, it can cost you more than just the fees and stamp duty as the value is hit.

How do you calculate a guide price?

Bryan Harrison emailed me to ask how he should calculate his guide price when he comes to put his house on the market in two weeks time.

Setting a guide price in a falling market is never easy and many younger agents today have never experienced this. You have to price ahead of the market which may seem painful but is essential if you want buyers to take you seriously. If you and your agent think you should be quoting £175k then as a rule, you should probably be quoting 5% less.

What can I do if I have to sell?

Sue G, 'firsttimebuyer' and George Jackson all wanted to ask what they could do if they had to sell. All three plan to put their homes on the market in the next month but all are concerned that they might waste time and money if they get it wrong.

Well, yes. As nearly 70% of people who have put their house on the market this year have found, the market is 'challenging' as a friend of mine said with wonderful understatement when he appeared on News at Ten last night. If you have to see, either because you are relocating or getting divorced for example then you have to give it your best shot.

In a difficult market, buyers need to be persuaded more than ever that (a) you are serious and (b) that yours is the house they should go and see rather than someone else's. Presentation is key. Get proper photographs done. Make sure it is advertised both on and off-line. Make sure your agent is going to get a proper fee if he does sell.

Remember, you only pay if you do sell, but above all else, price it to get people interested. An absurd example, but Duntisbourne, a small estate in Gloucestershire went on the market for £5 million earlier this year and 76 people viewed it.

It went for over £8.5m we are led to believe. OK, this is a million miles away from the average home in the UK but the principle holds true. Make sure buyers know you are serious. You are not saying you will sell for your asking price - quote 'offers around' or 'in the region of' and get some competition going - the price really can go up as well as down.

It may be a different market from last year but already over 220,000 have sold so far in 2008.

More tips and advice shortly. In the meantime, thank you to everyone who has written in or contributed to the feedback. Keep it coming.

Remember, the great property guru 'Black' Jacques DeLisle amongst others said he always made money in a hard market.

In a frothy overheated market then there is too much competition form both buyers and sellers and you need a level head, good advice and a strong nerve if you are going to take part in this market.

Share your thoughts

Do you disagree? Or agree? Let us know what you think and help shape future articles by emailing PryorOnProperty@mac.com

 

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