A Zoopla (or similar type site?) question

Box Brownie

Box Brownie

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Hi all

For anyone that has bought and/or sold recently just how useful have you found Zoopla with its estimation of what the current price of a property is???

Why do I ask, well having looked at some agents prices I have noticed some marked differences i.e. on offer at a markedly higher price than the Zoopla estimate :thinking:

TIA for any insights :)
 
The market is volitile at the moment and prices are going crazy. Zoopla uses historic data to see trends so it will take a while for to "catch up" with what's going on at the moment. The prices displayed are probably correct for 6 months ago, but since the Rona, and stamp duty cut, prices have soared especially in more rural areas.
 
I’m not sure how good Zoopla actually is. Our neighbours house, up for sale at the moment, isn’t even on there. Rightmove seems better, and you can include a sold subject to contract option in the search to get a rough idea of value. So many agents are using guide prices, rather than fixed ones though, which muddies the waters a lot.
As TCR says, the market is crazy at the moment, especially in rural areas.
 
I'm not sure how much use any of them are.
Zoopla and its ilk seem not to be able to hone their valuations to the specifics of locality and market.
Agents always have skin in the game though you are more likely to get a more honest real world appraisal from a local agent than one of the nationals.
The best way to get close is by examining the sold prices for similar properties in the same location, course you're stuffed if there aren't any though.
 
Thanks for the thoughts and insights.

What triggered the question was that we had booked to view a property on Monday at what I thought was a higher than 'projected' asking price.

However, the agent called to advise that they had received an asking price offer......that unless we were likely to offer an above Asking Price figure the vendors did not see the sense in the viewing going ahead.

In the brief chat with the agent I learned a little more about the propertys market history and told him that should it fall through to let me know???
 
Generic price estimation is based on data for the post code, so if you are looking at say an estate house it may be more accurate than a location consisting of more individual properties
In the past I've used Rightmove and had a look at the actual properties that have sold. I do understand the market may be a touch different currently
 
taxboy said:
Generic price estimation is based on data for the post code, so if you are looking at say an estate house it may be more accurate than a location consisting of more individual properties
In the past I've used Rightmove and had a look at the actual properties that have sold. I do understand the market may be a touch different currently
Click to expand...

Yeah exactly. The sites take 6 month old data from the land registry, apply their curves and predict the price. So the more houses that have sold in the post code and the more similar they are, the more accurate it will be. The market is crazy right now so normal multipliers may not work. Mouseprice use a more refined algorithm than most so it's often a little closer - but estate agents start by looking at the paid for version of RightMove when making a valuation.

ATEOTD a house is worth what people will pay for it - I had to pay over asking for the one I'm in now but that's because I really wanted this one. And also because IMO the agent had undervalued it due to decoration :)
 
At least you’ve got a bit more breathing space now the stamp duty holiday has been extended. It’ll be interesting to see what happens to the market after SD goes back to normal and things calm down. I certainly wouldn’t overextend myself financially right now, you could well end up in negative equity in a years time once the market has cooled.
 
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