How accurate are "Zoopla" estimates??
Discussion
Simpo Two said:
Jasandjules said:
It is a best guess which I suspect is based simply on whatever has sold near you. Which takes no account of your kitchen/bathroom and decor, which IME have a fairly significant impact upon the price..
Well there is a bit where you put in the value and date of any such improvements.However OP, the best way to find out the "market value" of your house is to get three estate agents round to play I think of a number.
The thing was I was not looking to sell; I just had an idle moment to fill so checked out the site. It was just a pleasant surprise how much they said my place was worth even after I had updated my details.
Let me put it this way, even if my house was really worth £100k less in the real market than they have quoted I would still be very happy if I was selling tomorrow
Let me put it this way, even if my house was really worth £100k less in the real market than they have quoted I would still be very happy if I was selling tomorrow
I just checked mine and thought it was surprisingly accurate considering I live in a small village where no two houses are the same and very few sales happen each year.
Zoopla estimate was within 5% of what I thought (I do much resi market research as part of my job). TBH no valuer or surveyor who is telling the truth can get a valuation to an acuracy better than 5%
Zoopla estimate was within 5% of what I thought (I do much resi market research as part of my job). TBH no valuer or surveyor who is telling the truth can get a valuation to an acuracy better than 5%
Zoopla just will note be accurate aor anything that is anything slightly out of the ordinary. When I sold my last house it was faily close, but then it was a bog standard estate house, with plenty of referene data. The house I bought was not it was unique. Zoopla nowhere near.
Having said that estate agents were worse than Zoopla. Given that I had a bog standard estate house, I had one agent saying I'd struggle to get x, another saying he could sell it all day at X+15%. 2nd agent sold it, 1 day after I'd agreed to market it with them at X+15%
Having said that estate agents were worse than Zoopla. Given that I had a bog standard estate house, I had one agent saying I'd struggle to get x, another saying he could sell it all day at X+15%. 2nd agent sold it, 1 day after I'd agreed to market it with them at X+15%
GT03ROB said:
Zoopla just will note be accurate aor anything that is anything slightly out of the ordinary. When I sold my last house it was faily close, but then it was a bog standard estate house, with plenty of referene data. The house I bought was not it was unique. Zoopla nowhere near.
Having said that estate agents were worse than Zoopla. Given that I had a bog standard estate house, I had one agent saying I'd struggle to get x, another saying he could sell it all day at X+15%. 2nd agent sold it, 1 day after I'd agreed to market it with them at X+15%
Sounds like the second agent was exactly right on price - just one day out on timescales.Having said that estate agents were worse than Zoopla. Given that I had a bog standard estate house, I had one agent saying I'd struggle to get x, another saying he could sell it all day at X+15%. 2nd agent sold it, 1 day after I'd agreed to market it with them at X+15%
I'd be happy with that.
valuation is not a science, its about comparable evidence and what the agent knows about the buyers he has registered with him.
Back in my days as an agent, I saw many houses unsold because the price was too high. When I got them at the right price they sold. Some agents price high to get the instruction.
Back in my days as an agent, I saw many houses unsold because the price was too high. When I got them at the right price they sold. Some agents price high to get the instruction.
It's like taking a Parkers valuation guide along to a car dealers....you will be laughed at, spat at and generally met with derision.
Any semi coherent being can see that Zoopla's algorythm was devised by a retarded, mouth-breathing halfwit.
When we sold our house a couple of years ago one of the buyers' negotiation tools was the fact they saw we only paid £53k for the house 10 years+ ago. Nob heads...(it sold for £125k BTW and not to them).
Any semi coherent being can see that Zoopla's algorythm was devised by a retarded, mouth-breathing halfwit.
When we sold our house a couple of years ago one of the buyers' negotiation tools was the fact they saw we only paid £53k for the house 10 years+ ago. Nob heads...(it sold for £125k BTW and not to them).
scenario8 said:
GT03ROB said:
Zoopla just will note be accurate aor anything that is anything slightly out of the ordinary. When I sold my last house it was faily close, but then it was a bog standard estate house, with plenty of referene data. The house I bought was not it was unique. Zoopla nowhere near.
Having said that estate agents were worse than Zoopla. Given that I had a bog standard estate house, I had one agent saying I'd struggle to get x, another saying he could sell it all day at X+15%. 2nd agent sold it, 1 day after I'd agreed to market it with them at X+15%
Sounds like the second agent was exactly right on price - just one day out on timescales.Having said that estate agents were worse than Zoopla. Given that I had a bog standard estate house, I had one agent saying I'd struggle to get x, another saying he could sell it all day at X+15%. 2nd agent sold it, 1 day after I'd agreed to market it with them at X+15%
I'd be happy with that.
Bumping this from the past...
How do we think it fares in the current market?
For the house I'm looking at, asking is £400k. Last sold in 2005 for £250k. It's currently in very good condition, but physically is the same size/rooms etc. Zoopla put it in the £295-£305k bracket! But I was thinking more like £330-350k is fair.
How do we think it fares in the current market?
For the house I'm looking at, asking is £400k. Last sold in 2005 for £250k. It's currently in very good condition, but physically is the same size/rooms etc. Zoopla put it in the £295-£305k bracket! But I was thinking more like £330-350k is fair.
I'd stick by this:
JR said:
scenario8 said:
Hilariously disasterously all over the place would be my (professional) opinion. The estimates work in a very crude way. If you don't want an agent or a surveyor to visit your property in the vast majority of cases I'd suggest a tiny bit of click work would give you at least as good an idea as to the true value of your home.
Each to their own, though.
As a very small sample I give you my home. My estimate £190,000+, agents circa £195,000. offers £187,500-£196,000, Zoopla £284,000.
I'm moving house now and tried a few houses on Zoopla. I'd say it is good to give you a very rough idea of prices in an area, say three bed terraces in Teeside vs three bed terraces in Chelsea vs three bed terraces in Bath but no good for pricing an in an individual house since I think that the estimate is +/- 50%.Each to their own, though.
As a very small sample I give you my home. My estimate £190,000+, agents circa £195,000. offers £187,500-£196,000, Zoopla £284,000.
bigandclever said:
5678 said:
Bumping this from the past...
How do we think it fares in the current market?
What makes you think the random number generator would've got any more accurate over the last year?How do we think it fares in the current market?
5678 said:
Bumping this from the past...
How do we think it fares in the current market?
For the house I'm looking at, asking is £400k. Last sold in 2005 for £250k. It's currently in very good condition, but physically is the same size/rooms etc. Zoopla put it in the £295-£305k bracket! But I was thinking more like £330-350k is fair.
The house is worth what a willing buyer will pay and what a willing seller will accept. If you think £330-350 is fair then if that's the price you are prepared to pay and the seller accepts then you have the value pinned down, if he doesn't accept then you dont have both halfs of the equation to pin down the value, unless an identical house has sold recently, in which case that price was the value when that house sold How do we think it fares in the current market?
For the house I'm looking at, asking is £400k. Last sold in 2005 for £250k. It's currently in very good condition, but physically is the same size/rooms etc. Zoopla put it in the £295-£305k bracket! But I was thinking more like £330-350k is fair.
In other words, any valuation is just a guide. On a standard common type of house 5% accuracy in valuation is good, anything unusual you can be looking at 10-30% spread in valuation.
If you're looking to negotiate through a half decent agent be advised quoting Zoopla in itself is not likely to get you very far. By all means it could be used as part of the negotiations but it in itself wouldn't be taken too seriously as the crux of a down valuation. Other factors would need to be taken into account - mostly other significant comparable properties, condition, specific characteristics of the property and area etc - details likely to be missed by the Zoopla number crunching.
All it does is apply the Halifax regional house price index to the comparable evidence from the land Registry database.
It is impossible to "value" a house with an accuracy of £2000.
Because it uses the above methodolgy it should always be pretty close except where a house is not conventional or where the comparable evidence is old, sparse or skewed
It is impossible to "value" a house with an accuracy of £2000.
Because it uses the above methodolgy it should always be pretty close except where a house is not conventional or where the comparable evidence is old, sparse or skewed
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