Worried about overpaying for a house! Is zoopla accurate?!

adam1982

Worried about overpaying for a house! Is zoopla accurate?!
We are interested in this property. It needs modernising to our tastes throughout but is structurally sound.

http://www.rightmove.co.uk/property-...-18703308.html

No I know, having sold 2 houses with the same estate agent over the last year that they are living in fantasy land with their valuations. I think I have been one of the only realistic sellers in the area and reduced my asking prices a lot from peak 07 values.

I therefore know that anything that the local estate agents put up for sale is far more than its actually worth.

An identical house in the same street sold in 25th May 2007 for £287,500. Zoopla calculates that this is now worth £231,509!:eek:
This cant be right, can it?

Now im really nervous / confused about what our offer should be! We are in a strong buying position, no chain.

What would you do?

tommy8721

I think its difficult for any site to be 100% accurate considering the current economic climate. Certainly there has been more stability, but there is a still a lot of uncertainty in the market, especially when individuals/couples are investing such a large amount. I would get more professional opinions on the matter.

westv

From what I have read on other threads here, Zoopla seems to be one of the worst at providing a price estimate.

adam1982

westv wrote: »

From what I have read on other threads here, Zoopla seems to be one of the worst at providing a price estimate.

i have read that. Its just shocking to see that sort of drop! its worth more that 235k to us. I cant find any record of that particular house being sold since 1995 so i would imagine they have been there a long time and paid very little.

Tinkaf1

As an aside...Can I just say that is a nice looking and spacious house. Sure it needs updating, and the flat roof on the kitchen extension ruins the appearance a bit from the back, but it would be one that I think I would like if it was in my area. It looks like it would "feel nice" if you get my drift.

adam1982

Tinkaf1 wrote: »

As an aside...Can I just say that is a nice looking and spacious house. Sure it needs updating, and the flat roof on the kitchen extension ruins the appearance a bit from the back, but it would be one that I think I would like if it was in my area. It looks like it would "feel nice" if you get my drift.

yes, we get the same vibe. We really wanted an older property with more character but as there arent many in the area we want to live we have to compromise.

It ticks a lot of boxes and has a lot of potential to modernise and improve. Would like to see how we could go about removing the old external wall from the kitchen with an RSJ maybe.

DannyboyMidlands

adam1982 wrote: »

i have read that. Its just shocking to see that sort of drop! its worth more that 235k to us. I cant find any record of that particular house being sold since 1995 so i would imagine they have been there a long time and paid very little.

The problem with Zoopla is that they don't reveal their methodology in calculating a current value so its very hard to agree or disagree with their estimate.

However in this case a 20% drop from 2007 values in Wolverhampton doesn't seem unreasonable at all.

Nothing on that road seems to have sold since the bubble burst so the vendors are just trying their luck and who can blame them.

Why is worth more than £235k? I think that you'd be mad to offer any more than £215k and settling around £220k.

Remember that in some areas we're back to 2004 prices. The house next door sold for £150k in 2001.

kr15snw

Ours is just gone on the market at 119,950 and zoopla says it's worth 97k! I would ignore it as I know ours is worth more than that!

kingstreet

HomeTrack do an online valuation for £20.

http://www.hometrack.co.uk/hometrack/products/valuation/create-my-property-valuation.cfm

Never used it personally, so can't vouch for accuracy.

adam1982

DannyboyMidlands wrote: »

The problem with Zoopla is that they don't reveal their methodology in calculating a current value so its very hard to agree or disagree with their estimate.

However in this case a 20% drop from 2007 values in Wolverhampton doesn't seem unreasonable at all.

Nothing on that road seems to have sold since the bubble burst so the vendors are just trying their luck and who can blame them.

Why is worth more than £235k? I think that you'd be mad to offer any more than £215k and settling around £220k.

Remember that in some areas we're back to 2004 prices. The house next door sold for £150k in 2001.

I know its classed as Wolverhampton from a postal point of view but prices are not really anywhare near as cheap as wolverhampton. Nothing comes up much on that particulat street because it is quite a good position close to the village centre but tucked away from a main road.

I know for a fact that if i went in with those kinds of prices i would be laughed at! (not that i mind!) There really is a big difference between this village and even as little as 2 miles away.

adam1982

kingstreet wrote: »

HomeTrack do an online valuation for £20.

http://www.hometrack.co.uk/hometrack/products/valuation/create-my-property-valuation.cfm

Never used it personally, so can't vouch for accuracy.

thanks for the tip! may give that a try.

im thinking sod it, ill just offer 250k and see what feedback i get. at the end of the day i have had to sell my grandparents bungalow for 23k less than next door sold for in early 08 and just accepted an offer on my flat for 12k less than i paid in june 06!

Ive had to be realistic to sell but a lot of vendors just cant seem to see it!

Why are people putting their houses up for sale at this moment in time for more than 07 prices?!?!