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

Running_Horse

Search this forum for Zoopla and Rubbish.

That is all.

DannyboyMidlands

adam1982 wrote: »

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.

I know how you feel about super-low offers that's why I'd leave it for a few months and wait for them to drop the price. How long has it been on the market for?

I have my eye on a couple at the moment. One has reduced from asking £260k to £205k since Aug '10. The other from £259k to £215k in about the same time frame. Once the asking prices get to £185k ish, I'll go an have a look with a view to paying £170k max. I very much doubt either vendor would have considered an offer of their current asking price when they were fresh on the market.

However, I am fully prepared to lose them both. Plenty more fish in the sea.

adam1982

DannyboyMidlands wrote: »

I know how you feel about super-low offers that's why I'd leave it for a few months and wait for them to drop the price. How long has it been on the market for?

I have my eye on a couple at the moment. One has reduced from asking £260k to £205k since Aug '10. The other from £259k to £215k in about the same time frame. Once the asking prices get to £185k ish, I'll go an have a look with a view to paying £170k max. I very much doubt either vendor would have considered an offer of their current asking price when they were fresh on the market.

However, I am fully prepared to lose them both. Plenty more fish in the sea.

unfortunatley its only been on a week or so. there are a few similar properties in same village for 309k and 325k but they have been on there over a year now with no price reductions at all.

i think if we do decided to put an offer in its going to be around the 250k mark. they can only say no and then we can negotiate up.

adam1982

Running_Horse wrote: »

Search this forum for Zoopla and Rubbish.

That is all.

yeah the more i think about it the more i think it is a crock of s**t!

CloudCuckooLand

Zoopla cannot allow for "border" villages, like that. Part of why it is utterly useless.

If you take stats for both Wolverhampton and Staffordshire, you get -18% versus -9%, over the same period.

You need to bear the sale, in 2006 No.5 in mind. Is there a good reason No.22 went for nearly £30k more? Perhaps that has skewed market expectations...? Or its valid, in which case 9% off £287 is £261k - seems ok to work up to that from £250k.

They perhaps put 10% on deliberately, knowing it would be knocked off, and not wanting to drop into £250k territory.



[IMG]http://www1.landregistry.gov.uk/Apps/house-prices/house-price-index-custom-reports/hpi_report.asp?g=1&gt=1&a=Wolverhampton&ac=Staffordshire&s=01 March 2007&e=01 March 2011&t=4[/IMG]

pinkteapot

adam1982 wrote: »

yeah the more i think about it the more i think it is a crock of s**t!

Yep - take it with a pinch of salt.

Zoopla says our house is worth £206k.

We bought it in August last year for £231k. The previous owners had bought it in 2005 for £235k.

Aside from ours, the cheapest a similar property on the same estate has sold for since the peak in 2007 is £245k. Five others are currently on the market (but won't sell) at £275-290k (still at 2007 peak prices). We were happy with the price we paid and love the house so don't really care that the market is still drifting lower.

beefturnmail

According to Zoopla, the house I bought in November 2010 has declined in value by 6% since then. Absolute nonsense.

And no, I didn't overpay as a house on the same street which I viewed and is almost exactly the same as mine, sold for £1,000 more a week after I bought mine...

pinkteapot

adam1982 wrote: »

unfortunatley its only been on a week or so. there are a few similar properties in same village for 309k and 325k but they have been on there over a year now with no price reductions at all.

i think if we do decided to put an offer in its going to be around the 250k mark. they can only say no and then we can negotiate up.

Virtually nothing sells between £250k and £265k because of the stamp duty threshold at £250k. Places tend to be 'worth' £250k or well above the threshold. They've priced that high to try and get offers at £270k+ and not run into SD threshold offers. Give them a while on the market and they'll come round.

DannyboyMidlands

pinkteapot wrote: »

Virtually nothing sells between £250k and £265k because of the stamp duty threshold at £250k. Places tend to be 'worth' £250k or well above the threshold. They've priced that high to try and get offers at £270k+ and not run into SD threshold offers. Give them a while on the market and they'll come round.

I agree entirely. It's only been on for a week so just relax and wait.

WelshNic

adam1982 wrote: »

unfortunatley its only been on a week or so. there are a few similar properties in same village for 309k and 325k but they have been on there over a year now with no price reductions at all.

i think if we do decided to put an offer in its going to be around the 250k mark. they can only say no and then we can negotiate up.

Zoopla really is a waste of time in the accuracy stakes. Best you can do is look at like for like/sold prices and use some common sense taking in to account how long property has been up for sale etc.

It's all well and good people telling you to offer low but without knowing the seller's circumstances you simply cannot make those sort of blanket statements. There are plenty of obvious repos on the market and you can always afford to be cheeky in those cases but if a buyer doesn't necessarily need to move you'd most probably get laughed at.

I'm going to take a guess that the seller in this case is looking for close to asking price/considers it priced realistically - it's *just* priced enough above the 250k to make me think that but that's just IMO.