Would you pay more than the zoopla value.

Mrsstevo

The house I want to buy is listed for sale at £169,000 but its zoopla value is only £149000. I know that this is probably quite low because its last sale date was in the 90's. there Are very few sales listed on that road so it's hard to compare, most of the sales are from back in the mid 2000's when they were going for £200,000 plus. But this house has about a quarter of the size garden as the others because of its position. So I would imagine this would make it less valuable.

It's also been on since sept 2011 and has only been lowered 5 grand. I was thinking around the £155,000 mark but after seeing the zoopla value I'm not sure weather to try lower.

Thanks,

Biggles

Zoopla is a very crude tool.

If you log in, you can give more details of the property, and that will often make the valuation slightly less crude.

UsernameAlreadyExists

It's crude enough to estimate that my house is worth about £15K less than my next-door neighbour's house. We live in semi-detacheds!

I put this down to moving in 6 years earlier than them, and paying well under half the price they did for it.

Also, apparently he seems to have 2 more reception rooms than I do, which is quite impressive considering they're mirrored.

loracan1

It's got my house down as being worth about six times what its true value is.

This may be down to modifications I have made (and I don't mean on my house)
It isn't accurate....

chris_m

UsernameAlreadyExists wrote: »

Also, apparently he seems to have 2 more reception rooms than I do, which is quite impressive considering they're mirrored.

Surely if they are mirrored that would make the rooms appear twice as big, not twice as numerous?
;);)

Mrsstevo

So what sort of offer do you think considering its been on since sept 2011?

hazyjo

Mine was valued at nearly £200-300k (I forget now) over what we paid (2 years ago). As soon as we bought, it dropped immediately to what we paid, then, when the local market apparently dropped whatever percentage, it reduced it again by that. It's now under offer at £30k more than we paid.

As above, wouldn't take a blind bit of notice of zoopla estimates.

We can't just pluck a figure out of the air, or say reduce your offer by 10-20% (which many will say). What matters is how the price compares to similar nearby sold properties, how fast properties are selling, and the demand for the type of house you're looking at.

We don't know if it's overpriced (maybe to test the market, or maybe cos they 'need' a certain price - which is of no concern to you), if it's priced to sell (would presume not if it's not selling!), and we can't compare it to anything cos we don't know where it is, what else is available, or have info to find comparable evidence.

What area is it?

Jx

kwmlondon

mouseprice is good.

moneyistooshorttomention

Sighs - wishing I could ask the price Zoopla thinks for my house - instead of about £20,000 less (which is what I perceive as realistic in actual fact):(

GAH

I wonder how people ever bought houses pre internet portals and land registry information being made public.

moneyistooshorttomention

They are a very mixed blessing arent they?

I think they lose a lot of their worth from the fact that its not possible to tell what state the house was in or how desperate to sell the vendor was. There will be one heck of a price difference between a house in good condition and with a vendor determined to hold out for a decent price on the one hand OR a very similar house/location with the house in poor condition and a vendor who is desperate to "get rid" on the other hand and its just not possible to tell from these "sold prices" lists.

Two very similar houses/locations sold near me recently. One of them caused me to have "forty fits" at the price it was sold at (it was poor condition and sold at auction) and the other was good/fashionable/etc condition by a seller determined to have the correct price for it. There was a difference of more than £40,000 in price paid between the bad house/desperate seller one and the better one with determined vendor. The "bad/desperate house" fetched £140,000. The decent house/determined vendor one went for in excess of £180,000 (and pretty darn quickly too....).