Zoopla price *way* below valuation

We3

We are looking at a house in the Sheffield area which is on the market at 230,000. We have looked at Zoopla's estimate and it's 208,000. Is this something to be concerned about? Even if Zoopla is not accurate, do people actually look at it? If so, selling this house may be a problem.

ging84

that's just over 10% that isn't really way below
that is quite good for a formula that work purely on stats and has almost no specific knowledge of your property

rob404uk

Not that important, it depends. Zoopla says mine is 349 but 2 doors down sold identical house for 405. It is not accurate at all

whalster

As said its way off especially if the houses are all individual along a road ,it is all guesswork smoke and mirrors

Thrugelmir

I updated my property's profile on Zoopla and it rose in value by £17k.

Needless to say that was the last time I ever used the site. As offers nothing of any use.

Running_Horse

whalster wrote: »

As said its way off especially if the houses are all individual along a road ,it is all guesswork smoke and mirrors

There is a long row of more or less identical houses near me with estimates from £150,000 to £195,000.

Zoopla is rubbish.

ging84

there was nearly 200k difference on 2 near identical plots on my old street
considering that was on a £250k / £450k property that's quite a margin for error.
Even if the true value was somewhere close to middle in the middle making it about 350k that's a 20-30% margin of error on each of them.
the funny thing was that the one valued higher looked in far worse shape than the other

tigsly

If this makes you feel better my house (that I just sold) was valued by zoopla as 140K less than it sold for..

Zoopla - didn't realise we got it 'cheap' it was probate.. the people were happy with a quick sale.. the house needed lots doing.. the zoopla just reflected the increase in value as if we'd done nothing to it!

butler_helen

yup it's tosh.

Our house is valued (recently) at £290k by the estate agent or £242k by Zoopla. I don't think it can keep up with the market, as a smaller but nicely decorated house down the road recently sold for £305. Therefore I'd ignore their valuations as a buyer AND a seller.

Unless I want to be nosey at what the seller paid for their house, then I use it (we are keeping an eye on the market whilst it's rising)

PasturesNew

It's not important. I am buying at the moment and Zoopla's showing it £35k below what I'm offering - on a similarly priced property to yours.

What you need to look at is: "Is this type/size of property priced the same as others in the area that are for sale/selling/sold".

Kynthia

I didn't even look at the Zooplankton estimate of the house I bought.