Zoopla estimate price value V actual asking price

goonernumber1

Hi Guys,


In reference to this property:


http://www.rightmove.co.uk/property-for-sale/property-41208012.html


which we are considering making an offer on we were surprised to see that Zoopla estimates value at £268k.


The property is 2 mins walk from station with great linksinto London so wondered whether or not Zoopla would have taken this into account?


Was concerned about negative equity once purchasing!


Thoughts?


Does anybody take notice of / have any experience of Zoopla's estimated price.


Thank you for your time.


Regards,


goonernumebr1

Guest101

No, Zoopla uses a basic algorithm based on last sale price.


What you need to look at is comparable properties in the last 12-18 months.

goonernumber1

Thanks,


Zoopla does show something interesting with the average house price in that post code falling around 2.5% for last 3 months.


Something to be concerned about?

hazyjo

It's done by a computer, not a team of experts sitting round a table, so agree, a big fat IGNORE. It overvalued my last house by well over £100k (possibly even £200k).


My mum keeps going on about Zoopla values at the mo and is driving me a bit nuts as she doesn't really get that it can be way off the true value lol.


Jx

dc197

goonernumber1 wrote: »

Was concerned about negative equity once purchasing!

Just to be clear: you will only be in negative equity if the house value falls below the amount outstanding on the mortgage. The house price can fall below what you paid, but if this price is still above your outstanding mortgage, it's not negative equity.
Hopefully you have less to be concerned about.

So sayeth: https://www.google.co.uk/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=define:+negative+equity

Cakeguts

Also Zoopla may have based its price on a 2 bed house in that area. That is not a two bed house. That is a 3 bed house where someone has removed the wall between the front big bedroom and the box room. If you want to buy this I would suggest that you replace that wall before you sell it and reconvert it back into a 3 bed house. You will need to check if the kitchen extension was in existence the last time the property was sod because that would make a difference to the Zoopla estimate. See if you can find a similar house that has been sold in the area to see what they normally sell for.

Clutterfree

How do Zoopla work out their estimates please?
Do they use the last sold price and just allow,for house price increase in that area?
We bought a renovation project years ago so we've added value to it beyond the usual house price increase but Zoopla do not appear to reflect that in their estimate.

westernpromise

The condition of a property has surprisingly little bearing on its value. Certain alterations add value (attic conversions and high end kitchens, for example) but others lower value (swimming pools) while others make no difference. A house done up in your own taste is worth no more, to a buyer who doesn't want to live in your taste, than a dilapidated grothole would be worth - either way it's all got to be redone.

silverwhistle

Clutterfree wrote: »

How do Zoopla work out their estimates please? Do they use the last sold price and just allow,for house price increase in that area?
.

As far as I know, yes. If you look closely you will see that you can alter the criteria for a particular property since they won't have all the details if there has been work since the last sale. In my road, for example, they have no details for the properties which are still HA.

Clutterfree

silverwhistle wrote: »

As far as I know, yes. If you look closely you will see that you can alter the criteria for a particular property since they won't have all the details if there has been work since the last sale. In my road, for example, they have no details for the properties which are still HA.

Thanks.
So basically they're really not worth bothering with if they don't take into account renovations.

westernpromise

You can edit your own property on Zoopla to include the renovations.