Zoopla estimate sudden drop after listing

blobbi

We have recently listed our property on the open market.
We got 4 valuations and went with the estate agent in the middle of the valuations, which coincided with another agent and the median Zoopla estimation.
We don't pay that much notice to online valuations BTW.
Once listed my wife received a fairly disgruntled email from another agent who we didn't go with, about the listing and not using them.

Anyway, since the listing has gone live, the Zoopla estimate of our home has dropped by 15% and nows says that the price is 99% sure (it was 92% beforehand).

I am concerned that this is the disgruntled estate agent, but any other suggestions to why this might happen?

middleclassbutpoor

zoopla estimates are not worth the screen you read them on from what I've seen.

Slithery

Ignore Zoopla estimates, they can easily be £100k out either way.

hazyjo

I had one around a hundred grand out, and another house around a hundred and fifty out! Seriously, forget it and stop checking.

AdrianC

blobbi wrote: »

I am concerned that this is the disgruntled estate agent

It isn't.


Zoopla base their guesstimates on the last known selling price for your property, combined with local area price trends, combined with a wet finger in the air, combined with a random number generator. Oh, yes - and some dice...

Tom99

AdrianC wrote: »

It isn't.


Zoopla base their guesstimates on the last known selling price for your property, combined with local area price trends, combined with a wet finger in the air, combined with a random number generator. Oh, yes - and some dice...

Don't be silly its not dice they throw its bones.

AdrianC

But whose?

googler

blobbi wrote: »

Anyway, since the listing has gone live, the Zoopla estimate of our home has dropped by 15% and nows says that the price is 99% sure (it was 92% beforehand).

I am concerned that this is the disgruntled estate agent ...

Doing ... what? You don't seriously think they're logging into Zoopla and typing -15%, or 99% manually, do you, just out of spite for you?

Why would he/she/they manipulate the prices to depress the market, so that sellers will get less for their sales in future?

If prices generally drop, estate agents generally get less income (when they're on a percentage of the selling price). Where's the business sense in that?

Crashy_Time

googler wrote: »

Doing ... what? You don't seriously think they're logging into Zoopla and typing -15%, or 99% manually, do you, just out of spite for you?

Why would he/she/they manipulate the prices to depress the market, so that sellers will get less for their sales in future?

If prices generally drop, estate agents generally get less income (when they're on a percentage of the selling price). Where's the business sense in that?

Because you get zero income from near zero sales when prices are too high.

Crashy_Time

AdrianC wrote: »

It isn't.


Zoopla base their guesstimates on the last known selling price for your property, combined with local area price trends, combined with a wet finger in the air, combined with a random number generator. Oh, yes - and some dice...

Poster on another thread said that they source their information from land registry records?

Slithery

Crashy_Time wrote: »

Poster on another thread said that they source their information from land registry records?

They source some of their data from LR sold prices, yes.

But then they feed that into their highly illogical dice and bones algorithm along with some random noise to invent a new completely irrelevant number