Zoopla estimate sudden drop after listing

AdrianC

Crashy_Time wrote: »

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?

Yes, they do. Where else would they get the bits I've just highlighted?

Imladris

Zoopla are nuts. Agree with not worrying, especially as the real worth of your house will end up being what the available buyers can pay at the time.
We rent a house that is a detached semi, one reception, downstairs bathroom and kitchen, 3 beds upstairs = 66m square for 5 of us.
It's the oldest house in the street, with it's peers knocked down for new rabbit hutch housing, and the rest of the street being about 10-15years younger. Bought for £38thous in 1998 by our landlord, who then sold half the garden to a developer who built our neighbours 4 bed 2 bath house 12 years ago.
THAT house sold to our current neighbours 7 years ago for £247,000.
Which is exactly the current Zoopla estimate on ours.....
(The almost 10 year old 3 bed rabbit hutch houses the other side of us are selling for £190-220,000!)
They don't have a clue!

dunstonh

Zoopla as guesswork as already said. However, now that yours is on the market, it has a basis to go on. And as people generally get less than they market it for, a reduction is not unexpected.

BTW, we just sold our property and Zoopla's guess was over £30,000 more than it sold for. I just went on Zoopla now and refined it and it lowered the value by £9,000 but is still £21,000 more than it sold for. Looking at other local properties, they are all overvaluing on Zoopla.

Crashy_Time

dunstonh wrote: »

Zoopla as guesswork as already said. However, now that yours is on the market, it has a basis to go on. And as people generally get less than they market it for, a reduction is not unexpected.

BTW, we just sold our property and Zoopla's guess was over £30,000 more than it sold for. I just went on Zoopla now and refined it and it lowered the value by £9,000 but is still £21,000 more than it sold for. Looking at other local properties, they are all overvaluing on Zoopla.

Trying to attract hits from deluded sellers?

airandwater

Crashy_Time wrote: »

Trying to attract hits from deluded sellers?

Pretty much

Zoopla and the London property bubble has made every other selling think that it's their god given right to make at least 10-20% profit on the sale on their house.

The majority of properties in my town are reduced within 1-2 weeks of listing after which selling notice that the listing is hardly attracting any viewings.