Low valuation

Swasterix

monaymadlol said:

I read they updated their estimate tool this year. They just multiply up based on the last sale price. 

Zoopla estimated the house we sold last year to be worth £240k-£250k. Estate agent valued it at £165k. Sold it for £150k. Ignore it

ElizabethRose

Take Zoopla with a pinch of salt and look at the actual recent sold prices in your area. 

hazyjo

monaymadlol said:

RelievedSheff said:

You can ignore the Zoopla estimates they are wildly inaccurate!

In what way? Too high? Even at lower end? 

To add, Zoopla undervalued one of mine by around £100k, and overvalued another by over 150k.

As stated, can be wildly inaccurate in either direction. Up or down.

Swasterix

Swasterix said:

monaymadlol said:

I read they updated their estimate tool this year. They just multiply up based on the last sale price. 

Zoopla estimated the house we sold last year to be worth £240k-£250k. Estate agent valued it at £165k. Sold it for £150k. Ignore it

Just to add - we bought it as a new build 6 years previous for £160k. Where the increase of ~£100k came from is anyone’s guess! If only....

Just checked Zoopla out of interest. We sold the house in February 2019. They’re now valuing it at £190k. An increase of £40k in the last 18 months....

So yeah, you’re best to ignore it unless you want the house to be on the market for a very, very long time. 

monaymadlol

ssparks2003 said:

So 2 estate agents that have actually been around the house and made judgement calls based on its location,  condition and the local market must be wrong and a computer algorithm written in some tech firms office must be right? 

U OK hun? You seem quite angry? To an innocent question? Did you foam or forth whilst typing that? Hope u good xx

Everyone else normal : appreciate the input. I think OIEO is the way to go. 

Swasterix

monaymadlol said:

ssparks2003 said:

So 2 estate agents that have actually been around the house and made judgement calls based on its location,  condition and the local market must be wrong and a computer algorithm written in some tech firms office must be right? 

U OK hun? You seem quite angry? To an innocent question? Did you foam or forth whilst typing that? Hope u good xx

Everyone else normal : appreciate the input. I think OIEO is the way to go. 

To be fair- as much as you don’t like how they’ve said it, they’re pretty much spot on with what they’ve said. People often put far too much faith in some computer generated number, against the informed opinion of a professional. Would you have questioned the agent if the Zoopla valuation was £50k less than the EA? Probably not. 

Good luck with the sale!

steampowered

The only way of getting an accurate indication on pricing is to look at what similar houses are being listed / selling for  in your local area.

I always think OIEO is a meaningless tag used by over optimistic sellers. People aren't going to offer more just because you stick OIEO in front of your asking price.

Caramac

We live on a road of 18 houses of three basic types of house and looking at Zoopla it has four bedroom houses valued at less than three bedroom ones, and of the four of the most common style there is up to a 100k difference.

Crashy_Time

Swasterix said:

monaymadlol said:

ssparks2003 said:

So 2 estate agents that have actually been around the house and made judgement calls based on its location,  condition and the local market must be wrong and a computer algorithm written in some tech firms office must be right? 

U OK hun? You seem quite angry? To an innocent question? Did you foam or forth whilst typing that? Hope u good xx

Everyone else normal : appreciate the input. I think OIEO is the way to go. 

To be fair- as much as you don’t like how they’ve said it, they’re pretty much spot on with what they’ve said. People often put far too much faith in some computer generated number, against the informed opinion of a professional. Would you have questioned the agent if the Zoopla valuation was £50k less than the EA? Probably not. 

Good luck with the sale!

Good point.

Doozergirl

ssparks2003 said:

So 2 estate agents that have actually been around the house and made judgement calls based on its location,  condition and the local market must be wrong and a computer algorithm written in some tech firms office must be right? 

This.  A lot of 16 and 18 year olds learned recently how wildly inaccurate an algorithm can be!