Asking price way above Zoopla maximum estimate.

lookstraightahead

Vendors expectations are also often way out and over optimistic. 

newsgroupmonkey_

lookstraightah

ead said:

Vendors expectations are also often way out and over optimistic. 

Often?

Sometimes I'd say.

Way out? Where. Few areas of the country move within 5%

They're still going up. And very fast.
This from Saturday......

https://www.inyourarea.co.uk/news/average-uk-house-price-24-000-higher-than-a-year-earlier/

K_S

buythedip said:

Evening guys. We are first time buyers struggling to work out why some asking prices are so far above estimates on Zoopla. I understand that the latter are ignorant of home improvements etc. 

For what it’s worth we are cash buyers, so won’t have the feedback from our bank in assessing the house for mortgage purposes. Maybe we are simply being paranoid but the general trend appears to be that such examples go unsold. 

@buythedip You could try Mouseprice, they're more reliable better than Zoopla on value estimates (at least from a lender pov). A few lenders even use the underlying engine for their automated valuations. Needless to say, it may not be accurate if the property is unique, significantly upgraded/extended, etc. 

badger09

@buythedip

You're planning probably the biggest purchase of your lives, involving probably several £000,0000s. Please don't scrimp on the survey, or on your conveyancer. Depending on the age, location, condition etc of the property you decide on, there are several levels of survey available. For example, a 100 year old terrace, with cellar, and extensions would need a more comprehensive survey that say, a 4 year old ex new build by a respected developer, with years remaining on its NHBC. Both can have a valuation added on.  

Come back if you need help choosing which level, once you've chosen your property & the chain is complete.

Good luck

RelievedSheff

K_S said:

buythedip said:

Evening guys. We are first time buyers struggling to work out why some asking prices are so far above estimates on Zoopla. I understand that the latter are ignorant of home improvements etc. 

For what it’s worth we are cash buyers, so won’t have the feedback from our bank in assessing the house for mortgage purposes. Maybe we are simply being paranoid but the general trend appears to be that such examples go unsold. 

@buythedip You could try Mouseprice, they're more reliable better than Zoopla on value estimates (at least from a lender pov). A few lenders even use the underlying engine for their automated valuations. Needless to say, it may not be accurate if the property is unique, significantly upgraded/extended, etc. 

Mouseprice grossly underestimates what our house is worth when you compare with what is on the market right now in the area and what they are selling for.

On the other hand Zoopla while closer to the right figure, we think over estimates what it should be worth.

Ath_Wat

If you think an asking price is unrealistic, offer a lower price.  Refuse to go up.  If they don't accept your offer and the  house sells quickly anyway, the asking price was not unrealistic as someone has paid it.
If the house does not sell quickly they might come back to you, or you can offer your lower price again.  If your price is realistic, eventually they will realise this and accept it.

Alternatively, if the price for one house is unrealistic, find another house you like better than costs less, and buy that.  If you can't find one you like better that costs less, either the price of every house is unrealistic, or your expectations are.

buythedip

Thanks for all the very helpful advice. We had an offer accepted and plan to get a detailed survey.

It’s this one: https://www.rightmove.co.uk/properties/121338167#/?channel=RES_BUY

We might have further questions for the knowledgable posters in this forum if that’s OK  

Thanks again and good luck all. 

Ramouth

What a lovely house!  Hope it all goes smoothly for you.

TadleyBaggie

All the houses in the street that I live in are valued between £450K and £550K (all 4 bed detached) on Zoopla, except my next door neighbour but one, which is valued around £100K lower. This house is the same same type as a number of others (and has been extended). The reason it seems to get a lower valuation is that around 20 years ago the house was sold on the cheap from one spouse to the other as part of a divorce settlement. It affects the Zoopla valuation to this day.

RoyalDad

Zoopla were very accurate for us - average (middle) estimate was £461k and we just accepted an offer of £467k. We bought house 3 years ago for £365 and thought that was a crazy increase - it was right.