If the question is, ' how accurate are Zoopla estimates? Or they can be very inaccurate. Or they can be somewhere in the middle! Your house might be worth a lot more than Zoopla estimate it is. Or your house may be worth a lot less than Zoopla estimate it is.
There have been reports in the past where house owners have complained that their Zoopla estimated valuation has been way out Zoopla says that their estimated valuation is their calculation of what a property could be worth.
Zoopla says these estimated valuations are based on region, property type and asking prices of similar properties in your local area. The system uses historic data and current local trends including previously sold prices of the property, changes in the market value of similar properties sold nearby, the type, age and size of the property eg. Incidentally, Zoopla points out that data is richer in England and Wales than in Scotland, where a narrower range of data is available, and in Northern Ireland, where it is not published.
They say this makes their estimates more accurate in England and Wales than they are in Scotland and Northern Ireland. The important thing to remember with Zoopla estimated valuations is that they are automated estimated valuations. Like all other automated valuations, they use a computer algorithm which crunches data to estimate what your house might be worth. Zoopla themselves openly admit that their calculations are estimates only and they are not the same as property valuations carried out by estate agents who can take into account more property information, including features, exact location and market conditions.
Pick a property that is up for sale on a property site. Or find the actual selling price of a property that has recently sold using a site like Nethouseprices. Then carry out a Zoopla estimate for it and see if and by how much they are different! But then again, so are all valuations, right? Well yes, but what separates a Zoopla estimate from your everyday face-to-face valuation, is how it's calculated. A Zoopla house valuation is based purely on data.
Data that's rather conveniently collected by Hometrack - a provider of online home valuations, which just so happen to be owned by Zoopla. The data itself also ranges from historical to more recent, so to some extent Zoopla valuations do take into account common trends at least. However, with them only being refreshed once each month, it's safe to say they're not what you'd call reactive. Therefore, particularly in the event of a market shift, the accuracy of Zoopla estimates can be questionable.
Struggling to sell because of a rogue valuation? We'll buy your house in 7-days. Out of all the ways you could value your home, Zoopla home price estimates are pretty much as unrealistic as you can get.
Excuse us for being blunt, but the one thing that lets Zoopla estimates down is how they're calculated. Unlike a face-to-face valuation they're not based on opinion or anything to do with the perception of a buyer.
Arguably the most essential ingredient of any valuation. You'd have though that since Zoopla began in , that their house price estimates would have increased in accuracy. Now in terms of data, they most probably have. Just as in any form of estimating, the more data you have at your disposal, typically the more reliable the result.
So in that respect you could say that Zoopla is becoming more reliable by the year. However, that does change the fact that Zoopla house valuations are based purely on data. Something which drastically hinders their relaibility if you ask us. So to show you exactly why Zoopla valuations can't be trusted even in , here's just a few reasons why they could be considered unreliable Sat on the market and getting no interest?
We'll buy your house for CASH. How Much Do You Offer? When trying to establish how much your house is worth, you don't want to be relying on faulty information, especially when it could cause you to set your asking price at the wrong level.
Personally, we'd say that while the Zoopla house valuation tool is a good guide, you should still enlist the help of at least one property professional. And while we do recognise that agents may adjust their valuation because they're touting for your business, just as a surveyor might be slightly more conservative, the important thing is that you get it valued in the flesh.
Get a valuation based on data as well as saleability and you're far more likely to have a smoother sales experience. Here's a couple of ways you can ensure that your valuation is accurate Login Register. Email to a friend Back to Homepage. Mortgage data signals busy times ahead for agents as approvals rise.
Zoopla has launched a new tool which is aimed at driving valuation leads directly to agents. More top news stories Continue Reading Continue Reading January 31, at Log In to Reply. Click to login Don't have an account? March 5, at February 3, at Dave Coburn. X You must be logged in to report this comment! Back to Homepage. Next Story. Daily news email from EYE Enter your email below to receive the latest news each morning direct to your inbox.
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