How realistic are Zoopla's estimates?
We reveal all...
When it comes to selling, the first thing you may wonder is ‘how much is my house worth’ and after searching the internet you may have come across Zoopla and something they can give you called a Zoopla price estimate, leaving you wondering what exactly this is.
We’ve written a full guide on what a Zoopla price estimate is, including how they work, whether they’re realistic, the answer to the all-important ‘how accurate is Zoopla?’ and so much more:
A Zoopla house value, or Zoopla price estimate, is a value that Zoopla believes your house is currently worth if you were to list it for sale on the open market. Zoopla gives you a figure with two figures on either side, a high and a low figure, so you can see a range of what your house could be worth.
Getting a Zoopla house value can be a good idea if you’re just wanting to have a nosey at a rough estimation of what your house is currently worth, to see whether it’s worth selling. It can also be a good idea to check your Zoopla house value before you invite estate agents over to give their valuation of your property, so you can get a ‘ballpark figure’ as to what value you can expect the estate agents to give.
It's key to note that this is called an estimate for a reason – it’s Zoopla’s best guess as to the value of your house and is based on data such as recent house sold prices in the area, the last sold price for your house and the current market conditions.
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Just like any house valuation, a Zoopla price estimate is a rough figure as to what your property could be worth if you were to sell it in the current market. Due to the nature of it being an estimate, Zoopla provides you with a main middle figure and then two figures on either side, with one being the lowest possible figure and one being the highest. This then allows you to see the whole range as to what your house could be worth.
A Zoopla price estimate doesn’t involve anyone coming to view your property, as it’s all done remotely and is based on current data. This is data that is publicly available should you choose to search for it.
The data that will be used for your Zoopla house value is sold house price data from HM Land Registry and Registers of Scotland, what your Energy Performance Certificate (EPC) rating is, official survey records from accredited surveyors, address data from Royal Mail and Ordnance Survey and information about nearby properties that are live for sale or rent.
This data is then combined to create a range for what your property could be worth. Zoopla will also display for you the similar properties that are currently for sale and the properties that have been sold nearby to help you understand where their figure has come from.
Alongside the Zoopla price estimate, they will also state whether they have ‘high confidence’ or ‘low confidence’ in the figure they’ve given you. High confidence means there are a lot of similar homes to yours in the area, the data is up to date and the market conditions are steady. Low confidence will mean there aren’t many comparable properties nearby, the data is less recent, and the market conditions are highly changeable.
It's important to pay attention to the confidence level Zoopla has given you, as it can help you understand how accurate the estimate is.
Whilst getting your Zoopla house value is fast, easy and convenient, whether or not it’s realistic is another question. In all honesty, Zoopla estimates aren’t actually a very realistic figure as to what your property is worth.
This is because they’re based completely on data and don’t have any face-to-face valuation, meaning they won’t have anyone’s opinion or thoughts on the perception of the buyer, which are two important factors in what your property is worth.
Zoopla can also completely overestimate the value of your property, leaving you with unrealistic expectations that can be damaging when it comes to selling, as buyers won’t be willing to pay near the price you have in mind, leaving you stuck on the market for long periods of time.
It’s equally damaging for you if Zoopla gives you an unrealistically low value for your property as, whilst it may lead to your house selling fast, you will be ‘selling yourself short’ and will likely end up with a much lower figure than you could and should have got.
As we mentioned, a Zoopla price estimate isn’t very unrealistic, and so you may be wondering if it’s not realistic, how accurate is Zoopla? Well, whilst it would be ideal if Zoopla could give incredibly accurate valuations, this isn’t the case, with a lot of their estimations being extremely inaccurate.
One of the reasons for the inaccuracy of Zoopla is because the figure is based purely on data and doesn’t involve any face-to-face valuation, where a person is able to see a property and its quality with their own eyes and give their opinion on what the property is worth.
There are many other reasons a Zoopla price estimate can be inaccurate, which we have detailed below:
When getting your Zoopla house value, it doesn’t take into account your property’s condition at the current time. One house could be in immaculate condition, and another be falling apart, but Zoopla could value them at the same price as they’re a similar size in the same area.
With Zoopla’s estimates being based completely on data from when your property was last sold, there’s a high chance the details are now inaccurate. For example, you may have bought your property when it was advertised as a 3-bed property, but you have since converted the house office into another bedroom, making your house now 4-bed, but Zoopla will still have your property noted as a 3-bed property, meaning they give you a valuation below what your house is really worth.
Upgrades and extensions
As stated on the Zoopla website, their estimations don’t take into account any extensions or renovations that you have had done to the property, which will make your Zoopla house value far below what the actual value of your property is.
Lack of comparables
If your house is particularly unique or you live in an area full of different housing types and styles, Zoopla will find it hard to give you a value for your property as there’s a lack of comparables in the area. When there is a lack of comparables, it’s hard for Zoopla to work out where your house fits in and will therefore struggle to come up with an appropriate house price.
Different styles of housing
Not every house on a street will be the same. For example, there may be a Georgian townhouse next to a terrace from the 50s, or a council house from the 80s next to a bungalow. The type and style of house that your house is next to play a part in how desirable your house is which in turn has an impact on the house price. Zoopla, of course, doesn’t take this into account and so the house valuation you’re given won’t be completely accurate.
A tell-tale sign that Zoopla is aware of how inaccurate their figures can be is that they recommend inviting an estate agent round to your property for an in-person valuation, with Zoopla providing you with details of estate agents in your local area and what their average asking price is for their properties so you can choose the one which best matches where you feel your house will be priced at.
If you’re thinking of selling your home, before you start to go down any of the more traditional routes, it could be worth your while to get in contact with us. We can offer you a fast sale whilst covering all your legal fees, giving you a price upfront.
We offer more than a Zoopla price estimate – we won’t just give you an answer as to what we feel your property is worth, we will buy your property for this amount in cash, with all your fees included, meaning you will get this amount in full, without having to pay a penny.
Although we will consider certain factors when giving you a house valuation, such as the condition and location, it won’t affect whether or not we will buy your property. We buy any property in any condition and location and our offer and level of customer service will never be affected by your reason for selling quickly.
Our property consultants are experienced in working with a variety of customers who need a quick sale for many different reasons. We will appoint you a specific agent who will be your main point of contact throughout the whole process, helping you to feel reassured or supported.
We’re unable to give you the market value for your property, but we will give you a fair price and all fees are included, so there’s no need to worry about hidden costs or having to pay large amounts to sell.
Getting a CASH offer is completely free! All it takes is a few minutes of your time.
We’re more than just a Zoopla house value or a standard cash house buyer. The Property Buying Company is owned and operated by property professionals, founded in 2012, and with over 50 years of combined experience, you can be sure you’re in safe hands.
As we’ve mentioned, we’re also a member of The Property Ombudsman and the National Association of Property Buyers, further emphasising why we’re the people you can rely on. On top of this, we understand what it’s like to sell a property and all the stresses that can come along with it, so we will always be up for a chat to listen to your worries, and we handle the whole process for you.
We’re also rated excellent on Trustpilot, with over 1,000 reviews.
We will always be open and honest about our service and process, with us telling you upfront what we’re able to offer you for your property. We will keep you constantly updated, including any issues we face and how we will do our best to overcome them for you.
We do more than just giving you a house price estimation; we will give you a cash price that we can buy your house for in full, covering all the fees, including the legal ones, and also completing in a timescale of your choice! It’s never been easier to find your house value and sell fast!
Want to find out how much your property is worth & sell your house fast? It's best to give us a call on:0800 024 8444
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