House prices

[HOL2024]

Are places like mouseprice reliable?

I’ve seen a house that I love but it’s on the market for 60k more than the estimates that it’s worth. The price it’s on for now is not achievable for us but if was around the estimate or 20k over (40k under asking price) then it would be a real option.

If it's anything like Zoopla, then no, it won't be reliable. That said, they're often based on recent local house sales, so there's a chance it may be slightly over-inflated. How long has it been on the market for? Your best bet is to compare recent sale prices, although I think you'll only be able to see the ones that sold up to 3 months ago currently. You have nothing to lose offering your absolute max anyway.

What do you think its worth? How long has it been on the market? Whats the sellers situation? If you really love it, and you are prepared to offer your absolute maximum, maybe go for it, even if its a fair bit less than its on for? Perhaps its meant to be yours, be honest with the seller

I don't think any of those house estimate sites are really reliable. Mouseprice seems to underestimate, zoopla goes for the top end. More reliable to look at recently sold prices and for what similar properties are being listed for.
I wouldn't be going to offer 40k below asking purely on mouseprice estimate

Those estimates are very unreliable because they don't take into account the condition of the house. Mine is massively overvalued on Zoopla because recently sold houses have been extended and modernised where mine has not, so I absolutely would not get the estimated value.

You have to use your knowledge if the local market and the state of the house to judge what you think it is really worth.

It also v much depends on the postcode. If eg, it's a row of terraced houses that regularly change hands, it can be quite accurate. If it's a postcode with houses/flats of different sizes and appeal that rarely sell, there isn't much data to go on.

Falling in love with a house that is overpriced is not a great idea.

Property valuations on websites aren't great for two reasons. One is that many houses tend to be very individual and vary a lot in condition and improvements, the other is that the market is changing quickly at the moment and sales prices of similar houses from a few months ago will not reflect that.

Just offer what it is worth to you/the top price you can manage. But never fall in love with houses because that is just going to make you open to exploitation.