Reply to S/O -- the Zillow effect

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Reply to "S/O -- the Zillow effect"

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[quote=Anonymous]So it appears that pretty much everyone agrees that Zillow isn't a good indicator of actual market value of a house.

And yet, we do see an increasing reliance on these online appraisal tools by potential buyers -- either in terms of browsing a neighborhood online or in actual written offers (as another thread outlined). This artificial and inaccurate benchmarking nonetheless appears to have a market effect, in a similar way that GreatSchools.net (an even more ridiculous Web site that doesn't accurately reflect school quality) is influencing school reputations. (And hold your protestations -- how many threads do we see that reference Zillow or GreatSchools when asking about houses/nieghborhoods/pyramids?).

To what degree will these artificial metrics eventually become embedded in perceptions? Have we become so conditioned to online "rankings" that they're unavoidable now? Will the skepticism that smart people bring eventually evaporate, or will there always be a check on them?
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