Ask HN: House prices going up cause of software or people
4 by servicecentral | 1 comments on Hacker News.
Wonder if the house prices are being worked up not by people but companies or may be just the software. I have been looking at the prices and one of the common trend is that the sites like Zillow present with their estimates ( Zestimates) which are always higher than the listed prices. Given that Zillow is in the business of buying(directly) and selling (via listings) it works in their favor to estimate the price on the higher side. Now the listing price which was already higher seems to be a better grab since the zestimates are much higher. This kind of software guided projection is always going to push the estimates on the higher side as per the existing/past slope. Wonder if all this is another kind of ponzy scheme going as like last real estate bubble. Edit: This observation is only for US market in some hot real estate areas
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