Information technology in the property market
Yong Suk Lee and
Information Economics and Policy, 2018, vol. 44, issue C, 1-7
Information technology is increasingly being utilized in the property market. This paper examines how sensitive house transaction prices are to online price estimates using data collected from Zillow. We find that online property price estimates strongly predict transaction prices even when observable and unobservable house and neighborhood characteristics are controlled for. In addition, we find evidence that suggests that online price estimates may have a direct impact on transaction prices.
Keywords: Information technology; Online price estimates; House price (search for similar items in EconPapers)
JEL-codes: L86 R30 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:iepoli:v:44:y:2018:i:c:p:1-7
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