I believe that the Internet partly contributed to the upswinging in RE prices several years ago.
In the early 2000s, the then novel ability to view listing online made people feel confident that could “invest.” At that time, there were few listings so buyers felt like they would forever miss the boat if they didn’t buy.
However what was lacking was other data such as sales history and foreclosure data that is readily available today.
There’s a good chance that the Internet might prolong the downturn because when people see plenty of houses listed for sale, they won’t be in a hurry to buy. I still remember the days when you’d spend a week with a Realtor then on Monday morning he’d pressure to make a decision. The Realtor held all the information and selectively dribbled it down the buyer.
