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The Fallacy of Market Value

Jonathan Miller writes some of the better-reasoned and data-supported material out there on the housing market; this piece on market value is a fantastic example. As web tools like Zillow have turned everyone with an internet connection into a real estate expert, the over-simplified and anecdotal conclusions one can derive from consulting such sources (as opposed to data-supported ones) seem to have an exacerbatory effect on many folks' already frustrating experiences with the housing market of late. If only more appraisers got as deep into the process as Jonathan Miller. [Matrix blog]