The real estate industry is based on what economists call information asymmetry, which simply means that one party (typically the seller) knows more about a product than the other (the buyer). It's an opaque market that encourages obfuscation and leads to flawed pricing.
The big idea behind Zillow is to make real estate more like a stock exchange, a transparent market where all information about every property is readily available, and as a result pricing is perfect. The problem with building such a system, Barton explains, is that "the best information about the real estate market is locked up in people's heads. It's happening in conversations in backyard barbecues."
By Jeffrey M. O'Brien, Fortune senior editor
So, will "the one party (typically the seller)" loose its asymmetry? -or will only change it?
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