Dumber Mr. Markets

When they say, "You can't outsmart Mr. Market" that refers to how well the stock market has "perfect information." This "perfect information" is what makes it so that when someone says, "You should buy such-and-such stock based on X piece of information," you can always retort, "How do I know X isn't already built into the price?"

So what about other markets? Does the real estate market contain perfect information? I'd say no. It's a "dumber" market than the stock market, and so you are more likely to beat the "House." Mainly because it often takes years for the real estate market to react to new information. Plus, real estate is easier to value than stocks.