CHARACTERISTICS OF REAL ESTATE MARKET
So many characteristics are present in the real estate market. It has economical characteristic as well as the physical characteristic. Its economical characteristic depends on the demand and supply ratio. If you have a real estate in an area where there is not too much population but after few years a big industry is built there then it will affect the value of neighboring estates as so many jobs will be offered there. Now the economic value of your estate will rise rapidly and you will be an owner of an expensive real estate.Economic characters that give value to area estate are permanence, improvement and the scarcity of an area. Infrastructure of a real estate is also an important factor for the value. If you have a land that is present in the area where no paved streets are present neither drains system or electricity. So it will be of less value than the estate which is present in the area with all these facilities.
That is the reason why we listen by people the word location, location and again location as location refers to a place that have some value in the market at the time of buying and the chances of raising its prices are greater in the future. Such places are considered valuable by the purchasers.The physical characteristic of the land is that different parcels of land are present in the same locality but they are different from each other geographically. Every parcel has its own identity.Why market of the real estate is local in nature? The answer is its immobility. Our land can not move even if the soil present in it is torn out .the ground is still there. So it is dependent on the whole area. The value is raised by keeping in mind the whole area or we say the location of the house.
It is an investment that is not destructible. No one can steel it. It remains on its place even in the disasters like flood or storm. Changes come in the weather throughout the year but there is no affect of weather on our investment. It is considered as the physical characteristic of real estate.Great difference between land and the real estate is that a land is a part of earth surface or subsurface and the air above it while a real estate is attached by the land.Scarcity is referred by the saying that they are not making any more. it means that there is a ceiling on the real estate and this characteristic is affected by other factor. in the end we may say that all these characteristic of real estate play an important role in its value. Now it depends on the buyer how he is going to invest his money which is the collection after day and night hard work. He must visit different locations for the selection of a real estate in which he will be able to fulfill his dreams. A good agent can help him in buying.
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