We have studied nine reasons why the real estate market is imperfect. As real estate professionals, we help shape the market. Knowing that the market is imperfect, we will be able to spot good deals. Hence, we are the Great Deal Finders.
Task.
?In this exercise, create a fictitious profile of a real estate buyer, including his or her gender, age, preferences, financial status, etc. Then use a free, online listing site like zillow.com or realtor.com and find a listing for him or her according to his or her preferences.
In bullet form, below are the characteristics of an imperfect market, how we shape the real estate market, and the factors that influence changes in demand. Behind each factor, put a dash and elaborate how that factor is relevant in your selection of the property. This checklist is a good outline of things to talk about while showing properties. My example is at the end.
Characteristics of the imperfect real estate market
? Buyer’s market or seller’s market
? Market information is imperfect
? High transaction cost
? Complex transaction
? Absolute lack of uniformity
? Localized market
? Large in size, rare and infrequent sale
? Prices are not exactly equilibrium price
? Government’s role
How we shape the imperfect market
? Provide current prices
? Spot and advise opportunities
? Help with financing
? Persuade owners/landlords to sell
? Persuade renters to buy
Factors that cause changes in the demand for real estate
? population
? income
? credit availability
? personal taste
? government action
? ads
Factors that cause changes in the supply for real estate
? substitutes
? conversions, construction
? Factors that cause changes in the demand for real estate
? demolition, destruction
? cost of construction material
? government action
? technology
? internet
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