Real estate depends on the prediction in terms of economy of the market. Any licensed agent who has a significant experience on the market does an educated guess. Through this assumption the market works on the price pattern, demand and supply. This defines the rapid change in urban economics which largely depend on the analysis of partial equilibrium. There are few factors that people tend to ignore but have an impact on real estate economy. The factors can be global or local that influences the buying and selling homes. The interest rate, mortgage rate, taxes, job security may seem to have a nuances effect but they can leave the market upside down.
The Salient Features of a Real Estate Market
Uber of Real Estatecan be a proper model in the real estate market. As they are well designed and well managed. Uber says that real estate market is highly durable as the land is indestructible and the building on it can last for centuries. According to them, real estate market is heterogeneous because every factor is unique be it the location, the financing or the building. The only difficulty is this uniqueness create problem in pricing and in accumulation of information. The real estate business deals with high transaction amount as buying and selling houses perhaps need the most amount of money than other business market. The cost is not limited only in buying and selling but there is search cost, legal matter’s cost, state cost, taxes, etc.
The real estate business deals with time. An experienced real estate agent always takes time to accumulate information about a property. He conducts a field research on that. After that the agent takes an ample time to gets familiar with the client to meet the need of the client. Meeting the need of the client is the priority for the Uber real estate agents. Their service stands for getting their clients desired service. Dealing with legal matter is another task that takes a lot of time. The real estate is immobile in nature. As the land and buildings cannot move away; hence, the consumers come to the goods.
The demand of the building and housing is geographic as well as demographic. According to Uber Real Estate, price of buildings, income, tax, cost, credit, availability, preference of the investors, and preference of consumers all the play key roles in the business. The demographical need varies on the population size of the area. The investors always look for the immigration, family size, income, state tax, age, number of children and adults before investing their money.
The Uber always keep these factors in their mind and their agents according to those factors. Their agents are experienced and do not have any competition. Therefore they deliver the best result with utmost competence. They always remain vigilant in their work and very much prompt and agile so that they do not lose any potential client.