Florida Real Estate Principles, Practices & Law 38th Edition

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Presentation transcript:

Florida Real Estate Principles, Practices & Law 38th Edition Linda L. Crawford Copyright © 2015 Kaplan, Inc. All rights reserved.

Chapter 19 The Real Estate Market

Three Key Questions What will be produced? Who will do the producing? The consumer decides Who will do the producing? The most efficient producer of a comparable-quality product Who will get what is produced? Those persons who have dollars and are willing to spend them (buying power) ©2015 Kaplan, Inc.

Characteristics of the Real Estate Market Immobility of real estate Fixed location Market is slow to respond to change in supply and demand Land is indestructible Structures have long life spans Real estate is unique Heterogeneity Government controls influence the market through zoning, building codes, taxes Both direct and indirect influences ©2015 Kaplan, Inc.

Variables that Influence Supply Skilled labor Construction loans and financing Land Scarcity of usable land Laws regulating use Materials ©2015 Kaplan, Inc.

Variables that Influence Demand Price of real estate Change in price results in an inverse change in demand Population numbers and household composition Household is any person or group of persons occupying separate housing space Income of consumers Availability of mortgage credit (barometer of the real estate market) Small change in interest rates creates large change in monthly payment Consumer tastes and preferences ©2015 Kaplan, Inc.

Market Conditions Buyer’s market Seller’s market Supply exceeds demand Buyers get better prices and terms Seller’s market Demand exceeds supply Sellers able to sell for higher prices ©2015 Kaplan, Inc.

Interpreting Market Conditions Market indicators Price levels of new home sales and number of building permits Vacancy rates Percentage of available rental units that are not occupied ©2015 Kaplan, Inc.

Vacancy and Occupancy Rates A apartment building has 120 units of which 10 are unoccupied. What is the building’s vacancy rate? 10 ÷ 120 = .083 (8.3%) Vacancy Rate Another apartment complex has 528 units of which 502 are rented. What is the occupancy rate for the complex? 502 ÷ 528 = .95 (95%) Occupancy Rate ©2015 Kaplan, Inc.

Market Indicators Sales volume—number and prices of homes sold Multiple listing services ©2015 Kaplan, Inc.