http://www.noss123.com/ Welcome and thank you for visiting *Number One Success System*. *Number One Success System* is a private association of consenting individuals 18 years of age and above who willingly and knowingly have come together for charitable purposes. Participants have chosen to exercise their right to freely give to others who have joined with the same purpose and understanding. Access to the *Number One Success System* website and participation in the activity are by DIRECT, PERSONAL INVITATION ONLY. If you have been invited to view the website, you are a special person indeed and have been given a tremendous gift, perhaps far greater than you can imagine. The owner/user, owner, and renter comprise the demand side of the market, while the developers and renovators comprise the supply side. In order to apply simple supply and demand analysis to real estate markets a number of modifications need to be made to standard microeconomic assumptions and procedures. In particular, the unique characteristics of the real estate market must be accommodated. These characteristics include: - Long time delays - The market adjustment process is subject to time delays due to the length of time it takes to finance, design, and construct new supply, and also due to the relatively slow rate of change of demand. Because of these lags there is a great potential for disequilibrium in the short run. Adjustment mechanisms tend to be slow, relative to more fluid markets. - Both an investment good and a consumption good - Real estate can be purchased with the expectation of attaining a return (an investment good), or with the intention of using it (a consumption good), or both. These functions can be separated (with market participants concentrating on one or the other function) or can be combined (in the case of the person that lives in a house that they own). This dual nature of the good means that it is not uncommon for people to over-invest<http://en.wikipedia.org/wiki/Over-investing>in real estate, that is, to invest more money in an asset than it is worth on the open market. - Immobility - Real estate is locationally immobile (save for mobile homes <http://en.wikipedia.org/wiki/Mobile_home>, but the land underneath them is still immobile). Consumers come to the good rather than the good going to the consumer. Because of this, there can be no physical market-place. This spatial fixity means that market adjustment must occur by people moving to dwelling units, rather than the movement of the goods. For example, if tastes change and more people demand suburban houses, people must find housing in the suburbs, because it is impossible to bring their existing house and lot to the suburb (even a mobile home owner, who could move the house, must still find a new lot). Spatial fixity combined with the close proximity of housing units in urban areas suggest the potential for externalities inherent in a given location. -------------- next part -------------- An HTML attachment was scrubbed... URL: http://bioinformatics.org/pipermail/wikiposon-users/attachments/20070822/b8ab4f07/attachment.html