The Psychology of Real Estate

February 4, 2011  |  

(Smart Money) — If you’ve ever house-hunted, you’ve probably got a sense that real estate purchases don’t represent consumers at their most rational. Did you like a house or apartment more, or less, depending on whether it was sunny the day you saw it? Chances are, you did.  Buying a house isn’t the same as buying a stock, an air conditioner or even a car. It’s not just a product with pluses and minuses—good school system versus small kitchen, new roof versus longer commute. A house represents the kind of life you want to live. And given its cost, a house and the value it gains or loses represent in a very concrete way the life you will be able to live.

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