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Supply and Demand in the Real Estate Market

Hello could you please assist me with this assignment. I have visited the website to complete my assignment below to try and figure out how supply and demand affect the prices of homes, but I can't figure it out and I'm frustrated because I will be purchasing a home within the next year and know how valuable this information will be.

Here is what I need help: with based on the cities of Olympia Washington, Lacey Washington and Tumwater Washington:

In this activity you will need to go to the website. Follow the instructions for "Finding a Home", and check housing prices for a 3-bedroom, 2-bath house in several cities, for example, San Francisco, CA; Topeka, KS; Dallas, TX; Concord MA; and Seattle, WA. Explain why housing prices vary from city to city. Clearly explain how supply and demand affect the prices of the homes and be sure to show your work.

Please show the work (Charts, graphs, data etc.) so that I understand how you figured it out.

The Objective is to:
? Identify current trends in macro and microeconomics
? Use supply and demand to analyze business activities to formulate business plans.

NOTE: If you have to use three of the cities listed within the assignment that's fine.


Solution Preview

This is a very good assignment. I'll try to give you some ideas into what goes into the prices fo homes. I will not actually do any charts or graphs for you but you should be able to get this data from the website and use the points we talk about below to develop your charts.

I assume this is actually a micro/macro economics course rather than an actual realty course. :) There are many things that affect supply & demand of homes. Consider the following in developing your answer.

Location (as in all marketing) is critical. Selling a home is just marketing that home. Location encompasses multiple of the facets below and might be useful as one of the axis on your graphs/charts. Overall, it would ...

Solution Summary

Supply and Demand and Why Pricing Varies from City to City. Solution involves a discussion on location, city population, transportation availability, urban vs suburban lifestyle, general cost of living, tax rates and schooling opportunities.