Why Real Estate Will Never Go Out Of Business
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By :
Rory Santos
Submitted
2008-11-17 03:37:56 |
In America, a country founded on private property rights, there is one industry that will never have to worry about going out of business, and that is the Real Estate industry. As long as there are people living in this land, there will be a need for property to build on and houses to live in. Now, occasionally an individual real estate company or agent may go out of business, and at times certain tactics change, but the industry as a whole will always be here.
Even if people decided to live in mud huts or tents, they would still have to build those mud huts or tents and place them somewhere. It's funny, because when you think about it, a plot of land is really just a big piece of dirt - but that big piece of dirt, and what you put on it, will always have value to someone. One thing that helps determine that value is the most recent price someone has agreed to pay for a comparable property in the same area.
To see this in a larger and perhaps more overlooked way, the factors that help determine property values have everything to do with the very nature of human beings themselves. The purchase of a house includes some of the biggest financial and personal considerations most people will make in their entire lifetime. The place where you raise your family, entertain guests, commute from, work, rest, live and even die in - your home, truly is your castle. All the various personal dreams and expectations that attract people to this iconic American ideal add up to be votes for its value, as well.
Some may ask, "What happens if we run out of land to build on?" Figures from the 2000 Census show that, contrary to popular misconceptions, at least 94.6 percent of the United States is open rural land! Data from that same census shows that even California, the most populated state in the nation, is not more than 8.6 percent developed!
The US Census Bureau also reported that as of March 2008, the total number of housing units in the United States was 129.4 million, and 2.3 million of those were for sale. The Bureau's latest (2006) estimate of the country's population is almost 300 million people.
There may be different ideas as to what exactly the Real Estate industry is going to look like in the near future, but one thing is clear: with the amount of available product and consumers in this nation, Real Estate is not going out of business any time soon. |
Author Resource:-
Rory Santos intimately knows the Central Coast California Real Estate market and how good the view is growing up in a Pismo Beach home.
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