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A property cycle is a sequence of recurrent events reflected in demographic, economic and emotional factors that affect supply and demand for property subsequently influencing the property market. [1] [2] Cyclical patterns are a well-documented and consistent feature of housing markets. [3]
These are some predictions that real estate agents have for the market this year and the five factors that will influence it the most. Check Out: 25 Places To Buy a Home If You Want It To Gain Value
According to the American Marketing Association, consumer behaviour can be defined as "the dynamic interaction of affect and cognition, behaviour, and environmental events by which human beings conduct the exchange aspects of their lives." As a field of study, consumer behaviour is an applied social science. Consumer behaviour analysis is the ...
As part of consumer behavior, the buying decision process is the decision-making process used by consumers regarding the market transactions before, during, and after the purchase of a good or service. It can be seen as a particular form of a cost–benefit analysis in the presence of multiple alternatives. [1] [2]
Buyer's remorse is an example of post-decision dissonance, where a person is stressed by a made decision and seeks to decrease their discomfort. [2] The buyer may change their behavior, their feelings, their knowledge about the world (what they thought the purchased item would be like), or even their knowledge of themselves. [3]
Nudge is a concept in behavioral science, political theory and economics which proposes designs or changes in decision environments as ways to influence the behavior and decision making of groups or individuals—in other words, it's "a way to manipulate people's choices to lead them to make specific decisions". [30]
The anchoring effect was also found to be present in a study [8] in the Journal of Real Estate Research in relation to house prices. In this investigation, it was established that the 2-year and 9-year highs on the Case-Shiller House Price Index could be used as anchors in predicting current house prices. The findings were used to indicate that ...
In the field of consumer behavior, an impulse purchase or impulse buying is an unplanned decision by a consumer to buy a product or service, made just before a purchase. [1] One who tends to make such purchases is referred to as an impulse purchaser , impulse buyer , or compulsive buyer .