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"Keep up with the Jones's" Sound familiar? They are the family to be in a social setting. When they move in to a neighborhood, the perceived value of a home next to them rises because we all know that people buy with their emotions and not their wallet. So, how do social factors affect real estate market? They affect them in pricing. You can have 2 neighborhoods side-by-side but one could have 20% higher prices because it is perceived as being better than the other based on a social stigma.
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