The real estate market is far from efficient. Transaction costs are very high and good data is hard to come by. I think a bottom-up approach would be far more accurate than an economics-based approach that uses assumptions that are extremely inaccurate for this situation.
The real estate market is far from efficient. Transaction costs are very high and good data is hard to come by. I think a bottom-up approach would be far more accurate than an economics-based approach that uses assumptions that are extremely inaccurate for this situation.