In this activity you will need to go to the realtor.com 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.
Based on the information obtained from Realtor.com I was able to see that from state to state housing prices varied. Though the sizes of the properties were the same 3 bedrooms 2 baths the prices fluctuated greatly. One State that I viewed as Indianapolis, IN. In this particular state I viewed a beautiful 3 bedroom 2 bath home that had many amenities which was listed for under $40,000. One factor that came into play regarding the pricing on this particular listing was it was a bank repo and had slight mold in the basement.
Another factor that came into play was the fact that there are so many homes on the market and the population consists of mostly home owners. There are not many people renting in Indiana.
Another factor was the size of the population. According to Wikipedia 2000 census 791,926 people were accounted for in the city of Indianapolis making it the most populous city in the United States at the time. It also ranked 12th largest City. The crime rate was 5 times the national average in the country. I would believe that a person looking at these statistics would take this information into consideration when looking to purchase a home and real estate agents know this and that is another reason why the prices are so low for purchasing a home in this...