Which of the following is NOT a characteristic of value in real estate?

In real estate, the characteristics of value typically include utility, scarcity, and effective demand. These elements are crucial in determining how much value a property holds in the market.

Utility refers to the ability of a property to satisfy a need or desire. The more useful a property is to potential buyers or tenants, the higher its value is likely to be. Scarcity indicates that if a resource is limited or in short supply, its value will increase. This principle applies strongly in real estate, especially in desirable locations where land is limited. Effective demand combines the desire for a property with the financial ability to purchase it, highlighting that simply wanting a property does not equate to its value; the buyer must also have the capacity to buy.

Change, while it can impact real estate value through market shifts, development, and other external factors, is not a characteristic of value itself. It is rather a condition or a phenomenon that can affect the other characteristics. Therefore, recognizing that change does not fundamentally define or comprise a characteristic of value clarifies why this choice stands apart from the others.