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"Change" in real estate refers to a transformation from one set of conditions to another, specifically related to the value principle. This could mean an increase or decrease in the value of a property due to changes in the surrounding area, upgrades or deterioration of the property itself, or changes in the local real estate market.
For example, if a new shopping center is built near a residential neighborhood, it could increase the value of the nearby homes due to the added convenience and amenities. On the other hand, if the condition of a property deteriorates due to neglect or damage, it could decrease the property's value.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
Change is what happens when things rearrange,
In real estate it means values can exchange.
If a house gets an upgrade or a coat of paint,
Its value may rise without any complaint.
But if the neighborhood starts to look rough,
A property's value can sink in a huff.
Change can be good or change can be bad,
It all depends on the conditions had.