Social influences include family size, population age, shifts, and changes in housing tastes and preferences. The climate is a good example of a physical influence on value. In northern areas cottages demand the highest prices for about three months in the summer and a much lower price in the winter. Southern areas are, of course, the reverse. In fact, a landlord in a resort area can usually receive the same rents in a three month season as they get for the same unit over a whole year lease.
Desirability causes a majority of prospective buyers to want to own the property.
Utility makes a property useful to a majority of prospective buyers. Scarcity causes a majority of buyers to want to act faster, since fewer other properties similar to the subject property are available at the same time. Transferability is the ability of a majority of buyers to afford the price or terms that allows more buyers the opportunity to purchase. Physical deterioration is a loss of a property's value due to ordinary wear and tear with subsequent deferred maintenance. This physical influence causes a property to be less desirable and less useful when compared to other properties.