What does 'non-homogeneity' refer to in real estate?

Non-homogeneity in real estate refers to the concept that properties are unique or distinct and that no two properties are exactly the same. This uniqueness can stem from various factors, including location, design, age, condition, and the specific features or characteristics of each property. Therefore, non-homogeneity highlights the diversity in properties, making it central to real estate appraisal and market value determination. Considering these nuances, appraisers and agents recognize that each property must be evaluated on its own merits rather than assumed to have the same value or desirability as similar properties in the area. This understanding is crucial for effective pricing, marketing, and negotiation in real estate transactions.