Behavioral real estate takes into account factors such as cognitive biases, social influences, and emotional responses to the real estate market. It seeks to explain why people make certain decisions when it comes to real estate and how these decisions can be influenced by various psychological factors.
For example, behavioral real estate may examine how the framing effect (the way information is presented) can impact a buyer's perception of the value of a property. It may also explore how social proof (the influence of others' opinions and actions) can affect a buyer's decision to make an offer on a property.
Overall, the goal of behavioral real estate is to provide a more comprehensive understanding of the real estate market by incorporating insights from psychology and human behavior.