The impact of perceptions on the fallout of increasing real estate values in Montgomery County, Pennsylvania: An exploratory case study

Several decades of data showed that Montgomery County, Pennsylvania, (MCP), a suburban county northwest of Philadelphia, experienced tremendous price appreciation in valuations of residential real estate properties. Recently, MCP's higher property valuations dropped. Local educators' and real estate professionals' perceptions of the fallout were not known. The purpose of the research was to determine whether economic conditions could be enhanced in MCP by examining perceptions of educators and real estate professionals. The questionnaire results were compared with a benchmark study done in Philadelphia County. The comparison added to the current body of literature and advanced the science of measuring human perceptions. Concepts studied included valuation, redevelopment, and expected rate of return. A qualitative exploratory case study was used in conjunction with two electronic questionnaires distributed to the questionnaire group and to a four-member structured interview group made-up of a purposive sample of educators and real estate professionals. The questionnaire group included a purposive sample of educators from a higher educational institution and real estate professionals familiar with the residential real estate market in MCP. The questionnaire containing closed-ended questions was electronically sent to 400 participants of whom 26 responded. The follow-up online interview contained open-ended questions electronically sent to the four-member structured interview group. The research results identified new knowledge to add to the current body of literature that would allow officials to positively influence the county and its residents.