Physical deterioration (or "wear and tear") is not the same thing as "obsolescence". Obsolescence typically refers to items that are no longer fashionable or up-to-date. In a neighborhood, obsolescence can cause a decrease in value, such as when a flight path changes.
These are questions that the above text answers:
1. What is the difference between physical deterioration and obsolescence in real estate?
2. How does obsolescence affect the value of a property?
3. Can obsolescence be caused by changes in a neighborhood?
4. What is an example of obsolescence in real estate?
5. Does physical deterioration refer to wear and tear?
6. Can obsolescence impact the value of a property negatively?
7. Is obsolescence related to fashion or being up-to-date?
9. Can a change in flight path cause obsolescence in a neighborhood?
10. Does obsolescence affect the value of real estate in general?