Which of the following is an example of a social influence affecting real estate value?

Demographic changes are a significant example of social influence affecting real estate value because they encompass shifts in the characteristics of a population that can impact housing demand and preferences. For instance, as the population ages, there may be an increased demand for single-story homes or retirement communities. Conversely, an influx of younger individuals or families into an area can drive the need for more affordable housing options or family-friendly amenities, thereby influencing property values in those neighborhoods.

This option draws attention to how changes in societal makeup—such as age, income levels, family size, and cultural backgrounds—can create varying demands for different types of real estate, affecting prices and market dynamics. In this context, understanding demographic trends is crucial for appraisers to accurately assess property values based on the evolving needs and preferences of the community.

The other choices relate to different aspects of real estate value but do not fall under social influences in the same way. For instance, the availability of financing pertains more to financial conditions and market dynamics rather than social factors. Governmental powers involve regulatory influences, while environmental policies focus on sustainability and land use, not directly tied to social trends.