Research Process

Research Process Paper

RES/341

August 24, 2011

Dr. Scott Unsworth

Introduction

There are many factors that an individual must pay close attention to when making the investment of buying a home or determining how much their home will be worth. In this paper we will be paying close attention to different characteristics that a future home owner or home seller must pay attention to when trying to make a profitable transaction in the purchase or sale of a home. We will look at a set of data taken from a sample population of real estate properties and look at different characteristics that a buyer must look for and stay away from.

Research Process Paper

There are some key characteristics of a home that directly impact the property value. Some of the external characteristics include: curb appeal, home condition, lot size, paved road, or popularity of architectural style of property (NYS Department of Taxation and Finance, 2011). Internal characteristics include: size, number of rooms, construction quality, appliance conditions, pride of ownership, and energy efficiency (NYS Department of Taxation and Finance, 2011). Next, supply and demand is also important because it looks at the number of homes for sale versus the number of buyers, which will determine how quickly, easy or difficult it would be to sell (NYS Department of Taxation and Finance, 2011). Desirability of the neighborhood, school district, or distance to the city also plays a critical role in the market value of a home. Qualities like number of rooms, bathrooms, garage, pools, distance to the city and pride of ownership are going to be a few of the qualities that we will be looking at to evaluate the value of the homes in our sample data. By evaluating this information, we will be able to identify the most desirable characteristics that will increase the price of the homes and keep a homeowner from taking a loss on his or her investment.

Problem Definition

Defining a research problem...