The American dream is to get married, have 2.5 children and own a home with a white picket fence. Today finding an affordable home suitable for those 2.5 children has become increasingly difficult. Why within one town are there great differences in the cost and amenities of real estate?
The business problem I am addressing is what effect, if any does, location within a city has on the selling and purchase price of real estate.
I have developed a survey to determine the factors that attract potential home buyers.
My survey will address items such as square footage, number and size of bedrooms and number of bathrooms. I will also attempt to determine if non-essential home amenities such as a pool or garage play a role if any in the decision to purchase. I will then need to compare homes in different areas of the city for the above features to determine if one area of the city may be preferred over another and why.
In order to accurately obtain an answer to my business problem I will need to explore the demographics of my respondents. I will seek to see what role nominal scales such as gender, race, and nationality place in the decision of where to purchase. I will determine if having children and their age plays a role in the decision of where to purchase using a ratio scale.
Consistency is very important so I will determine which features within each home are most desirable. I asked my respondents rate in the order of importance the number of bedrooms, number of bathrooms, and whether or not the home has a garage and pool.
I wanted to determine how important home or community features such as having a pool, garage or convenient shopping to name a few was in deciding on a location. I will explore this in my questionnaire using a ratio scale.
I will ask my respondents to rank the importance of the selling price and proximately to town using Ordinal scale questioning.
The questions I developed and use in my survey will...