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Research 341

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Real Estate Research Process

RES 341 / Research and Evaluation 1

March 28, 2011

Professor

Real Estate Research Process
Introduction
Every individual whether they are aware of it or not, base their decision-making on some form of statistical data. Simple everyday decisions are made through rationalizing a problem or opportunity, forming a hypothesis, analyzing information, and determining a decision based on the gathered information. For the purpose of practicality, Team A has chosen real estate market data gathered from the website for the Statistical Techniques in Business and Economics (2008) textbook to formulate and define a chosen problem, attempt to delineate the purpose of the research into the variables that affect the problem, propose a hypothesis and its research conduction, and briefly discuss the remaining steps in the research process the team will follow to complete the final project.

Purpose of the Research

According to Sekaran (2003), knowing the purpose of the research being conducted is the first step to understanding and defining the problem and reaching a hypothesis. Articles of clothing are usually priced for the quality of the material, the amount of material being used, and the perhaps the brand of the maker. However, this common-sense rule does not apply in real estate all of the time. The real estate market has always been an intricate web of real estate agents, negotiations, and many confusing rules. Buyers may wonder why a one-bedroom apartment by the beach is more expensive than a four-bedroom house in the city; therefore the purpose of this research is to determine how the real estate market designates family home prices. By studying and deciphering the research such as square footage, upgrades, amenities, prices, and location can lead individuals to find a pattern on how homes are priced. Finding a pattern may lead

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