Real Estate Sample Hypothesis Testing
The question or issue that the buyer wants to address is that property closer to town is more expensive so buyers that purchase property further from the center of town get a more affordable home. The research is necessary so that the buyer will remain within the budget that they have set for themselves. Although the cost of the home is very important, it is also important to factor in other expenditures such as upkeep, repairs and any upgrades that may want to be added. It is a critical move for the buyer to factor in all the expenses incurred in the move. The buyer may also want to be aware that the property in the center of town as well as the property outside the center of town will have different taxes depending on the township or county they are in. To begin the buying process, the buyer must research the area in which he or she would like to buy property. When purchasing a home, location is everything. As a buyer, one should be aware of the cost of living in the area of choice, as well as expect a higher cost the closer to the center of town you get. It is also important as a buyer to find an area that fits your lifestyle as well as your budget. Many working families require both parents to travel to a metropolis area for work but feel that the city is not a place to raise a child and that the suburbs may be more suitable. However, they must factor in the extra expenditures that will be spent on the commute. A single buyer on the other hand, may benefit from city living and save some extra money because of things like public transportation rather than spending significantly more money on a car and gas. We will use the five steps of hypothesis testing to address our real estate sample. The steps are: the claim, the sample, the reasoning, the probability if the claim is true and then the conclusion. First we must state the research problem in terms of a question that identifies the population(s) on...
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