Using Statistical Data for Decision-Making for a Refurbished House

M5 Reflection MATH 5133
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M5 Reflection MATH 5133
This essay will outline using statistical data to guide the decision to list the refurbished house together with other factors worth considering before putting the house on the market. The owners of the home invested in sweat equity by redecorating the home, putting in a retaining wall, and adding a backsplash to the kitchen to raise the house's value. What is left is convincing others that the effort was worth paying an additional amount. This essay aims to evaluate the changes in durability using statistical data. Still, there are some factors to consider when listing the property, including the competition, market trends, the environment, and accurate pricing of the home. It is essential to look at the prices of other homes in the area with the same characteristics that are currently listed or have been sold over the past several months. It is essential to consider the difference in value between listing prices and final sale prices. Another factor to consider is market trends, particularly those shaping the real estate market in the area and whether the average final sale prices have been rising or falling.
The environment also impacts value in that a serene environment is bound to attract buyers, while a derelict environment will lower the price. It is also essential to appropriately price the house from the beginning to sell it quickly rather than overpricing it and having it sit on the market for a long time. The realtor.com real estate website was chosen to compare two single-family homes in Corning, New York. An evaluation of the listing prices of both homes (they have the same number of rooms and are situated in the same neighborhood) shows a difference of $10,000. The first home is worth $125,000 with three bedrooms, two bathrooms, 1,608 square feet, and a 7,492 square foot lot. Additional features include a new roof, water tank, private fenced-in backyard, freshly paved driveway, and cosmetic upgrades. This house was built in 1915 and has seen a rise in its price from $100,000 in 2018 to its current price in recent years. The second home is worth $135,000 with three bedrooms, two bat...