Data Collection

Data Collection

Introduction

Review of Literature

With the expectations of buying a home, all families have different ideas and thoughts on their first home, second or even third. What prompts couples to buy that one perfect home they so desire the most? Some people might say “Why are you choosing that home versus this one right around the corner?” Everyone has their own standards and lifestyle they want and this all is dependant upon the home they buy. An anonymous author researched a growing trend in Florida’s real estate market to find that Florida is a major vacation location appealing to the retired Baby Boomer generation because of its world-class beaches, golf, boating, and the attractive lifestyle it offers (Anonymous, 2008). The National Association of Realtors conducted a survey in 2007 to find tat Florida led the nation in foreign home buying, accounting for 26 percent of all international purchasers; this having to not only do with the location but because there is an abundant inventory of homes for sale with affordable mortgage rates and lower prices than many other U.S. cities (Anonymous, 2008). This correlates with an article by Hinkelmann and Swidler, who investigate the sales price of houses in relation to the base year price for the same quality of home which “means not only adjusting for size and house amenities, but also standardizes for the location if the house (2008).” Location and prices are not the only influences on home buying according to other articles studied.

Traveling to another area of the United States, Connecticut sellers have been offering different types of incentives to the buyers; which looks to be paying off big time! The incentives offered by the homeowners include covering closing costs, mortgage payments, taxes and even home improvements (Stansbury, 2008). Recently in Bristol a three-bedroom ranch style house sold for $193,000 and the sellers gave the buyer $5,000 at closing to cover their expenses. So overall with the cash giveback the price of the home amounted to $188,000 (Stansbury, 2008). With these incentives it helps the hurting housing market so houses continue to sell and not become stagnant, although even though the median sales prices appear flat, the more expensive houses are still selling.

In another article, research was conducted on family members being more influential when decisions are made on purchasing a home. Levy explains there are two major influences, one being a direct influence such as the decision maker’s own needs. The second being an indirect influence, where the decision maker takes another family members needs into account (2004). These include family characteristics like their life cycle, social class, and culture, situational characteristics and individual characteristics. With the many examples why houses are selling, it is important to realize these are only a few. These items are what seem to be most important when it comes to purchasing that one special home.

Sampling Design

The population from which the samples originated came from the University of Phoenix Library. These articles provided different variables on why individuals chose particular demographic locations and certain types of homes; they also provided information on the influence that jobs and family members may have on a potential buyer’s decision to purchase a home. The size of the sampling was appropriates because it illustrated a research approach before data collection