Question Details

(solution) You currently own a house in Brooklyn, NewYork, and are planning


You currently own a house in Brooklyn, NewYork, and are planning on moving sometime in the next year to Brig Switzerland. A friend of yours has suggested that you try to sell the house on your own. The decision is a difficult one. Real estate commissions can be quite hefty, but brokers bring a great deal of expertise to the process of selling a house, particularly the ability to set a reasonable asking price. Real estate professionals can quantify a variety of unobservable or un-measurable characteristics of a house, such as that shiny purple wallpaper in the upstairs bathroom and the overall desirability of the neighborhood. To get an initial feel for the types of houses in your area, you have collected data that contain information such as the selling price of the house, square feet, numbers of bedrooms and bathrooms, and the presence of a fireplace for 108 homes sold in your neighborhood last year. In the attached Excel data set named House, SQ_FT is the variable measuring the total square feet in the house. BEDS and BATHS are number of bedrooms and bathrooms, respectively. For HEAT, Gas represents gas forced air heating and Electric represents electric heat. STYLE is the architectural style of the home: zero indicates a tri-level, one indicates a two-story house and two indicates that the house is a ranch-styled home. GARAGE is the number of cars that can fit into the garage. We don't know whether it is an attached garage. AGE is the age of the home in years. FIRE and BASEMENT indicate the presence (one) or absence (zero) of at least one fireplace or basement. PRICE is the selling price of the house in thousands of dollars and SCHOOL is the school district (S for the South school district; N for the North school district). All else the same, the North school district is viewed as the preferred school district. a. Use these data to uncover the important predictors of selling prices of houses in your neighborhood and describe, specific to this problem, how these predictors are related to the selling price. b. Provide an estimated selling price of your own house. (You need to come up with your own specification of your house for this.) c. Justify why the relationship that you uncover is appropriate for the data.
PRICE

 

SQ_FT

 

BEDS

 

139.9

 

1238

 

144

 

1707

 

146.5

 

1296

 

146.5

 

1320

 

146.9

 

1210

 

148

 

1296

 

148.5

 

1765

 

149

 

1725

 

150.95

 

1794

 

151

 

1294

 

152.692

 

1372

 

152.801

 

1162

 

155.207

 

1996

 

156

 

1764

 

156

 

1416

 

157.5

 

1730

 

159.9

 

1392

 

159.9

 

1664

 

161

 

1332

 

162.8

 

1752

 

164.9

 

2167

 

165

 

1664

 

166

 

1973

 

169.28

 

1384

 

169.9

 

1431

 

170

 

1950

 

172

 

1452

 

172.439

 

1829

 

174.646

 

1652

 

177.293

 

1516

 

178.1

 

1998

 

178.149

 

1984

 

185

 

1840

 

190

 

1823

 

191.9

 

2150

 

193

 

2096

 

204

 

2212

 

213

 

2375

 

275

 

2809

 

139

 

912

 

141.5

 

816

 

143.5

 

1008

 

146.95

 

912

 

148

 

1008

 

148.694

 

838

 

149

 

1008

 

150.452

 

1120

 

155

 

1242

 

156.9

 

912

 

163

 

1316

 

168

 

1490

 

168.879

 

1118

 

169.347

 

1278

 

169.7

 

1490

 

170

 

1418

 

170.8

 

1250

 

171.5

 

1881

 

175

 

1355

 

178

 

1518

 

179.5

 

1606

 

187

 

2124

 

193.75

 

2099

 

205

 

2232

 

212

 

1608

 

156

 

1320

 

159.9

 

1680

 

159.9

 

1434

 

165

 

1664

 

167.158

 

1379

 

167.2

 

1634

 

171.5

 

1400

 

171.5

 

1664

 

172.5

 

1548

 

173.5

 

2040

 

174

 

1792

 

176.7

 

1865

 

177.4

 

1833

 

178.5

 

1627

 

179

 

2198

 

179

 

1707

 

182.4

 

2096

 

184

 

2004

 

187

 

1818

 

187.9

 

1935

 

189

 

2381

 

190

 

1977

 

190.5

 

2317

 

192

 

2072

 

192.9

 

2108 BATHS

 

3

 

3

 

4

 

3

 

3

 

3

 

3

 

4

 

4

 

3

 

3

 

3

 

4

 

4

 

3

 

4

 

3

 

3

 

3

 

3

 

3

 

3

 

4

 

3

 

3

 

5

 

3

 

3

 

4

 

3

 

4

 

4

 

3

 

4

 

5

 

3

 

4

 

4

 

4

 

4

 

3

 

5

 

4

 

5

 

4

 

4

 

3

 

4

 

4

 

3

 

3

 

4

 

3

 

3

 

4

 

4

 

4

 

3

 

3

 

4

 

3

 

4

 

5

 

5

 

3

 

3

 

3

 

3

 

3

 

3

 

3

 

4

 

3

 

4

 

4

 

3

 

3

 

3

 

4

 

3

 

3

 

4

 

4

 

3

 

3

 

3

 

5

 

4

 

3 HEAT

 

2 Gas

 

2 Electric

 

2 Gas

 

2 Gas

 

2 Gas

 

2 Gas

 

2 Gas

 

3 Gas

 

2 Gas

 

2 Gas

 

2 Gas

 

2 Gas

 

2 Gas

 

2 Electric

 

2 Gas

 

2 Gas

 

2 Gas

 

3 Gas

 

2 Gas

 

3 Gas

 

3 Electric

 

2 Gas

 

3 Gas

 

2 Gas

 

2 Gas

 

3 Gas

 

2 Gas

 

2 Gas

 

3 Gas

 

2 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

2 Gas

 

2 Gas

 

2 Gas

 

2 Gas

 

2 Gas

 

2 Gas

 

3 Gas

 

2 Gas

 

3 Gas

 

2 Gas

 

2 Gas

 

2 Gas

 

3 Gas

 

2 Gas

 

2 Gas

 

2 Gas

 

3 Gas

 

3 Gas

 

2 Gas

 

2 Gas

 

3 Gas

 

2 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

2 Gas

 

3 Gas

 

3 Gas

 

2 Gas

 

2 Gas

 

3 Gas

 

3 Gas

 

4 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas STYLE GARAGE

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2 BASEMENTAGE

 

1

 

1

 

2

 

0

 

2

 

1

 

2

 

1

 

1

 

0

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

0

 

2

 

1

 

1

 

0

 

2

 

0

 

2

 

1

 

2

 

0

 

2

 

0

 

2

 

1

 

2

 

0

 

2

 

1

 

2

 

0

 

2

 

1

 

2

 

0

 

2

 

0

 

2

 

0

 

2

 

1

 

2

 

0

 

2

 

1

 

2

 

0

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

3

 

1

 

2

 

1

 

3

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

1

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

3

 

1

 

2

 

1

 

2

 

0

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

0

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

0

 

2

 

1

 

2

 

1

 

2

 

1

 

2

 

1 FIRE

 

12

 

13

 

17

 

11

 

6

 

17

 

20

 

12

 

18

 

13

 

9

 

8

 

13

 

13

 

8

 

15

 

8

 

11

 

14

 

18

 

13

 

9

 

13

 

5

 

7

 

13

 

4

 

10

 

7

 

10

 

17

 

9

 

9

 

3

 

12

 

9

 

17

 

11

 

6

 

19

 

19

 

17

 

16

 

17

 

11

 

19

 

11

 

12

 

18

 

8

 

13

 

16

 

11

 

10

 

14

 

17

 

9

 

7

 

22

 

13

 

14

 

13

 

9

 

13

 

13

 

7

 

12

 

7

 

8

 

10

 

1

 

16

 

8

 

15

 

9

 

12

 

7

 

3

 

12

 

12

 

7

 

13

 

19

 

11

 

17

 

9

 

9

 

11

 

7 SCHOOL

 

1S

 

1N

 

0N

 

1N

 

1N

 

1N

 

0N

 

0N

 

0N

 

1N

 

0S

 

1N

 

1S

 

1N

 

0S

 

1N

 

1S

 

1N

 

0S

 

1N

 

1N

 

1N

 

1N

 

1N

 

1S

 

1N

 

1N

 

1S

 

1S

 

1S

 

1S

 

1N

 

1N

 

1S

 

1N

 

1S

 

1S

 

1S

 

1N

 

1N

 

0N

 

0N

 

1S

 

1N

 

0S

 

1N

 

1S

 

0N

 

1S

 

1N

 

1N

 

1S

 

1N

 

1S

 

1S

 

1S

 

1S

 

1S

 

0S

 

1N

 

1N

 

1S

 

1S

 

1S

 

1S

 

1S

 

1S

 

1S

 

1S

 

1S

 

1S

 

1S

 

1S

 

1N

 

1S

 

1N

 

1S

 

1S

 

1N

 

1N

 

1S

 

1N

 

1S

 

1S

 

1S

 

1S

 

1S

 

1S

 

1N 193.6

 

194.5

 

194.7

 

195

 

201

 

201

 

205

 

208

 

210

 

211

 

212

 

212.5

 

212.5

 

224.5

 

230.577

 

233.8

 

235

 

236.9

 

272 2060

 

2064

 

2148

 

2170

 

1984

 

2130

 

2049

 

2035

 

2264

 

2264

 

2362

 

2262

 

2353

 

2298

 

2282

 

2542

 

2380

 

2505

 

2804 4

 

3

 

5

 

6

 

4

 

4

 

4

 

3

 

3

 

3

 

4

 

5

 

4

 

3

 

4

 

4

 

4

 

4

 

4 4 Gas

 

3 Gas

 

4 Gas

 

4 Gas

 

3 Electric

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas

 

3 Gas 2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2

 

2 2

 

2

 

2

 

2

 

2

 

2

 

2

 

3

 

3

 

3

 

2

 

2

 

2

 

3

 

2

 

2

 

2

 

2

 

3 1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1

 

1 9

 

5

 

8

 

21

 

11

 

20

 

19

 

6

 

7

 

10

 

6

 

12

 

5

 

2

 

9

 

6

 

6

 

7

 

1 1S

 

1S

 

1S

 

1S

 

1S

 

1S

 

1S

 

1S

 

1S

 

1S

 

1N

 

1S

 

1N

 

1S

 

1S

 

1S

 

1S

 

1S

 

1S SIZE PRICE

 

1238

 

139.9

 

1707

 

144

 

1296

 

146.5

 

1320

 

146.5

 

1210

 

146.9

 

1296

 

148

 

1765

 

148.5

 

1725

 

149

 

1794

 

150.95

 

1294

 

151

 

1372 152.692

 

1162 152.801

 

1996 155.207

 

1764

 

156

 

1416

 

156

 

1730

 

157.5

 

1392

 

159.9

 

1664

 

159.9

 

1332

 

161

 

1752

 

162.8

 

2167

 

164.9

 

1664

 

165

 

1973

 

166

 

1384

 

169.28

 

1431

 

169.9

 

1950

 

170

 

1452

 

172

 

1829 172.439

 

1652 174.646

 

1516 177.293

 

1998

 

178.1

 

1984 178.149

 

1840

 

185

 

1823

 

190

 

2150

 

191.9

 

2096

 

193

 

2212

 

204

 

2375

 

213

 

2809

 

275

 

912

 

139

 

816

 

141.5

 

1008

 

143.5

 

912

 

146.95

 

1008

 

148

 

838 148.694

 

1008

 

149

 

1120 150.452

 

1242

 

155

 

912

 

156.9

 

1316

 

163

 

1490

 

168

 

1118 168.879

 

1278 169.347

 

1490

 

169.7

 

1418

 

170

 

1250

 

170.8

 

1881

 

171.5

 

1355

 

175

 

1518

 

178

 

1606

 

179.5

 

2124

 

187

 

2099

 

193.75

 

2232

 

205

 

1608

 

212

 

1320

 

156

 

1680

 

159.9

 

1434

 

159.9

 

1664

 

165

 

1379 167.158

 

1634

 

167.2

 

1400

 

171.5

 

1664

 

171.5

 

1548

 

172.5

 

2040

 

173.5

 

1792

 

174

 

1865

 

176.7

 

1833

 

177.4

 

1627

 

178.5

 

2198

 

179

 

1707

 

179

 

2096

 

182.4

 

2004

 

184

 

1818

 

187

 

1935

 

187.9

 

2381

 

189

 

1977

 

190

 

2317

 

190.5

 

2072

 

192

 

2108

 

192.9 PRICE

 

300

 

250

 

200

 

PRICE

 

150

 

100

 

50

 

0

 

500 1000 1500 2000 2500 3000 2060

 

2064

 

2148

 

2170

 

1984

 

2130

 

2049

 

2035

 

2264

 

2264

 

2362

 

2262

 

2353

 

2298

 

2282

 

2542

 

2380

 

2505

 

2804 193.6

 

194.5

 

194.7

 

195

 

201

 

201

 

205

 

208

 

210

 

211

 

212

 

212.5

 

212.5

 

224.5

 

230.577

 

233.8

 

235

 

236.9

 

272

 


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