Short Real Estate Quiz Would Expose Kids to Fundamentals

Even though the average adult homeowner spends about a quarter of his/her or their hard-earned income on real estate-related expenses, there’s no high school course that teaches real estate fundamentals. We may have all grown up accepting that fact, but when you think about it, it really is astonishing. Especially because most of us don’t discuss the very fundamental details of homeownership with our parents, either (at least not until we need a little help coming up with that first down payment).

If there were a high school class on real estate, I think a good first order of business would be establishing how relevant the subject matter is to everyday life in Waco. Imagining what a snap real estate quiz might look like at the end of the first week, here are some possible questions. They’re multiple choice (to give the kids a chance!)—

quiz

 

 

 

 

 

 

 

 

 

  1. Last year, how many homes were sold?
  2. 1 million
  3. 3 million
  4. 5 million
  5. 20 million
  6. What fraction of homebuyers were first-time buyers?
  7. 1/10
  8. 1/4
  9. 1/3
  10. 1/2
  11. Over half of today’s homebuyers first found their new homes via
  12. Newspaper and magazine ads
  13. Yard or open house sign
  14. The internet
  15. Real estate agents
  16. Typical buyers prefer
  17. Neighborhood quality over size of the home
  18. Shorter commute time over a larger yard
  19. Both of the above
  20. None of the above
  21. In the U.S., how long does it typically take for a home to sell?
  22. 10 days
  23. 15 days
  24. 3 weeks
  25. 2 months
  26. Median sale price for a typical “For Sale by Owner” home vs. an agent-assisted sale:
  27. $180,000 vs. $120,000
  28. $200,000 vs. $250,000
  29. $190,00 vs. 249,000
  30. They sell for about the same price

ANSWERS: I’ll admit the last question is pro-real estate agent propaganda – but it’s accurate, so why not?  As you may have guessed, all the correct answers are c). For the answers to all your other Waco real estate questions, just give us a call!