Ok all of you homebuyers, sellers and realtors—are you ready to test your knowledge on recent real estate trends? Listed below is a quiz consisting of 10 multiple-choice questions regarding the current real estate market. How do you think you will fare?
Grab yourself a piece of scratch paper, number it one through ten and set your alarm clock for two minutes…and no cheating! As with any multiple-choice test, when in doubt follow your instincts and go with your first answer. Once you’ve selected your responses, or the two minutes are up (whichever comes first), click on the link below to see how many you answered correctly.
Ready? Here we go!
1. What percentage of recent homebuyers are married couples?
2. What percentage of sellers utilized the services of a real estate agent when selling their home?
3. Which major metropolitan city lays claim to the most expensive housing market?
a) New York, NY
b) Chicago, IL
c) Los Angeles, CA
d) Washington, DC
4. In total, how many Americans make their living in some capacity within the real estate industry?
a) Over 2 million people
b) 430,000 people
c) Over 4 million people
d) Over 8 million people
5. In 2013 (the most recent statistics available), what percentage of home sales were “For Sale By Owner”?
6. Out of ten, how many house hunters will search online at some point for a property during the purchasing process?
7. What was the dollar amount on the most expensive property ever sold?
a) $150 million
b) $175 million
c) $120 million
d) $108 million
8. In which state is the aforementioned property located?
9. What does the acronym “PITI” refer to in regards to real estate?
a) Principal, Interest, Taxes & Insurance
b) Property Income Tax Instructions
c) Planned Investment Title Issuance
d) Personal Individual Treasury Investment
10. From the list of following features, what did most homebuyers consider to be the most important?
a) A Fireplace
b) A Skylight
c) New Appliances
d) Air Conditioning
Ok, pencils down! How do you think you did? Tally your score! Answers below.
It’s time! Let’s see how well you scored on our little real estate quiz!
What percentage of homebuyers are married couples?
b.) 66% It appears the wedded couples still make up more than half of the real estate buying market, but that was a relatively easy question, don’t you think? Source
What is the percentage of sellers that use a real estate agent to list their home?
a.) 88% The overwhelming majority of sellers understand the importance of selecting a real estate professional to sell their home quickly, efficiently and at the right price! Source
Which major city is considered by experts to be the most expensive metro area?
c.) Los Angeles, California If you want to live in The City of The Angels you’re going to need some deep pockets! Even the average rent is upwards of $2,000 per month! Source
How many Americans make their living in some way through real estate?
a.) Over 2 million people. The real estate industry includes more than realtors and brokers, you have to consider construction, mortgage, and finance positions, even home inspectors—and that’s just the tip of the iceberg! Source
What percentage of listed homes are FSBO (For Sale By Owner)?
b.) 9% Yes, a relatively small percentage of sellers feel they can sell their home on their own in order to leave the transaction with more money in their pockets. Unfortunately, this is rarely the case. Source
Out of every 10 house hunters, how many will at some point search online for that special property?
c.) 9 Without a doubt, the internet is a real estate game changer! Sellers need maximum exposure for their homes, which is a reason why FSBO isn’t the most effective way to list your property. Source
What was the final price of the most expensive property ever sold?
c.) $120 million Wow….just….wow…. Source
In which state is the above-mentioned property located?
a.) Connecticut Don’t feel bad….we got that one wrong, too! Source
What does the real estate term “PITI” stand for?
a.) Principal, Interest, Taxes & Insurance. Homebuyers need to take all of these expenses into consideration when calculating their monthly mortgage. Source
What feature do most homebuyers view as the most important when looking at properties?
d.) Air Conditioning. Well, sure, especially if you’re looking for a home in sunny California, host of the most expensive housing market in the country! Source
So, how did you fare? Let’s take a look at your score!
10-7 Incorrect Answers: You should really brush up on your real estate knowledge!
4-6 Incorrect Answers: Nice! You’ve done some homework on buying and selling real estate.
0-3 Incorrect Answers: Amazing! You may want to consider a career in real estate!
Did you have fun with our little quiz? That’s the important thing! Let us know your thoughts below!