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 Greenwich 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 Greenwich. 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!)—
1. Last year, how many homes were sold?
a) 1 million
b) 3 million
c) 5 million
d) 20 million
2. What fraction of homebuyers were first-time buyers?
3. Over 50% of today’s homebuyers first found their new homes via
a) Newspaper and magazine ads
b) Yard or open house sign
c) The internet
d) Real estate agents
4. Typical buyers prefer
a) Neighborhood quality over size of the home
b) Shorter commute time over a larger yard
c) Both of the above
d) None of the above
5. In the U.S., how long does it typically take for a home to sell?
a) 10 days
b) 15 days
c) 3 weeks
d) 2 months
6. Median sale price for a typical “For Sale by Owner” home vs. an agent-assisted sale:
a) $180,000 vs. $120,000
b) $200,000 vs. $250,000
c) $190,00 vs. 249,000
d) 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).