Homes come in all shapes, sizes, and price points. There, the shopper can get a better idea of the home builder’s style and options will work for their new home build. These are essentially sales offices complete with all the different fixtures and finishes available to shop through to design a home. Once the shopper knows where they want to live, it’s a good idea for them to visit the builder’s home center. For instance, many development communities will only allow two or three home builders to work in the community, so anyone who wants to live and build there has limited options to choose from. A community would imply a specific area within a market, such as a development or subdivision.Īspiring homeowners might first consider looking for areas they’d prefer to live in before choosing a home builder. If the customer is looking to build outside of their preferred builder’s service area, they will need to look for an alternative builder to complete their project.įor home builders, a market would typically be a city and its surrounding area. Even companies with locations across the entire nation will often limit themselves to specific markets or communities. Some companies will only work in certain areas or within specific development communities. The first thing someone shopping for a home builder will want to do is look for a company that builds in the area they want to live in. The following are some of the most important factors to consider when choosing a company to build a new home. Searching for “best home builders near me” can be a good start, but it shouldn’t be the only one taken before signing a contract with a home builder. When choosing a home builder, it’s important for people to do their research and understand what they need. It is natural to keep SqFt and drop its square, SqFt2.Photo: What to Consider When Choosing One of the Best Home Builders In this particular case, we could dispense with either SqFt or SqFt2, but the test tells us that we cannot drop both of them. Exercise 11.80 ( page 583) explores the calculation and use of VIF values. VIF values greater than 10 are generally considered an indication that severe collinearity exists among the explanatory variables in a model.
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Some statistical software packages will calculate a variance inflation factor (VIF) value for each explanatory variable in a model. Collinearity can exist between seemingly unrelated variables and can be hard to detect in models with many explanatory variables. In extreme cases, collinearity can cause numerical instabilities, and the results of the regression calculations can become very imprecise. This phenomenon is called collinearity or multicollinearity. This is a consequence of the fact that these two variables are highly correlated.
Once either SqFt or SqFt2 is present, the other contributes very little. To resolve this apparent contradiction, remember that a test assesses the contribution of a single variable, given that the other variables are present in the model. Yet, the overall test for the null hypothesis that both coefficients are zero is significant (, , ). The individual tests for both SqFt and SqFt2 are not significant. The output in Figure 11.15 is a good example of the need for care in interpreting multiple regression.
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Table 11.15: TABLE 11.6 Homes for sale in zip code 47904 Id
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