Statistics is a scientific discipline mainly concerned with the accumulation, analysis, explanation, and display of data. It is also used for arriving at conclusions regarding every sphere of business and government. It is evident that Housing Market Statistics are indispensable for it helps those related with the Housing Market in determining the trends of the market and therefore in making informed and wise investments.
Housing Market Statistics are essential because the ever growing size of the Housing Market is making it increasingly difficult to predict the future of investments in this sector.
For a detailed study of the market, Housing Market Statistics classifies the entire Housing stock into the following:
Public Housing Estates - which provide affordable homes for those on low incomes
Semi-Private Housing Estates – in which though some units are constructed exclusively for rental, some are earmarked for sale at lower prices in comparison to Private ones
Private Housing Estates - usually characterized by a cluster of high-rise buildings, is often with a shopping center or market, and may even be low-rise.
Based upon the present situation of the Housing stock, Housing Market Statistics differentiates between houses as :
- Standard Condition Housing - a house either in its first building state or in its present condition, that meets the demands of primary structural conditions and living situations
- Substandard Condition Housing – which can be categorized into the following:
- Substandard Condition Housing not Suitable for Rehabilitation - damaged, dilapidated or deteriorated
- Substandard Condition Housing Suitable for Rehabilitation - requires renovation for inhabitation and is not damaged, dilapidated or deteriorated.
Housing Market Statistics generally takes into consideration the various sections of the population associated with the Housing Market while analyzing the Housing Market. And they are then classified as:
- Owners/Users - both owners and tenants,who purchase houses as an investment and also to live in or to utilize it as a business, Owners - pure investors who do not consume the houses that they purchase, and just rent out or lease the property to someone else,
- Renters - pure consumers,
- Developers - prepare raw land for building which results in new houses(products) for the market,
- Renovators - supply refurbished buildings to the market,
- Facilitators - including banks, real estate brokers, lawyers, and others who facilitate the sale and purchase of houses.
As already stated earlier, Housing Market Statistics prove beneficial in both buying and selling houses and it helps by determining :
- the target customers/buyers of a house
- the right price of a house
- the future prospect of a house
- the right time to sell off a house
- the appropriate time to buy a house(obviously in a flat market)
besides several other factors related with the Housing Market.
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