You Are Considering the Purchase of a 2,300 Square Foot

question 79

Essay

You are considering the purchase of a 2,300 square foot house that is being offered for $238,500.After researching recent home sales in the area,you find three that are comparable.The first was a 2,500 square foot home that sold for $225,000,the second was a 2,200 square foot home that sold for $200,000 and the third was a 2,000 square foot home that sold for $178,000.Based on your analysis,what would be a reasonable offer on the house? (Round all computations to the nearest dollar.)
(a)$210,000
(b)$207,000
(c)$205,000
(d)$201,000

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Definitions:

Primary Data

This is data collected directly from its source for the first time, used for a specific research purpose.

Marketing Information System

A system that gathers, analyzes, and disseminates data relevant to a company’s marketing activities.

Demographic Segmentation

Dividing markets on the basis of various demographic or socioeconomic characteristics such as gender, age, income, occupation, household size, stage in family life cycle, education, or ethnic group.

Ethnic Group

A community or population made up of people who share a common cultural background or descent.