Ask Question
21 September, 15:12

You have been asked to appraise the market value of a three-bedroom house with two bathrooms that is going to be sold tomorrow. You have found a comparison property that sold for $275,000 four weeks ago. It has three bedrooms and three bathrooms. You estimate values have been decreasing at a rate of $2,000 per week since that property transacted. Each bedroom is worth $30,000 and a bathroom is worth $15,000 in the respective market. what is your best estimate of the market price of the subject property tomorrow?

+3
Answers (1)
  1. 21 September, 15:21
    0
    Answer: $252,000

    Explanation:

    Property worth $275,000, 4 weeks ago had 3 bedrooms and 3 bathrooms.

    House to be appraised has 3 bedrooms and 2 bathrooms meaning it has one less bathroom than the other house.

    Value of bathroom is $15,000 so;

    = 275,000 - 15,000

    = $260,000

    House to be appraised was worth $260,000 4 weeks ago.

    Prices have been reducing at $2,000 per week for four weeks.

    = 2,000 * 4

    = 8,000

    Value of house = 260,000 - 8,000

    = $252,000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “You have been asked to appraise the market value of a three-bedroom house with two bathrooms that is going to be sold tomorrow. You have ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers