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Research on median home prices

See attached files.

Find three possible outcomes from using this research of data sets.

The research problem could be to establish median home prices in the area for comparison purposes for new listings or refinancing. For new listings, the reason the problem is important is new listing prices need to be commensurate with the local market. This could be a decision point for the property owner; if prices are too low, the owner might choose to hold off on listing.

For refinancing, an accurate property value is necessary so that mortgage companies are not unnecessarily exposed to risk and so that property owners can get an amount of money that fairly represents value.


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1st possible outcome: First, let me state, I did not use "all" of the research provided. I used a select group for each scenario. For example, using #2, #3, #4, and #5 as these are all similarly priced and of similar size, and all within the approximate same distance from the center of the city. If an individual wanted to purchase a home in this market, they would see from these four homes:

(first four on your list)

263.1 4 2300 1 17 5 1 2
182.4 4 2100 0 19 4 0 2
242.1 3 2300 0 12 3 0 2
213.6 2 2200 0 16 2 0 2.5

If they were trying to obtain financing, the lender before approving the loan, would look at the comparables in the market, from these four scenarios, I would say that the borrower should exclude #2 because the price is much lower than the others. This leads me to believe that there may be something wrong with the ...

Solution Summary

This solution provides research on how to establish median home prices for a provided worksheet.