KCFDC Courses > Rosedale
Hole 16 - House For Sale
zumagun:
That house is way overpriced right now considering the neighborhood median income is $30,994.
Using this formula, you can tell if a house is overpriced or not:
--- Code: ---90% of Monthly Repayment / (70% of Neighbor's Income / 12 Months)
--- End code ---
If the answer is over 20%, then the house is overpriced. In this example the Percent of Average Monthly Income of Neighbors for this house is a whopping 36%
--- Code: ---657*0.9 / ((30994*0.7)/12) = .36
--- End code ---
Considering all this, This house should, more appropriately, be priced at or under $76,000 that would be a monthly payment of $356 (76000*.00469)
--- Code: ---356*0.9 /((30994*0.7)/12) = .20
--- End code ---
phisherman_77:
But it backs up to a golf course dude! Doesn't that count for a 30-40k markup?
spinachio:
--- Quote from: zumagun on January 10, 2013, 09:07:45 AM ---That house is way overpriced right now considering the neighborhood median income is $30,994.
Using this formula, you can tell if a house is overpriced or not:
--- Code: ---90% of Monthly Repayment / (70% of Neighbor's Income / 12 Months)
--- End code ---
If the answer is over 20%, then the house is overpriced. In this example the Percent of Average Monthly Income of Neighbors for this house is a whopping 36%
--- Code: ---657*0.9 / ((30994*0.7)/12) = .36
--- End code ---
Considering all this, This house should, more appropriately, be priced at or under $76,000 that would be a monthly payment of $356 (76000*.00469)
--- Code: ---356*0.9 /((30994*0.7)/12) = .20
--- End code ---
--- End quote ---
There are 3 types of people in this world, those who can count and those who can't.
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