Question

A seller has a house that is 1900 ft^ 2 . The neighborhood comps show the line of best fit to be y = 0.074x + 50.48 . What is a fair price for this house?

Answer 1

If x is meant to equal the square footage of the house then we can substitute 1900 for x.

y = 0.074(1900) + 50.48

y = 140.6 + 50.48

y = 191.08

If y is meant to equal square footage then substitute 1900 for y.

y = 0.074x + 50.48

1900 = 0.074x + 50.48

1900 - 50.48 = 0.074x

1849.52 = 0.074x

1849.52/0.074 = x

24,993. 51 = x