how the price of a property or piece of land is determined
In: 2
“I’ll give you $100 for that piece of land over yonder,” says A.
“While I would have thought that was the going rate, but C just sold a similar plot to D last month for $200!” says B.
“I think D overpaid for that piece of land. I won’t give you more than $150 for it…” says A.
“That sounds fair. It’s a deal” says B.
“I’ll give you $50 for you piece of land E”, says F.
“Are you crazy? A just bought the exact same sized parcel next door for $150! I’m not going less than $125” says E…
And so on and so on.
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