Determining the Selling Price of Home
In this project you are required to do the following:
1. A typed reflection paper (minimum one page)
2.You must also include an explanation of the following information:
a. The predicted slope of a linethat youdraw through the data. The line must fit the data well. Do you believe the slope would be positive, negative, or close to zero? Why?
b. Pick two points from the scatter diagram. Treat the zestimate as the value of x, and treat the sale price as the corresponding value of y. Find the equation of the line through the two points selected.
c. Interpret the slope of the line (what the line's slope tells you in terms of the example).
d. Find the predicted selling price of a home whose zestimate is $335,000 based on the data provided.
e. Do you believe it would be a good idea to use the equation you found in step 4b if the zestimate were $95,000? Why or why not?
f. Choose a location in which you would like to live. Go to zillow website and randomly select at least ten homes that have recently sold. Be sure to show the Zillow property ID.
i. Draw a scatter diagram of your data.
ii. Select two points from the scatter diagram and find the equation of the line through the points.
iii. Interpret the slope
iv. Find a home from the Zillow website that interests you under the ‘Make Me Move" option for which a zestimate is available. Use your equation to predict the sale price based on the zestimate.
Use the following data set:
|
Zestimate
($ thousands)
|
Sale Price
($ thousands)
|
|
291.5
|
268
|
|
320
|
305
|
|
371.5
|
375
|
|
303.5
|
283
|
|
351.5
|
350
|
|
314
|
275
|
|
332.5
|
356
|
|
295
|
300
|
|
313
|
285
|
|
368
|
385
|
Attachment:- project data set.xlsx