Which data source best supports delineating where a subject's buyers actually shop?
Correct Answer
D) MLS search patterns and agent interviews about competing listings
Verified buyer searches and informed interviews about competing listings can help identify actual substitutes. Corroborate representativeness with transactions and other evidence. A radius or administrative code alone does not establish the competitive area.
Why This Is the Correct Answer
Verified buyer searches and informed interviews about competing listings can help identify actual substitutes. Corroborate representativeness with transactions and other evidence. A radius or administrative code alone does not establish the competitive area.
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A 40-year-old neighborhood is steadily turning over: original owners are selling to younger households, many homes are being renovated, and a few have been torn down and replaced. Sales from three years ago no longer reflect what buyers pay today. Which principle most directly explains this observation?
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