Housing values have risen rapidly in Centerville overthe last few years, and you are interested in investingin a piece of real estate. Optimally, you would like tofind a single family home in the $$220,000$ to$$235,000$ range, which you could rent for a few yearsand then resell at a profit. You recently saw anadvertisement in the "Centerville Review" for a housenear Centennial Park $($see Appendix $1),$ which isbeing sold directly by its owner. Based upon thedescription, this house seemed like the type ofinvestment that you are seeking. You arranged to visitthe home last week. The asking price was $$240,000$and you were favorably impressed.You have since collected information on comparablehouses to help you assess the worth of this house $($seeAppendix $2).$ You have decided that you would like tobuy the house, but not at a price in excess of$$235,000.$ In fact, you would like to buy the house ata price as close to $$220,000$ as possible. However,you would be willing to up to $$235,000$ beforewalking away from this opportunity.Yesterday you called the owner and submitted anoffer of $$220,000.$ The owner agreed to meet withyou today to discuss the offer.If you choose to buy the house, your performance forthis exercise will be evaluated based upon how closethe final price you negotiate with the seller is to yourgoal of $$220,000\mathrm{.}2$ Buying a House$/$Role of BuyerAPPENDIX $1$Single HouseListing # $9013878$Description $4$ bedrooms $+1$ recreation room $+2\mathrm{.}5$ bathrooms Split$-$level style Built in $19471846$ square feet of spaceInside Amenities Finished hardwood floors $2$ fireplaces Master bedroom with an entire wall of closets plus master bath Large eat$-$in kitchen with all appliances Newly decoratedOutside Amenities Comfortable & updated brick Beautiful landscaping Fenced backyard and mature trees Detached garage $($for $2\mathrm{.}5$ cars$)$ Restaurants and transportation within walking distance Near Hastings & Centennial parksAsking Price: $$240,000$APPENDIX $2$Prices of neighboring homes with similar characteristicsSelling Price Square Feet$8906898$Listing #$$213,30017158904725$ $$233,60018758908614$ $$239,6001920$ Reflection on this