If a sales associate has an overpriced house listed at $250,000 with a 60% chance of selling, realistic quantity of listings is what?

To understand the concept of calculating the "realistic quantity of listings" based on the provided scenario, we can look at the expected number of sales a sales associate can achieve from an overpriced listing.

The sales associate has a house listed at $250,000 with a 60% chance of selling. In real estate, the realistic quantity of listings can be calculated by considering the probability of selling the home. This is often expressed as the number of listings required to achieve a certain number of sales, typically assuming that the goal is to sell one property.

In this case, since the home has a 60% chance of selling, one way to figure out the realistic quantity of listings needed to reasonably expect one sale is to take the reciprocal of the probability of selling. Since the probability is 60% (or 0.60), that means the expected number of listings needed would be calculated as:

1 / Probability of Selling = 1 / 0.60 = approximately 1.67.

This value rounds to about 1.5 when taking into account rounding practices in real estate discussions. Therefore, a realistic expectation for the number of listings a sales associate should have to achieve a solid chance of making one sale is approximately 1.5