The Accuracy of Home Owners' Estimates of House Value PDF Download
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Author: John L. Goodman
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Book Description
Author: John L. Goodman
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Book Description
Author: Paul Flatau
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Home owners' estimates of the current market value of their housing have been used extensively in applied economic research (e.g. the measurement of imputed net rental income and the distribution of wealth). While the accuracy of owner-estimates is an issue of some importance for applied research, there are few studies which examine bias in owner-estimates. In this paper, we adopt a simple yet novel approach to measurement error. This relies solely on respondent provided information and is based on the hedonic price method.
Author: Paul R. Flatau
Publisher:
ISBN: 9780869054918
Category : Housing
Languages : en
Pages : 20
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Book Description
Author: Katherine A. Kiel
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The American Housing Survey (AHS) includes the owner's valuation of the house as a measure of the house's value. If owner-stated values are accurate, the AHS (as well as other survey instruments) can be used by researchers studying a variety of topics. In this study we use the metropolitan version of the AHDs for three cities over fourteen years to compare owners' valuations with sales prices of houses that sold in the twelve months prior to an interview. We find that, on average, recent buyers report house values that are 8.4% higher than the stated sales prices. Further analysis indicates that these recent buyers, when compared with owners with longer tenure, overvalue their houses by 3.3%, on average. Thus, we find that the average owner overvalues his house by 5.1%. Also, differences between sales prices and owners' valuations are not related to particular characteristics of the house, occupants (other than length of tenure), or neighborhood. Thus, the use of the owners' valuations will result in accurate estimates of house price indexes and will provide reliable estimates of the prices of house and neighborhood characteristics.
Author:
Publisher:
ISBN:
Category : Housing
Languages : en
Pages : 1430
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Book Description
Author: Leslie Kish
Publisher:
ISBN:
Category : Error analysis (Mathematics)
Languages : en
Pages : 19
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Book Description
In the 1950 Survey of Consumer Finances home owners were asked to estimate the market value of their houses. Estimates for these same homes were later made by professional appraisers. These two estimates for each of 568 homes comprise the data analyzed here. The proportion of discrepancies between the two estimates is great: only 37 per cent of the estimates by respondents are within plus or minus 10 per cent of the appraisers' estimates. However, the errors tend to be offsetting, and in none of the ten price classes used is the difference in the relative frequencies for owners and appraisers statistically significant. Similarly, although the root-mean-square difference between the two measurements is high (an average of $3,100), the mean of the respondents' estimates is only $350 higher than the mean of $9,200 for the appraisers' estimates. The amount of variability is found to be rather similar for several sub-populations. However, for houses worth over $10,000 the mean-square difference between the measurements is found to increase with the value of the home. In the Appendix a model is developed for the statistical investigation of the data.
Author: Thomas G. Thibodeau
Publisher: Springer Science & Business Media
ISBN: 9780792398837
Category : Business & Economics
Languages : en
Pages : 266
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Book Description
This book contains a special issue of the Journal of Real Estate Finance and Economics, comprising thirteen articles on house price measurement. These articles address the various procedures used to compute cross-sectional or temporal house price indices. Specifically, these articles contain research that: (1) evaluates hedonic, repeat sales, or hybrid approaches to constructing house price indices; (2) evaluates alternative sources of data on house prices and corresponding housing characteristics; (3) identifies the most influential land, structural, neighborhood, and proximity determinants of house prices (and associated changes in house prices); (4) provides a methodology for identifying housing market segments; (5) incorporates spatial autocorrelation in house price indices; and (6) provides more accurate estimates of the variance in house prices.
Author: Ko Wang
Publisher: Springer Science & Business Media
ISBN: 1461509092
Category : Business & Economics
Languages : en
Pages : 441
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Book Description
Real Estate Valuation Theory is organized around five categories of intellectual contribution to the whole-appraiser decision making and valuation accuracy, application of nontraditional appraisal techniques such as regression and the minimum-variance grid method, appraising contaminated property, ad valorem tax assessment, and new perspectives on traditional appraisal methods. One common thread is that all of the papers are exceptionally well written and thought provoking.
Author: Brian Bucks
Publisher:
ISBN:
Category : Household surveys
Languages : en
Pages : 64
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Book Description
Author: Sissy Lappin
Publisher:
ISBN: 9780984928309
Category : Business & Economics
Languages : en
Pages : 179
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Book Description
The Internet has great tools available for homeowners that are selling. This book guides you through the process, whether you are using an agent or want to save the commission and do it yourself.--Publisher.
