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An Expert System for Online Residential Properties Valuation

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  • Beatriz Larraz

    ()
    (University of Castilla-La Mancha, Spain)

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    Abstract

    Recent legislation in Spain states the revision of the mortgaged residential property value. This fact has become important since 2008 due to the fall in the average housing prices in Spain. Traditionally, residential properties valuation procedure is based on the comparison to the nearest property prices being necessary to consult human experts. This article presents an expert system, which allows not only punctual but also big portfolios residential properties valuations in the financial market framework using spatial statistical methods (kriging). The final report provides online an immediate updated market price estimation of each residential property sited on Spanish territory.

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    File URL: http://www.bapress.ca/Journal-2/An%20Expert%20System%20for%20Online%20Residential%20Properties%20Valuation.pdf
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    Bibliographic Info

    Article provided by Better Advances Press, Canada in its journal Review of Economics & Finance.

    Volume (Year): 1 (2011)
    Issue (Month): (April)
    Pages: 69-82

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    Handle: RePEc:bap:journl:110206

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    Related research

    Keywords: Expert system; House prices; Hedonic method; Kriging; Banking; Portfolios valuation;

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    References

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    1. Jose Montero & Beatriz Larraz, 2010. "Estimating Housing Prices: A Proposal with Spatially Correlated Data," International Advances in Economic Research, Springer, vol. 16(1), pages 39-51, February.
    2. Brasington, David M. & Hite, Diane, 2005. "Demand for environmental quality: a spatial hedonic analysis," Regional Science and Urban Economics, Elsevier, vol. 35(1), pages 57-82, January.
    3. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    4. Stevenson, Simon, 2004. "New empirical evidence on heteroscedasticity in hedonic housing models," Journal of Housing Economics, Elsevier, vol. 13(2), pages 136-153, June.
    5. Luc Anselin & Nancy Lozano-Gracia, 2008. "Errors in variables and spatial effects in hedonic house price models of ambient air quality," Empirical Economics, Springer, vol. 34(1), pages 5-34, February.
    6. José-María Montero-Lorenzo & Beatriz Larraz-Iribas & Antonio Páez, 2009. "Estimating commercial property prices: an application of cokriging with housing prices as ancillary information," Journal of Geographical Systems, Springer, vol. 11(4), pages 407-425, December.
    7. Goodman, Allen C. & Thibodeau, Thomas G., 2003. "Housing market segmentation and hedonic prediction accuracy," Journal of Housing Economics, Elsevier, vol. 12(3), pages 181-201, September.
    8. Warnock, Veronica Cacdac & Warnock, Francis E., 2008. "Markets and housing finance," Journal of Housing Economics, Elsevier, vol. 17(3), pages 239-251, September.
    9. Jorge Chica-Olmo, 2007. "Prediction of Housing Location Price by a Multivariate Spatial Method: Cokriging," Journal of Real Estate Research, American Real Estate Society, vol. 29(1), pages 95-114.
    10. Stephen Malpezzi, . "Hedonic Pricing Models: A Selective and Applied Review," Wisconsin-Madison CULER working papers 02-05, University of Wisconsin Center for Urban Land Economic Research.
    11. Veronica Cacdac Warnock & Francis E. Warnock, 2008. "Markets and Housing Finance," Working Papers 032008, Hong Kong Institute for Monetary Research.
    12. Ingrid Gould Ellen & Ioan Voicu, 2006. "Nonprofit housing and neighborhood spillovers," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 25(1), pages 31-52.
    13. Steven Peterson & Albert B. Flanagan, 2009. "Neural Network Hedonic Pricing Models in Mass Real Estate Appraisal," Journal of Real Estate Research, American Real Estate Society, vol. 31(2), pages 147-164.
    14. Ingrid Gould Ellen & Amy Ellen Schwartz & Ioan Voicu & Michael H. Schill, 2007. "Does federally subsidized rental housing depress neighborhood property values?," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 26(2), pages 257-280.
    15. J. S. Shonkwiler & J. E. Reynolds, 1986. "A Note on the Use of Hedonic Price Models in the Analysis of Land Prices at the Urban Fringe," Land Economics, University of Wisconsin Press, vol. 62(1), pages 58-63.
    16. Elaine M. Worzala & Margarita Lenk & Ana Silva, 1995. "An Exploration of Neural Networks and Its Application to Real Estate Valuation," Journal of Real Estate Research, American Real Estate Society, vol. 10(2), pages 185-202.
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