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An Algorithm for Setting the List Price of a Residential Real Estate Property

Author

Listed:
  • Jayanta K. Bandyopadhyay

    (Department of Management, Central Michigan University, Grawn Hall 105, Mount Pleasant, Michigan 48859)

  • Bratati Bandyopadhyay

    (Minuteman Graduate Center, University of South Dakota, Rapid City, South Dakota 57701)

Abstract

The market value of a residential real estate property may be considered as a function of its qualitative as well as quantitative characteristics. An algorithm is presented in this paper which incorporates the effects of the qualitative features by dividing the total housing population into several subpopulations, and calculates the influence of the quantitative variables by using a multiple regression technique. It also uses a computer-based adaptive process for incorporating the dynamic behavior of the market situation. The application of this algorithm is demonstrated with an empirical study.

Suggested Citation

  • Jayanta K. Bandyopadhyay & Bratati Bandyopadhyay, 1981. "An Algorithm for Setting the List Price of a Residential Real Estate Property," Interfaces, INFORMS, vol. 11(4), pages 55-61, August.
    • Handle: RePEc:inm:orinte:v:11:y:1981:i:4:p:55-61
    DOI: 10.1287/inte.11.4.55
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    Keywords

    marketing: pricing;

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