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The Linear Algebra of the Sales Comparison Approach

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  • Hans R. Isakson

    ()
    (University of Northern Iowa, Cedar Falls, IA 50614-0124)

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    Abstract

    This study presents the sales comparison approach to value as a system of linear algebra equations. The difference between appraiser and academician views of this system of equations is shown to pivot on the one-price assumption. The need of appraisers to subjectively derive adjustment factors is shown to be an artifact of the common practice of appraisers to assume multiple indicated values. The use of multiple regression analysis and other statistical techniques by academicians is shown to be possible only given the one-price assumption. Suggestions are presented for the improvement of both views.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol24n02/01.117_128.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 24 (2002)
    Issue (Month): 2 ()
    Pages: 117-128

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    Handle: RePEc:jre:issued:v:24:n:2:2002:p:117-128

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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