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Elaboration Process of Automated Valuation Models of Real Estate

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  • Irina Ana-Maria MIHAILESCU
  • Anamaria CIOBANU

Abstract

This article presents the stages of the process used to develop statistical multiple linear regression type for the automated valuation of real estate, necessary in mass appraisal. Two examples of assessment models have been developed through multiple linear regressions. These have additive structure and have been calibrated with two procedures: Backward Elimination and Enter. After the models were created and repeatedly tested, they were evaluated and their results were compared in order to validate the model to be used to estimate the market value of the subject real estate. Assessment and validation of the models statistically complied with the principle of appraisal level and uniformity also used in mass appraisal, and they entailed the analysis of the ratio between estimated values through models and sale prices of properties in the group kept for models validation.

Suggested Citation

  • Irina Ana-Maria MIHAILESCU & Anamaria CIOBANU, 2010. "Elaboration Process of Automated Valuation Models of Real Estate," The Valuation Journal, The National Association of Authorized Romanian Valuers, vol. 5(2), pages 122-141.
    • Handle: RePEc:vaj:journl:v:5:y:2010:i:2:p:122-141
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    More about this item

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models

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