The reliability of self-reported home values in a developing country context
AbstractWe analyze the reliability of homeowners¿ estimates of the value of their houses, in a household survey (of poor suburbs) of a developing country. We show that non-response to the home value question by the owner is uncorrelated with the appraised value of the house and other demographic characteristics of the respondent. We also document that homeowners with long tenure largely overestimate the value of their home. Moreover, both the bias and the lack of precision in homeowners¿ estimates are correlated with tenure, but not with socioeconomic characteristics. However, we also show that self-reported home values from short-tenure homeowners can be used to obtain unbiased and precise estimates of the average house value at the census tract level.
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Bibliographic InfoPaper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 2008-18.
Length: 40 pages
Date of creation: Dec 2008
Date of revision:
Publication status: Published by Ivie
bias; inaccuracy; housing prices; owners¿ estimates; appraised values.;
Other versions of this item:
- Gonzalez-Navarro, Marco & Quintana-Domeque, Climent, 2009. "The reliability of self-reported home values in a developing country context," Journal of Housing Economics, Elsevier, vol. 18(4), pages 311-324, December.
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
- R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
- R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-01-03 (All new papers)
- NEP-DEV-2009-01-03 (Development)
- NEP-URE-2009-01-03 (Urban & Real Estate Economics)
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