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The Methodology of Housing Value Assessment: An Analysis

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Abstract

The application of multiple regression analysis is illustrated as a means of addressing the goals of consistency and equity in assessment and in attaining the modeler's objective of parsimony. This is accomplished by presenting examples using data maintained by a local assessor's office. The issue of whether a linear model formulation suffices for such purposes is discussed, and the conclusion is that the extra time and effort required for nonlinear estimation may not provide sufficient improvement in predictive accuracy to warrant its application. The regression technique and the modeling strategy used to construct the forecast confidence interval can be implemented easily in an electronic spreadsheet on a microcomputer.

Suggested Citation

  • William A. Donnelly, 1989. "The Methodology of Housing Value Assessment: An Analysis," Journal of Real Estate Research, American Real Estate Society, vol. 4(2), pages 1-12.
  • Handle: RePEc:jre:issued:v:4:n:2:1989:p:1-12
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    References listed on IDEAS

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    1. Follain, James R. & Hendershott, Patric H. & Ling, David C., 1992. "Real Estate Markets Since 1980: What Role Have Tax Changes Played?," National Tax Journal, National Tax Association, vol. 45(3), pages 253-66, September.
    2. Patric H. Hendershott & Edward J. Kane, 1992. "CAUSES AND CONSEQUENCES OF THE 1980s COMMERCIAL CONSTRUCTION BOOM," Journal of Applied Corporate Finance, Morgan Stanley, vol. 5(1), pages 61-70.
    3. Luis C. Mejia, 1999. "Availability of Credit and Loan Default: A Look at the Commercial Mortgage Supply Cycle," Journal of Real Estate Research, American Real Estate Society, vol. 18(1), pages 175-196.
    4. William M. Gentry & Christopher J. Mayer, "undated". "What Can We Learn about Investment and Capital Structure with a Better Measure of q?," Zell/Lurie Center Working Papers 403, Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania.
    5. S. Michael Giliberto, 1992. "A Note on Commercial Mortgage Flows and Construction," Journal of Real Estate Research, American Real Estate Society, vol. 7(4), pages 485-492.
    6. Brent W. Ambrose & John Benjamin & Peter Chinloy, 1996. "Credit Restrictions and the Market for Commercial Real Estate Loans," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 24(1), pages 1-22.
    7. Follain, James R. & Hendershott, Patric H. & Ling, David C., 1992. "Real Estate Markets Since 1980: What Role Have Tax Changes Played?," National Tax Journal, National Tax Association, vol. 45(3), pages 253-266, September.
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    Cited by:

    1. Brent W. Ambrose, 1990. "An Analysis of the Factors Affecting Light Industrial Property Valuation," Journal of Real Estate Research, American Real Estate Society, vol. 5(3), pages 355-370.
    2. Charles J. Delaney & Allen J. Seward, 1991. "An Analysis of the Relationship between Price and Variance for Homogeneous Housing Stock," Journal of Real Estate Research, American Real Estate Society, vol. 6(1), pages 99-112.
    3. Roger M. Shelor & Dwight C. Anderson & Mark L. Cross, 1990. "The Impact of the California Earthquake on Real Estate Firms' Stock Value," Journal of Real Estate Research, American Real Estate Society, vol. 5(3), pages 335-340.

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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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