Optimal comparable selection and weighting in real property valuation: an extension

Article Abstract:

A study was conducted to examine the extension of earlier research on optimal comparable selection in real property valuation. The study extends Vandell's research which employs a minimum variance technique for analyzing variables in real estate appraisal. An alternative objective function, a strategy utilizing non-negativity constraints and a method applying a more robust comparable inclusion process extend the range of previous valuation methods.

Methods

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The price effects of cash versus mortgage transactions

Article Abstract:

A study was conducted to analyze the price effects of cash versus mortgage transactions. Results show that selling houses in all-cash terms generate discounts. A sample of comparable row house units shows that cash basis transactions received 13% price discounts compared to other market transactions which used financing terms. These results support theries which describe real property buyer-seller relationships.

Housing, Dwellings, Mortgages

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Appraisal-based real estate returns under alternative market regimes

Article Abstract:

A study was conducted to evaluate the statistical properties of real estate returns. A model describing transactions prices which reflect true prices is developed for the study. Appraisal rules from both Bayesian and non-Bayesian methods are applied in valuation measurements. Results show that current data must be emphasized for estimating returns. However, these returns must be used with discretion.

Real estate investment, Real estate investments, Return on investment

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