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- Title
Combining Forecasts to Predict Property Values for Single-Family Residences.
- Authors
Wood, Steven
- Abstract
This article focuses on forecasts to predict property values for single-family residences. The estimated fair market value of a residential property is usually the basis upon which municipalities determine each property owner's share of the expenses of operating the local government. The methods by which such estimates are obtained must therefore strive to be equitable and produce values that would be observed if the properties were exposed for sale in a rational, open market. The objective of this paper is to demonstrate a methodology for combining two separately attained estimates of property value to obtain predictions that are consistently closer to the observed market value than predictions obtained from either of the techniques individually. Individual property market value predictions are linearly combined based upon selected forecast error statistics. In essence, this is a one-variable intuitive regression that considers only properties that have experienced no changes in physical characteristics during the period of time over which the study data are gathered.
- Subjects
SINGLE family housing; HOUSING forecasting; MARKET value; CITIES &; towns; VALUATION; LOCAL government; FREE trade; STATE governments
- Publication
Land Economics, 1976, Vol 52, Issue 2, p221
- ISSN
0023-7639
- Publication type
Article
- DOI
10.2307/3145298