Statistical Analysis of Sales Data to Verify Private Appraisals
Statistical models of real estate price determination can be an important tool in managing the appraisal function. The accuracy of theese models depends crucially on the inclusion of all relevant information as well as on the correct specification of the price function.
This paper proposes a hybrid model of the hedonic price relationship, combining information on single sales and multiple sales of properties. The paper also indicates the utility of such a model in the verification of appraisal data.