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Residential valuation behaviour in the United States, the United Kingdom and New Zealand

Author

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  • Julian Diaz III
  • Paul Gallimore
  • Deborah Levy

Abstract

This paper investigates the valuation processes employed by United States (US), United Kingdom (UK), and New Zealand (NZ) residential valuation experts. Professional appraisers from all three countries participated in a series of valuation experiments that revealed (i) switching from familiar to unfamiliar property settings did not alter valuation behaviour, (ii) valuation behaviour was consistently non-normative, and (iii) the processes employed by US appraisers differed from those of UK experts but not NZ experts. These behavioural differences are attributed to differences in the normative training and business cultures of the countries. Descriptive models of valuation behaviour are developed and compared.

Suggested Citation

  • Julian Diaz III & Paul Gallimore & Deborah Levy, 2002. "Residential valuation behaviour in the United States, the United Kingdom and New Zealand," Journal of Property Research, Taylor & Francis Journals, vol. 19(4), pages 313-326.
    • Handle: RePEc:taf:jpropr:v:19:y:2002:i:4:p:313-326
    DOI: 10.1080/09599910220008321
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    Cited by:

    1. Diego Salzman, 2013. "Behavioural Real Estate," ERES eres2013_334, European Real Estate Society (ERES).
    2. Neil Crosby & Cathy Hughes & John Murdoch, 2004. "Influences on Secured Lending Property Valuations in the UK," Real Estate & Planning Working Papers rep-wp2004-04, Henley Business School, University of Reading.
    3. Diego A. Salzman & Remco C.J. Zwinkels, 2013. "Behavioural Real Estate," Tinbergen Institute Discussion Papers 13-088/IV/DSF58, Tinbergen Institute.

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