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The Linear Algebra of the Sales Comparison Approach

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  • Hans Isakson

Abstract

This study presents the sales comparison approach to value as a system of linear algebra equations. The difference between appraiser and academician views of this system of equations is shown to pivot on the one-price assumption. The need of appraisers to subjectively derive adjustment factors is shown to be an artifact of the common practice of appraisers to assume multiple indicated values. The use of multiple regression analysis and other statistical techniques by academicians is shown to be possible only given the one-price assumption. Suggestions are presented for the improvement of both views.

Suggested Citation

  • Hans Isakson, 2002. "The Linear Algebra of the Sales Comparison Approach," Journal of Real Estate Research, Taylor & Francis Journals, vol. 24(2), pages 117-128, January.
    • Handle: RePEc:taf:rjerxx:v:24:y:2002:i:2:p:117-128
    DOI: 10.1080/10835547.2002.12091090
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    Cited by:

    1. Thanos, Sotirios & Dubé, Jean & Legros, Diègo, 2016. "Putting time into space: the temporal coherence of spatial applications in the housing market," Regional Science and Urban Economics, Elsevier, vol. 58(C), pages 78-88.
    2. Ünsal Özdilek, 2019. "Scientific basis of value and valuation," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 18(3), pages 266-277, June.
    3. Martin Cupal, 2017. "Sales Comparison Approach Indicating Heterogeneity of Particular Type of Real Estate and Corresponding Valuation Accuracy," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 65(3), pages 977-985.
    4. Seungwoo Choi & Mun Yong Yi, 2021. "Computational Valuation Model of Housing Price Using Pseudo Self Comparison Method," Sustainability, MDPI, vol. 13(20), pages 1-22, October.

    More about this item

    JEL classification:

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

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