Title :
An improved method of real estate evaluation based on Hedonic price model
Author :
Wen, H.Z. ; Lu, J.F. ; Lin, L.
Author_Institution :
Center for Real Estate Studying, Zhejiang Univ., China
Abstract :
As real estate is a heterogeneous good, there are distinctive differences on the characteristics composing the using value of real estate. Evaluating the value of real estate from the implicit price of the characteristics can improve three traditional evaluation methods: market comparative method, income capitalization method, and replacement cost method. Based on the introduction to foreign experience, the paper takes the housing market of Hangzhou city as a case and establishes a housing Hedonic price model. From the model, we get the implicit prices of 18 housing characteristics and the evaluation model of housing value.
Keywords :
construction industry; pricing; Hedonic price model; foreign experience; housing; income capitalization method; market comparative method; real estate evaluation; replacement cost method; Cities and towns; Costs; Economic forecasting; Economic indicators; Technological innovation; Utility theory;
Conference_Titel :
Engineering Management Conference, 2004. Proceedings. 2004 IEEE International
Print_ISBN :
0-7803-8519-5
DOI :
10.1109/IEMC.2004.1408910
