Empirical Investigation into the Limitations of the Normative Paired Sales Adjustment Method

Marvin Wolverton

Journal of Real Estate Research, 1998, vol. 15, issue 2, 191-204

Abstract: This study investigates the normative paired sales adjustment method employed by appraisers in the sales comparison approach. It finds that the method fails to account for the diminishing marginal price effects of property attributes. The study develops an empirical model to test the marginal price effects of view and lot-size amenities. The finding is that the empirical data confirm land economic theory and identify a need to study and develop improved methods for estimating adjustments to comparable sales.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1998
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://pages.jh.edu/jrer/papers/pdf/past/vol15n02/v15p191.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:jre:issued:v:15:n:2:1998:p:191-204

Ordering information: This journal article can be ordered from
Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
http://pages.jh.edu/jrer/about/get.htm

Access Statistics for this article

Journal of Real Estate Research is currently edited by Dr. Ko Wang

More articles in Journal of Real Estate Research from American Real Estate Society American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323.
Bibliographic data for series maintained by JRER Graduate Assistant/Webmaster ().