1995
DOI: 10.1080/09599919508724144
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Commercial property market prices and valuations: Analysing the correspondence

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Cited by 98 publications
(110 citation statements)
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“…The average percentage error they noted should tend towards zero if there are no significant differences between under valuation and over valuation bias. Matysiak and Wang (1995) suggested that studies regarding agreement of valuations and prices cannot be addressed conclusively. They used standard deviation to analyze the result of 317 valuations and data sale prices from 1973 to 1991 and found out that the degree of confidence to achieve ±10% sales price of the estimated valuation was just 30%, which increases to 55% degree of confidence at ±15% of the valuation and 70% at ±20% of the valuation estimates.…”
Section: Review Of Literaturementioning
confidence: 99%
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“…The average percentage error they noted should tend towards zero if there are no significant differences between under valuation and over valuation bias. Matysiak and Wang (1995) suggested that studies regarding agreement of valuations and prices cannot be addressed conclusively. They used standard deviation to analyze the result of 317 valuations and data sale prices from 1973 to 1991 and found out that the degree of confidence to achieve ±10% sales price of the estimated valuation was just 30%, which increases to 55% degree of confidence at ±15% of the valuation and 70% at ±20% of the valuation estimates.…”
Section: Review Of Literaturementioning
confidence: 99%
“…In reaction to the criticisms the studies of Brown (1985) and IPD/Jonas (1988, 1990) generated, Matysiak and Wang (1995) conducted a study on the commercial property market prices and valuation with 317 set of properties with data provided by Jones Lang Wootton. Most of the valuations for these properties were conducted between three (3) and six (6) months prior to their sales date.…”
Section: Review Of Literaturementioning
confidence: 99%
“…In line with this, Gallimore (1996) claims that appraisers are anchoring on past information, and Geltner (1993) argues that appraisers rely on past information to a higher degree when facing increased market uncertainty. Thus, a rising market may lead to undervaluation and a falling market to overvaluation (Webb, 1994;Matysiak and Wang, 1995). Furthermore, Mankiw and Reis (2002) report that erroneous choices made by appraisers when collecting information and processing data are critical.…”
Section: A Review Of Related Studiesmentioning
confidence: 99%
“…Previous research into property appraisal accuracy has questioned appraiser ability to make satisfactory valuations compared with subsequent realized sales prices (Matysiak and Wang, 1995;Graham et al, 2009). Diaz III and Hansz (1997) report that appraisers do not always examine all available information.…”
Section: A Review Of Related Studiesmentioning
confidence: 99%
“…In the securities market, liquidity is commonly measured by the bid-ask spread or by measures related to market turnover (KLUGER and STEPHAN 1997), but only the latter type of information (on turnover or asset market trading volume) is meaningful and readily available in the private real estate market. MATYSIAK and WANG (1995) apply a rigorous econometric approach, using the results of more extensive testing than has been undertaken to date. Their study supports the claim that valuers may not be using all of the information available at the time of valuation.…”
Section: Literature Reviewmentioning
confidence: 99%