The Use of Assessed Data to Approximate Sales Values of Recreational Property

David, E. L.

doi:10.2307/3159618

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Literature Review On the Reliability Of Self-reported Home V1

Benchmarks1

Strand 1: Self-reported Home Values1

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1973

2022

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Cited by 6 publications

(3 citation statements)

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“…Another approach in some studies is to use tax assessments and compare them to people's self-valuations, as in David (1968). The obvious problem with using tax assessments is that they are generated by local governments who charge property taxes.…”

Section: Literature Review On the Reliability Of Self-reported Home Vmentioning

confidence: 98%

The reliability of self-reported home values in a developing country context

Gonzalez-Navarro

Quintana‐Domeque

2009

Journal of Housing Economics

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Section: Literature Review On the Reliability Of Self-reported Home Vmentioning

confidence: 98%

The reliability of self-reported home values in a developing country context

Gonzalez-Navarro

Quintana‐Domeque

2009

Journal of Housing Economics

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“…Two studies, David (1968) and Robins and West (1977), compare owner estimates with the assessed values of homes, reporting owner errors of -3.4% and 7% respectively. It is only recently that appraised values have been used again as a benchmark, see Agarwal (2007) (3.1%) and Haurin, Moulton, and Shi (2017) (4.2%).…”

Section: Benchmarksmentioning

confidence: 99%

The accuracy of homeowners’ valuations in the twenty-first century

Dreesen

Damen²

2022

Empir Econ

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We study the accuracy of homeowners' self-reported estimates using data from the 2001-2019 American Housing Survey. By comparing sellers' estimates with deflated transaction prices for the same properties, we find evidence that American sellers overestimate the value of their homes by 1.3% on average. The mean absolute error is equal to 15.6%. Correcting for selection bias, we find that the (absolute) valuation error is strongly related to several household characteristics, most importantly marriage and education. Moreover, we find that housing market conditions such as recent local price growth and volatility are important determinants for the size and direction of the error. In particular, volatility in house prices decreases the accuracy of homeowners in estimating their property's value. Our results imply that transaction prices are preferred over self-assessed values in several applications such as wealth estimations and hedonic price models.

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“…An alternative approach is to relate self-assessments to tax assessments made by local governments (e.g. David, 1968). A drawback is that these tax assessments may be biased either way.…”

Section: Strand 1: Self-reported Home Valuesmentioning

confidence: 99%