Abstract:
This work focuses on an algorithmic investigation of the housing market spanning 11 years using the hedonic pricing theory. An improved pricing model will benefit home bu...Show MoreMetadata
Abstract:
This work focuses on an algorithmic investigation of the housing market spanning 11 years using the hedonic pricing theory. An improved pricing model will benefit home buyers and sellers, real estate agents and appraisers, government and mortgage lenders. Hedonic pricing theory is an econometric concept that explains the market value of a differentiated commodity using implicit pricing. Exploiting the spatial dependent nature of the housing market, we created new submarkets. A model was built with the new submarket, while another one was built using the existing submarket. Random forest and LASSO were trained with the two models. We argue that our approach has a considerable impact on the dimension of a spatio-temporal hedonic house pricing model without a significant reduction in its performance.
Date of Conference: 18-21 December 2017
Date Added to IEEE Xplore: 18 January 2018
ISBN Information:
Keywords assist with retrieval of results and provide a means to discovering other relevant content. Learn more.
- IEEE Keywords
- Index Terms
- Housing ,
- Random Forest ,
- Real Estate ,
- House Prices ,
- Pricing Model ,
- Real Estate Agents ,
- Hedonic Price ,
- Root Mean Square Error ,
- Mean Square Error ,
- Model Performance ,
- Learning Algorithms ,
- Boxplots ,
- Centroid ,
- Dimensionality Reduction ,
- K-means ,
- Ordinary Least Squares ,
- Low Price ,
- Social Dimensions ,
- Property Values ,
- Cartographic ,
- Minimum Mean Square Error ,
- K-means Algorithm ,
- Superior Model ,
- Real Estate Market ,
- Dimensional Datasets ,
- Geographical Dimension ,
- Types Of Transactions ,
- R-squared Values ,
- Structural Properties ,
- Trend Line
- Author Keywords
Keywords assist with retrieval of results and provide a means to discovering other relevant content. Learn more.
- IEEE Keywords
- Index Terms
- Housing ,
- Random Forest ,
- Real Estate ,
- House Prices ,
- Pricing Model ,
- Real Estate Agents ,
- Hedonic Price ,
- Root Mean Square Error ,
- Mean Square Error ,
- Model Performance ,
- Learning Algorithms ,
- Boxplots ,
- Centroid ,
- Dimensionality Reduction ,
- K-means ,
- Ordinary Least Squares ,
- Low Price ,
- Social Dimensions ,
- Property Values ,
- Cartographic ,
- Minimum Mean Square Error ,
- K-means Algorithm ,
- Superior Model ,
- Real Estate Market ,
- Dimensional Datasets ,
- Geographical Dimension ,
- Types Of Transactions ,
- R-squared Values ,
- Structural Properties ,
- Trend Line
- Author Keywords