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A Statistical Valuation of Residential Home Attributes and Predictive Model: A Framework for Predicting Home Values Based on Home Characteristics and Changes in Macroeconomic Variables in a Defined Target Market

For homebuyers, it is important to understand what drives home value to make a competitive offer. By understanding the value of individual home attributes buyers can more accurately and quantitatively assess the value of multiple houses with different characteristics. Furthermore, homeowners who wish to renovate their homes benefit by understanding the value added by improving or adding certain attributes. Through a hedonic regression pricing model, the value of individual homes, as well as the value of specific home attributes, can be estimated. The final output of the model is a predicted value based on the attributes of the subject home. Macroeconomic factors influence buying habits that are reflected in home values. The second part of this analysis incorporates a macroeconomic analysis to the home price model to better understand both the changes in median home prices given a change in macroeconomic variable and the sensitivity of changes in home values between cities within the subject area. In the end, the model can be used to predict the value of a subject home within the target market currently, and the change in the value given a predicted change in macroeconomic variables. The last output is a dollar value of specific attributes so that buyers can understand the source of differences in home values.