Real Estate Sales Research Articles

Aggressive bidding strategies in real estate auctions – a structural equation modelling (SEM) approach

PurposeThis paper aims to study aggressive bidding strategies in real estate auctions – a structural equation modelling (SEM) approach.Design/methodology/approachThe authors use two data sets to study aggressive bidding strategies. First, the results from a survey with 1,803 participants examining real estate auctions are used to identify bidding strategies and related motivations. Second, the authors apply SEM by using data from 1,078 exclusive auction journals from real estate sales in Norway to study both the direct and indirect price effects of the bidding strategies.FindingsThe authors define four aggressive bidding strategies: high opening bid, high bid increase (jump bids), short acceptance deadline and short response time. The authors find that all four strategies yield a higher sales price. Bidders can actively influence the behaviour of the other participants and cool the potential auction fever, thus reducing the final price premium.Originality/valueThis paper gives households, investors and policymakers a better understanding of how bidding strategies affect real estate auctions and the final price.

The Impact on the Intention of Real Estate Sale of the Comprehensive Real Estate Holding Tax Increases Based on the Investment Sentiment of Real Estate

최근 아파트를 포함한 부동산매매가 증가하면서 부동산가격상승이 만들어지자, 정부는 부동산 안정정책으로 종합부동산세를 인상하였다. 이에 본 연구는 종합부동산세가 부동산매매의도에 어느 정도 효과성이 있을 것인가를 파악하였다. 표본대상으로 연구의 대상은 35세 이상의 경기도에 거주하고 있는 성인으로 진행하였다. 설문조사는 2020년 12월 1일부터 2020년 12월 15일까지 실시되었으며, 총300부의 설문지를 배포하였으나 이중 무응답 등을 제외하고 최종 250부를 분석에 사용하였다. 이를 바탕으로 연구된 결과를 요약하면, 투자심리는 매매의도를 높이는 것으로 분석되었고 투자심리는 종합부동산세 인상에도 영향을 미치는 것으로 분석되었다. 그리고 투자심리가 매매의도를 높이는데 종합부동산세인상은 큰 영향을 미치지 않고 부분적으로 영향을 미치는 것으로 분석되었다. 또한 투자심리가 매매의도를 높이는데 있어서 종합부동산세 인상은 투자심리를 통한 매매의도에 조절작용을 하지 않는 것으로 분석되었다. 투자심리는 매매의도를 높이지만 매매의도를 낮추기 위한 정부의 시책 중 종합부동산세인상은 부동산 투자심리와 매매의도 어디에도 영향을 미치지 않는 것으로 분석되었다. 따라서 종합부동산세 인상은 매매의도를 낮추는 정책보다는 세금인상정책에 불과하다고 판단된다.

Using Machine Learning Methods to Estimate the Cost of Housing

Introduction. Nowadays, the state has enshrined at the legislative level the definition of appraised value for tax purposes in sales of real estate as mandatory. The comparative approach most often used by appraisers has disadvantages such as the inability to find analogues in some cases and the need to make corrections, which affects the reliability of the results. The module of electronic determination of appraisal value (Module) similar to the object of property appraisal of the Unified database of appraisal reports works on the same approach and quite often overestimates appraisal value that leads to increase in the size of the tax during sales as the real estate cannot be sold for the price less than the estimated cost. Today to determine the price of an automated system correctly, it is necessary to fill the Unified Valuation Database in the State Property Fund with large knowledge bases - a huge IT system. So far, the thoughtless machine still determines the price by the average value. Currently there are often situations when the appraised value of real estate, determined by the Module, exceeds its real market value. Given that the approach used by the Valuation Module does not always give the correct result, there is a need to find a better method to determine the value of housing that could be used by the Module. The purpose of the paper. In this paper, an approach based on fuzzy logic was used to estimate the cost of housing in Kyiv. Fuzzy methods allow to apply a linguistic description of complex processes, to establish fuzzy relationships between concepts, to predict the behavior of the system, to create a set of alternative actions, to formally describe fuzzy decision-making rules. Results. The software implementation of the model in Python programming language was performed. Data for modeling were taken for the period July – October 2020 from a single database of property valuation reports. The sample contained 2133 records, it was filtered, divided into training and testing in the proportion of 85 : 15. To assess the quality of the program, the average relative error of the developed model was calculated. Keywords: fuzzy logic, machine learning, Python programming, linguistic variables, predictive model.

A Comparison of Residential Apartment Rent Price Predictions Using a Large Data Set: Kriging Versus Deep Neural Network

Despite several attempts to compare and examine the predictive accuracy of real estate sales and rent prices between the regression‐based and neural‐network (NN)‐based approaches, the results are largely mixed. Prior study limitations include a small sample size and a disregard for spatial dependence, which is an essential characteristic of real estate properties. Hence, this study aims to add new empirical evidence to the literature on comparing regression‐based with NN‐based rent price prediction models through sophistications by (1) examining different and relatively large‐scale sample sizes (n = 104, 105, 106), and (2) considering the spatial dependence of either the application of nearest neighbor Gaussian processes (NNGP) or the latitude‐longitude coordinate function (in the case of a deep neural network [DNN]). A case study of apartment rent prices in Japan shows that, given an increase in sample size, the out‐of‐sample predictive accuracies of the DNN approaches and that of NNGP are nearly equal in the order of n = 106. However, the DNN may have higher predictive accuracy than the NNGP for both higher‐ and lower‐end properties whose rent prices deviate from the median.

Structural Analysis with Visualization Elements as a Factor in the Development of the Commercial Real Estate Market

This paper presents a universal method of structural analysis of the commercial real estate market with a detailed step-by-step analysis. For example, the analysis was carried out based on commercial real estate in the city of Ekaterinburg. The method is unique in creating visual content that is a map of typical territorial zones of the city of Ekaterinburg. The analysis method also includes the classical structuring of information in the form of tables and diagrams based on real offers for the sale and lease of real estate. The authors formulated forecasts for each segment of the commercial real estate market. Based on this work, anyone can conduct a similar analysis in their city or use it as a base for creating a visualization of the territory according to the zoning given in the work. Having information structured in this way will make it easier to evaluate real estate objects by their real environment.

Assessing managed flood retreat and community relocation in the Midwest USA

Managed retreat involves the relocation of structures or abandonment of land to manage natural-hazard risk. In the USA, a number of towns have completed or are planning partial or complete relocations. This study focuses on a subset of these towns located in the US Midwest, each relocated out of FEMA designated flood zones to mitigate riverine flooding risk. Past community relocations hold hard-won lessons for future managed retreat projects. Three pragmatic and preliminary metrics were developed here: (1) flood losses avoided, (2) population trends, and (3) trends in home sales prices. Flood-loss modeling shows that community relocation can be cost-effective, reducing economic flood exposure by over 95%. Analysis of population data and residential real-estate sales shows that Midwestern floodplain towns have lagged non- floodplain towns, and homes on mapped floodplains have sold at a discount to non-floodplain homes since at least the early 1990s. Relocation off the floodplain removed the stigma of flooding and quantifiably reenergized those communities. Relocation projects cost more than buyouts without relocation but maintain social bonds and represent a tangible investment in future resilience. Future relocation projects, including retreat from both floodplains and coasts, should draw from the wealth of empirical data and lessons learned from past retreat efforts.

Особенности развития рынка жилищного строительства

The article is devoted to the promising directions and trends in the formation of the regional housing construction market, the limitations of its development at the regional level. The situational analysis of the regional housing market is carried out, the key factors of influence on the behavior of the key subjects of the Perm Region, the dynamics of supply and demand are determined. The specifics of the regional conditions of housing construction are justified. The development of the industry stimulates the demand for goods and services in other economic activities, such as the production of materials, utilities, and the sale of real estate. The market analysis is carried out to study the factors that contribute to improving the level of well-being of the population, the reproductive function of citizens, the uniform development of the regional and state economy, which can be achieved under equal conditions for the development of territories, as well as the ability of each category of citizens to have their own housing and optimal housing conditions.

Legal interpretation function in the system of functions of the notary of Ukraine: theoretical and legal aspect

The relevance of scientific knowledge of theoretical and legal aspects of the interpretive function of the notary in Ukraine is revealed in the work. Since the functions of the notary in general perform a general social role, due to their extension to public relations, it should be said that they are complex, implemented in various spheres of public relations, using various forms and methods, trying to perform tasks assigned by law at the notary. This indicates the possibility of distinguishing the types of functions of the notary, which in the doctrinal plan will allow to present the functions of the notary in the form of a clear system, and in practical terms - to establish the state of implementation of the functions of the notary. It is noted that today in the context of intensification of economic development of the state there is a strengthening of the role of the notary of Ukraine, so the problem of its reform, including in the context of improving the quality of notary functions, becomes especially relevant and needs scientific rethinking. First of all, this is due to the current European integration changes in the socio-political and legal life of Ukraine, which requires adaptation and harmonization of the functioning of the notary of Ukraine to the standards of the European Union. Noting the high level of relevance of scientific research of theoretical and legal aspects of the functional purpose of the notary in Ukraine, emphasizing the exceptional importance for the further development of the domestic notary system, the author analyzed the views of scholars on understanding the functional purpose of the notary and established their place and meaning . It is concluded that from the scientific point of view the classification of the functions of the notary: first, it is an issue that is poorly studied, the existing approaches to the classification of notary functions are quite scattered and sometimes controversial, which does not allow to establish a single comprehensive approach to characterizing the types of notary functions; secondly, the doctrinal uncertainty of the types of functions of the notary and their characteristics complicates the scientific research of the functions of the notary; interdisciplinary nature of scientific knowledge of the functions of the notary and their types; the presence of different types of notaries, due to its respective functional purpose and the range of functions performed by it; instability of the notary’s functioning, which is due to the intensification of itscurrent development, improvement and the tendency to expand the range of functions; ambiguity of doctrinal approaches to the combination and balancing of private-public elements in the activities of the notary system, etc. In accordance with the criterion of the purpose of the notary’s function, together with other functions of the notary, the legal-interpretive function of the notary is singled out, the purpose of which is to clarify the content and meaning of the legal norm concerning notarial activity and provide relevant explanations to legal entities. For example, clarification of the rights and obligations of the parties to the contract of sale of real estate, certified by a notary. Keywords: notary, notarial activity, functional purpose of notary, legal interpretive function of notary.

Features of the sale of real estate in case of bankruptcy the developer

Features of the sale of real estate in case of bankruptcy the developer

Sale price classification models for real estate appraisal

This study aims to determine the parameters that are effective on sale prices and to obtain the functions that determine the appropriate sale price ranges of real estates. In this context, a total of 138 real estates, which are located in Bayraklı district of Izmir, Turkey and that were for sale between April and June 2019, were investigated. The effects of 17 parameters on the sale price of the real estates were examined through statistical analysis. Thirteen parameters that have been determined to be effective have been used in developing the distinctive functions that decide the sale price ranges of real estates. The results show that parameters such as real estate’s area, age, furniture status, central heating system, playground, pool and gym are statistically significant on the sale price of the real estates. In addition, the functions obtained by using these parameters classified 78.3% of real estate sale prices in the correct range.

A DESCRIPTIVE ANALYSIS OF THE ROLE OF MORTGAGE PLANNING IN QUICK SALE OF RESIDENTIAL PROPERTIES IN THE CITY OF BRAMPTON, CANADA

The research article describes the role of mortgage planning in sale of residential properties in the city of Brampton, Canada. Mortgage financing is an essential part of real estate buying & selling process in Canada where a number of people rely on mortgage loans to purchase houses. The need of housing is rapidly increasing but still a large quantity of listed properties is left UNSOLD in the real estate market despite of buyers demand. At the same time, the ratio of mortgage decline is also increasing and buyers cannot make a purchase without having the required funds. The paper examines the 07 years data from 2011 to 2017 and attempts to explain the function of mortgage planning in smooth sale of real estate. Some people pursue to get a pre-approval of mortgage from lenders before searching for properties because it gives an idea about the borrowing capacity of buyers. The paper investigates the percentage of buyers who purchase houses with a pre-approval of mortgage, the gender of buyers, the percentage of co-signers in the mortgage applications and the percentage of bargain on listed pricing, and also an analytical review on duration of time for marketing the listed properties and closing the transaction of sale. The paper relies on Asymmetric Information Theory which states that imperfect knowledge of information restricts the smooth or quicker sale of products in the markets.

The impact of Facebook on real estate sales

Businesses have been using social media to promote products and services to increase sales. This paper aims to study the impact of Facebook on real estate sales. First, we examine how realtors’ activities on Facebook business pages are associated with real estate sales. Then, we include time lags in analysis because a time lag can be expected between activates on Facebook and a resulting real estate transaction. For the collected datasets, the results suggest that: (1) The total numbers of Facebook likes, links, and stories are positively associated with real estate sales; (2) The average sentiment score of Facebook posts is negatively associated with real estate sales; (3) The influence of activities on Facebook has a time lag effect on real estate sales. The research findings can be used by real estate stakeholders to promote and potentially forecast sales.

Ventes immobilières et sûretés réelles à Ténos et Paros

La découverte d’un nouveau mois à Ténos et l’identification d’un graveur à Paros conduisent à formuler de nouvelles hypothèses sur le problème des sûretés réelles en droit grec. L’examen du registre de Ténos (IG XII 5, 872) en vue de sa réédition a fait apparaître une erreur de découpage entre les actes 17 et 18 chez les éditeurs antérieurs, qui n’ont pas reconnu le nom d’un mois, Èrès[iôn], équivalent du mois délien Arèsiôn attesté depuis peu à Andros, l’île voisine. En faisant disparaître une clause obscure de ce document, cette découverte invite à réexaminer le fonctionnement d’un gage hypothécaire d’un type particulier, l’apotimèma dotal, auquel l’un des actes du registre fait allusion. Ce point acquis, on aborde ce qui fait par contraste la spécificité de la vente avec faculté de rachat (prasis épi lysei) : à Ténos comme à Athènes, elle se caractérise par un transfert de propriété immédiat au profit du créancier, au moyen d’un acte de vente complété le cas échéant par un contrat de location. Le rapprochement entre une borne récemment découverte à Paros (SEG 54, 794) et une célèbre loi sur les archives, gravée par le même lapicide, permet en dernier lieu de préciser la relation entre la prasis épi lysei et les pratiques d’archivage public à l’époque hellénistique.

The Countryside, the Future: Art and Rurality in Times of Crisis

« Libre » © Camille Azais, 2020 This will come as no surprise: Covid-19 has made the countryside a hot topic. During lockdown, articles on “going back to the land” flourished, and real estate sales in rural areas skyrocketed, sometimes based solely on photographs. But has any thought really been given to the reasons behind this renewed interest? Various explanations have been volunteered: the need to go outside, the largely irrational fear of food shortages, widespread remote work, and the r...

Relación entre calidad del servicio al cliente y ventas de empresas inmobiliarias: Revisión sistemática literaria

La competencia de los mercados globalizados genera entre las organizaciones la búsqueda de herramientas para lograr la captación y fidelización de clientes. Esto se da especialmente en industrias competitivas como las empresas inmobiliarias, en las que para permanecer a la vanguardia deben implementar alternativas y acciones para satisfacer y mejorar el servicio al cliente. Este estudio tiene como objetivo general relacionar la calidad del servicio al cliente con las ventas de empresas inmobiliarias a través de una revisión sistemática y detallada de la literatura existente dentro de los últimos 5 años. Para este propósito se trabajó con un enfoque de estudio de corte cualitativo, exploratorio, con alcance descriptivo, y con fundamento en el método PRISMA, que permite mediante pasos precisos, la planificación, preparación y publicación de revisiones de la literatura disponible. Como principales resultados de la sistematización, se ubicaron inicialmente 1.099 estudios, seleccionando al final 11 artículos científicos que cumplieron con los parámetros de inclusión/exclusión y calidad establecidos en PRISMA. Estos artículos permitieron extraer los criterios sobre la relación y brechas existentes entre los dos conceptos, que son la calidad de servicio al cliente con las ventas de empresas inmobiliarias. Este estudio concluye que la literatura que relaciona estos dos conceptos es escasa y no ha sido profundizada, lo que hace necesario investigarlos con mayor profundidad a través de futuras investigaciones.

Should we build better? The case for resilient earthquake design in the United States

America seems to have an earthquake investment gap, paying billions more annually on average to recover from earthquakes than it invests to prevent losses beforehand. Two large studies for Federal Emergency Management Agency (FEMA) and the US Geological Survey (USGS) offer insight into how well American buildings will resist future catastrophic earthquakes. They suggest that the public prefers new buildings to do more than to assure life safety, which has been the building code’s historic objective. They also suggest that greater resilience would better serve society’s economic interests. People expect to be safe in new buildings and the building code delivers safety. But people also want to use buildings after the Big One. America has a few options for meeting those expectations, including stronger, stiffer construction, with geographically optimized strength and stiffness. Greater strength and stiffness is not the only option to improve resilience, but such an approach offers the advantages that it could be implemented in practice by any structural designer without requiring additional technical expertise, software, of proprietary technology. It would produce a healthier economy and save society an average of $4 for every $1 of added cost. The savings cross property lines, benefiting tenants, owners, lenders, developers, and everyone who does business with them. The added cost would amount to approximately 1%, and experience in Moore, Oklahoma, shows that it would probably affect real estate sales and prices little or not at all. The solution addresses ethical considerations by responding to the public’s expectations for better performance and by optimizing utilitarian outcomes. Other options such as second-generation performance-based earthquake engineering, innovative technologies, and rating systems could complement this approach and further increase resilience.

The Problems of the Allocation of Revenues from Sale of Real Estate to the Proper Source of Revenues for the Purposes of PIT

The aim of this article is to present the controversy of the allocation of revenues from sale of real estate to the proper source of revenues for the purposes of PIT – to income from paid disposal or to income from business activity. The correct classification of a benefit determines the tax base, revenue recognition timing, tax-deductible costs, principles for settlement of amounts due. The significance of this problem is even greater because the recognition of the sale of real estate as an activity within the taxpayer’s business activity affects not only the taxation rules, but also in many cases determines whether such taxation will occur at all. The assumption that the sale of real estate did not occur as part of business activity gives the opportunity to take advantage of the non-taxation preferences in the event of 5 years from the end of the calendar year of purchase or construction. The provisions, however, does not allow for the introduction of a clear and precise border between these two sources of revenues, which in consequence causes numerous disputes between taxpayers and tax authorities.

Impact of COVID-19 on Real Estate Industry with Reference to India

The recent pandemic has affect economies of various countries and India is no exception. The IMF projected Indian growth rate at 1.9 percent for the financial year 2021which was previous estimated at 5.8 percent. This possess a great threat for Indian economy. This effect of COVID-19 will be felt across sectors. Indian real estate which was already recovering from the aftermath of demonetization and various reforms was jolted by this pandemic with lockdown construction activity has stopped, real estate sales are not happening. The Indian real estate should prepare itself to brace for a post COVID-19 world and should prepare itself to utilise various new and tech driven steps to come back on track. This article deals with understanding the pre pandemic real estate industry and analysing the impact of COVID-19 on Indian real estate industry. It also presents the threats and opportunities available to different real estate market participant.

Tools for ensuring of correct accounting of taxes during the alienation of land plots

The article summarizes the results of the procedure of privatization of state property in Ukraine during 2015–2019. It is established, that one of the main obstacles that leads to short payment of funds from the privatization of state property to the state budget, compared to the planned targets, is the actual «free appropriation» of land plots by economic entities during the sale of real estate due to ambiguous interpretation of the provisions of the Land Code of Ukraine and the National Valuation Standard 2 «Real Estate Valuation». The subject of research – the mechanisms of privatization of state property. The purpose of the article is to develop tools to combat corruption during the privatization of land plots, thus ensuring the correct calculation and payment of taxes to the state budget of Ukraine from these agreements. Research methods – general scientific. It has been proven, that a corruption scheme associated with an illegal appropriation of a land plot begins with the acquisition by the business entity of the right to use it. An incorrect interpretation of the provisions of the Land Code of Ukraine in the future leads to the illegal acquisition by the user of the right of ownership to the specified land plot, avoiding the privatization procedure. It is substantiated, that corruption schemes occur as a result of extremely weak control over the activities of notaries and appraisers on the part of the main regulator of appraisal activities in Ukraine – the State Property Fund of Ukraine. A number of recommendations are formulated with the aim of preventing losses to the state during privatization. In particular, it is proposed to supplement the norms of legal framework in terms of a direct prohibition for notaries to register ownership of land plots, which belong to the state, without a privatization procedure. It is necessary to make changes to the regulatory framework of Ukraine in terms of enabling the appraiser to calculate the market value of land plots in the absence of a cadastral number.

Quadcopter Flights in a Variety of Atmospheres

Quadcopters, or drones, have come into wide use recently for a variety of applications including video inspection of otherwise inaccessible areas, real estate sales, and entertainment. Students are interested in them and in some cases own their own. The combination of high mobility, relatively low price, and autonomous operation is quite compelling. Besides just flying around on Earth, could drones be useful in planetary exploration? Being able to avoid getting stuck (as the Mars rover Spirit did, although after far exceeding its life expectancy) while covering far more of a planet than a ground-based rover would be attractive.