"Mastering Mass Appraisal Modeling" is a comprehensive and practical guide for analysts and researchers in the mass appraisal industry seeking to create accurate valuation models using regression analysis. The book is structured into twelve chapters, each focusing on essential steps in building a regression-based mass appraisal model. The book's first chapters provide a solid foundation by explaining the fundamental concepts of various types of variables, including continuous, ratio, binary, discrete, and categorical. Readers will learn how to effectively encode binary and categorical variables using one-hot and effect coding techniques, ensuring that all variables are appropriately represented in the model.
One of the book's key highlights is the emphasis on using actual sales data from various counties to develop the appraisal model. Sid guides readers through the process of deriving a representative sales sample, adjusting sale prices for time, and addressing factors like fixed and location surfaces that can impact property values. The book delves into advanced topics like handling correlation and multicollinearity, conducting regression modeling and residual analysis, and identifying and removing outliers using Z-scores. Sid also provides guidance on fine-tuning the model to enhance its accuracy and reliability. Practicality is a key feature of this book. Throughout its pages, readers will find data tables, statistical outputs, summaries, charts, and graphs that not only illustrate the concepts and methodologies discussed but also demonstrate their practical applications in real-world settings. The inclusion of Excel steps and SAS codes at the end of each chapter further enhances the book's practicality, offering readers tangible tools for implementing the techniques outlined in the book. The book's latter chapters focus on applying the developed model to holdout samples and the population, conducting assessment equity analysis, and ensuring compliance with IAAO guidelines. By following the step-by-step instructions and examples provided in the book, readers will be equipped to create robust and accurate mass appraisal models that meet industry standards.
Overall, Sid's "Mastering Mass Appraisal Modeling" book is a valuable resource for analysts, researchers in the mass appraisal industry, and anyone looking to enhance their understanding of regression-based valuation models. With its practical approach, comprehensive coverage of essential topics, and practical tools for implementation, this book is set to become an indispensable guide for those involved in mass appraisal modeling.
