Home values are influenced by many factors. Basically, there are two major aspects:
- The environmental information, including location, local economy, school district, air quality, etc.
- The characteristics information of the property, such as lot size, house size and age, the number of rooms, heating / AC systems, garage, and so on.
When people consider buying homes, usually the location has been constrained to a certain area such as not too far from the workplace. With location factor pretty much fixed, the property characteristics information weights more in the home prices. There are many factors describing the condition of a house, and they do not weigh equally in determining the home value. I present a feature selection process to examine the key features affecting their values. I also provide a general idea of figuring out if a transaction is a good deal based on the information provided.
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