Statistical Approach for House Price Estimation by Integrating Crucial Factors using Step-wise Multiple Linear Regression(MLR) Model

Abstract

Every business wants to be competitive in the market. Similar situation can observe in the housing business. This study aims to design a statistical model to estimate the price of a house by obtaining a dataset. The proposed model will be evaluated by incorporating various factors which will be proved beneficial for the housing industry in the coming future as well. If a buyer is informed with the characteristics of any home in terms of the total allocated area, making a decision for buying is still lot confusing. This process of buying certainly needs an efficient statistical approach to estimate the reasonable price of a house while integrating some of the crucial factors about it.