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Synopsis 01

The project aims to predict future home prices using machine learning regression algorithms by analyzing historical sales data and relevant market factors. It involves a structured workflow of data collection, preparation, feature selection, model development, and training to ensure accurate predictions. Various regression models, including linear regression, lasso, ridge, support vector regressor, decision tree regressor, and random forest regressor, will be utilized and compared for effectiveness.

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12 views2 pages

Synopsis 01

The project aims to predict future home prices using machine learning regression algorithms by analyzing historical sales data and relevant market factors. It involves a structured workflow of data collection, preparation, feature selection, model development, and training to ensure accurate predictions. Various regression models, including linear regression, lasso, ridge, support vector regressor, decision tree regressor, and random forest regressor, will be utilized and compared for effectiveness.

Uploaded by

rithickrithu9
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Project Synopsis

Estimating Future Home Worth: Using Data to Unlock Housing Prices

By harnessing the power of data analysis, this project seeks to unlock the future of home prices.
Precise forecasts can empower all players in the housing market. Investors can pinpoint
properties with high earning potential, sellers can confidently list their homes at competitive
prices, buyers can navigate the market with informed financial decisions, and analysts can gain
valuable insights into market fluctuations. We will leverage historical sales data alongside
crucial market factors to build a model capable of consistently and accurately predicting house
prices within a defined margin of error. This will help to get the estimated values of the
properties in the market, allowing everyone to make smarter choices.

This project aims to use machine learning regression algorithms to forecast future home prices.

This can be achieved by building a machine-learning model to spot trends and connections
between past home sales data and elements that affect home values. By examining these patterns,
the model can be trained to forecast a new home's price based on its attributes. This project
ventures into the exciting realm of using machine learning regression algorithms to unlock the
secrets of future home prices. We aim to build a robust model that can act as a crystal ball for the
housing market by validating different models available for regression specific.

The project workflow will be as follows:

 Data Collection: Gathering comprehensive historical home sales data, including critical
factors like square footage, location, and sale price.
 Data Preparation: Cleaning and organizing the data meticulously, addressing missing
values, outliers, and inconsistencies.
 Feature Selection: Identifying significant factors influencing house prices and extracting
relevant features.

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 Model Development: Utilizing machine learning regression algorithms like linear
regression, lasso, ridge, support vector regressor, decision tree regressor and Random
Forest regressor.
 Model Training & Prediction: Splitting data into training and testing datasets to train the
model and evaluate its predictive accuracy and generalizability.

Linear regression is a statistics model used for regression-specific problems. It is a simple and
widely used model that assumes a linear relationship between independent and single-dependent
features. Lasso regression is an extended linear regression model that uses a penalty term to
shrink the coefficients of the independent variables towards zero. This can reduce the number of
independent variables in the model and improve its interpretability. Ridge regression is another
linear regression model that uses a penalty term to shrink the coefficients of the independent
variables towards zero. However, unlike Lasso regression, it does not force any coefficients to be
precisely zero. Support Vector Regressor (SVR) is a non-linear regression model based on the
Support Vector Machine (SVM) algorithm. Decision trees are a machine learning model used to
make predictions based on a set of rules. They are a simple and interpretable model that can be
helpful in both classification and regression tasks. Random Forest Regressor is an ensemble
learning method that combines multiple decision trees to make predictions. They are a powerful
and flexible model that can be used for both classification and regression problem statements.
The entire code will coded in the industry standard way for readability, scalability, modularity
and maintenance.

Building machine learning models for house price prediction requires data preprocessing steps
like cleaning the data, data interpolation, handling the features (combining, selection), etc. Linear
regression suits linear relationships, while Random Forest can handle complexity. Other models
like Lasso, Ridge, Support Vector Regression, and decision trees need to be validate the results,
and a comparison among these models would be a good choice for validating all the models.

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