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Title: Identifying key determinants of housing sales and time-on-the-market (TOM) using fuzzy cognitive mapping
Authors: Ferreira, F. A. F.
Jalali, M. S.
Keywords: Real estate
Housing sales
Fuzzy cognitive maps
Operational research
Issue Date: 2015
Publisher: Vilnius Gediminas Technical University
Abstract: Price and residential housing attributes have long been identified as key determinants of home sales and, as such, they can explain time-on-the-market (TOM). It is acknowledged, however, that there are other factors (or determinants) that influence home sales and TOM, which are of great importance but seldom taken into account in the appraisal process of residential real estate. Based on the use of fuzzy cognitive mapping, we propose a framework that adds value to the way that key determinants of housing sales and TOM are identified. This framework is the result of a process involving several residential real estate experts (i.e. appraisers and realtors), and follows a constructivist approach. Our findings suggest that the use of fuzzy cognitive maps (FCMs) allows the number of omitted determinants to be reduced and the understanding of the relationships between them to be improved. The strengths and weaknesses of our methodological framework are also discussed.
Peer reviewed: yes
DOI: 10.3846/1648715X.2015.1052587
ISSN: 1648-715X
Accession number: WOS:000362548500003
Appears in Collections:BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica

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