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Title: Using multiple criteria decision analysis (MCDA) to assist in estimating residential housing values
Authors: Ferreira, F.
Spahr, R.
Sunderman, M.
Keywords: Decision support
Housing valuation
Residential real estate
Issue Date: 2016
Publisher: Vilnius Gediminas Technical University
Abstract: Considerable literature exists regarding the complexity of the residential real estate appraisal process and the methods employed to determine initial listing prices as estimates of intrinsic market prices. Deviations in residential real estate intrinsic values occur due to a multiplicity of attributes and explanatory factors requiring consideration. We conduct a panel study using a Multiple Criteria Decision Analysis (MCDA) based framework that utilizes the skills and knowledge of a panel of residential real estate professionals (i.e. appraisers and realtors). We demonstrate how cognitive mapping and the Measuring Attractiveness by a Categorical Based Evaluation Technique (MACBETH) may assist in estimating appropriate offer/sale prices and strengthening current valuation approaches such as using comparables and/or hedonic modeling. The managerial implications of our MCDA-based framework and some avenues for future research are also presented.
Peer reviewed: yes
DOI: 10.3846/1648715X.2015.1122668
ISSN: 1648-715X
Accession number: WOS:000390892800002
Appears in Collections:BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica

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