ISCTE Business School, BRU-IUL, University Institute of Lisbon, Avenida das Forças Armadas, 1649–026 Lisbon, Portugal; Fogelman College of Business and Economics, University of Memphis, Memphis, TN 38152–3120, USA
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.
Ferreira , F. A. F., Spahr, R. W., & Sunderman, M. A. (2016). Using multiple criteria decision analysis (MCDA) to assist in estimating residential housing values. International Journal of Strategic Property Management, 20(4), 354-370. https://doi.org/10.3846/1648715X.2015.1122668
This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
