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Using the Analytic Hierarchy Process in House Selection

Author

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  • Ball, J'Noel
  • Srinivasan, Venkat C

Abstract

The house selection process involves an assessment by the buyer of a myriad of qualitative and quantitative factors before negotiating a purchase. The complex interplay among these factors along with the limitations of humans to systematically consider the complex information set, create the potential to induce serious inconsistencies in decisions. This paper presents a formal judgmental model of the house selection process using the Analytic Hierarchy Process (AHP). The model will allow the buyer to consistently evaluate property attributes. We also present a simple extension of the model to help the prospective buyer arrive at an attribute weighted price that can be used for comparative rankings. Copyright 1994 by Kluwer Academic Publishers

Suggested Citation

  • Ball, J'Noel & Srinivasan, Venkat C, 1994. "Using the Analytic Hierarchy Process in House Selection," The Journal of Real Estate Finance and Economics, Springer, vol. 9(1), pages 69-85, July.
    • Handle: RePEc:kap:jrefec:v:9:y:1994:i:1:p:69-85
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    Citations

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    Cited by:

    1. Nina Kutsch & Pat McAllister & Graeme Newell, 2005. "Private Property Vehicles: The Valuation of Interests in Limited Partnerships," Real Estate & Planning Working Papers rep-wp2005-26, Henley Business School, University of Reading.
    2. Andre Bender & Allan Din & Philippe Favarger & Martin Hoesli & Janne Laakso, 1997. "An Analysis of Perceptions Concerning the Environmental Quality of Housing in Geneva," Urban Studies, Urban Studies Journal Limited, vol. 34(3), pages 503-513, March.
    3. Tom Kauko, 2004. "Towards Infusing Institutions and Agency into House Price Analysis," Urban Studies, Urban Studies Journal Limited, vol. 41(8), pages 1507-1519, July.
    4. Mats Wilhelmsson & Jianyu Zhao, 2018. "Risk Assessment of Housing Market Segments: The Lender’s Perspective," JRFM, MDPI, vol. 11(4), pages 1-22, October.
    5. Narula, Subhash C. & Wellington, John F. & Lewis, Stephen A., 2012. "Valuating residential real estate using parametric programming," European Journal of Operational Research, Elsevier, vol. 217(1), pages 120-128.
    6. Mulliner, Emma & Malys, Naglis & Maliene, Vida, 2016. "Comparative analysis of MCDM methods for the assessment of sustainable housing affordability," Omega, Elsevier, vol. 59(PB), pages 146-156.
    7. Dmytrów Krzysztof & Gnat Sebastian, 2019. "Application of AHP Method in Assessment of the Influence of Attributes on Value in the Process of Real Estate Valuation," Real Estate Management and Valuation, Sciendo, vol. 27(4), pages 15-26, December.
    8. Mulliner, Emma & Smallbone, Kieran & Maliene, Vida, 2013. "An assessment of sustainable housing affordability using a multiple criteria decision making method," Omega, Elsevier, vol. 41(2), pages 270-279.
    9. Mohd Safian, Edie Ezwan & Nawawi, Abdul Hadi, 2011. "The Evolution of Analytical Hierarchy Process (AHP) as a Decision Making Tool in Property Sectors," MPRA Paper 39442, University Library of Munich, Germany.
    10. Gopal Bhatta & Werner Doppler, 2010. "Farming Differentiation in the Rural-urban Interface of the Middle Mountains, Nepal: Application of Analytic Hierarchy Process (AHP) Modeling," Journal of Agricultural Science, Canadian Center of Science and Education, vol. 2(4), pages 1-37, November.
    11. Killemsetty, Namesh & Johnson, Michael & Patel, Amit, 2022. "Understanding housing preferences of slum dwellers in India: A community-based operations research approach," European Journal of Operational Research, Elsevier, vol. 298(2), pages 699-713.

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