An Evaluation Model for The House Purchasing Plans Based on A Hybrid Multi-Criteria Decision Making Model
House-purchasing involves activities such as making rankings, comparisons, and trade-offs among various housing characteristics. In selling a house process, brokerages serve an important role in coordinating between the seller and buyer. The study attempts to develop a dynamic price recommendation method for housing purchases, in which the multiple criteria decision making (MCDM) technique is applied to support the housing quality and evaluation. Based on Prospect theory of the loss aversion effect, the study using the proposed method to aid the real estate broker coordinated the seller and buyer. The methods not only analysis of this phenomenon, but also provide an objective view of the evaluation matrix. The results empirically analyse the pricing strategy to map price verses quality match improve brokerage intermediation effects, then recommendations regarding suitable price, make decisions regarding negotiation strategies to reach agreement, and settle an acceptable price.
Keywords - Aspiration Level, House-purchasing Decision, Multiple CriteriaDecision Making (MCDM), Prospect Theory, Reference Point.