A pricing approach to enhance the adaptability and accuracy of real estate price: An empirical study

Real estate market is a complex system. As an important part of it, the determination of price relates to the developers´ investment income^[1]. Therefore, how to scientifically determine the selling price of real estate projects is that all developers have to face, as well as the problem that customers widespread concerned. In this study, we described several key models in current market and analyzed the limitations of each model. Then we made an empirical study of customers´ behavior in Wuhan city, with which we put forward several dimensions which have the greatest impact on the project properties for sale. Then we determined the weights by using the AHP. In addition, we made a data analysis and evaluation about the questionnaire data through statistical software econometric Eviews 3.1. Based on which, we obtained the estimates of the economic model. Finally, we draw the relevant price function and determined the appropriate market position or price range. This not only opens up new pricing models for real estate developers, but also facilitates the promotion of efficient use.