Seller and search behavior in the Belgian housing market

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-05-09 DOI:10.1016/j.jhe.2024.101997

Joren Vandenbergh

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Abstract

This paper analyzes online real estate listings to estimate the listing price elasticity of search activity for the individual seller for both the rental and sales market. This elasticity is an essential parameter in the literature modeling the process of selling a home, as it indicates the extend to which potential buyers will react to the listing price. Furthermore, we argue that our estimates are an approximation for the average price elasticity of demand facing the individual seller, which is an indication for the amount of competition in the market. A novel dataset tracking real estate advertisements on a daily basis allows to control for unobserved heterogeneity between properties by using property fixed effects, exploiting the variation caused by changes in listing prices and search behavior throughout the listing process. The findings indicate that a one percent increase in the listing price reduces search activity for the property by 6.7 percent for the sales market and 6.6 percent for the rental market. Additionally, we find that an increase in the number of listings in a market segment enhances the listing price elasticity.

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比利时住房市场的卖方和搜索行为

本文分析了在线房地产挂牌信息，以估算个人卖家在租赁和销售市场的搜索活动的挂牌价格弹性。该弹性是模拟房屋销售过程的文献中的一个重要参数，因为它表明了潜在买家对挂牌价格的反应程度。此外，我们还认为，我们的估计值是个体卖家所面临的平均需求价格弹性的近似值，这也是市场竞争程度的一个指标。通过每天跟踪房地产广告的新数据集，我们可以使用房地产固定效应来控制房地产之间未观察到的异质性，利用挂牌价格和搜索行为在整个挂牌过程中的变化引起的变化。研究结果表明，挂牌价格每提高 1%，销售市场的搜索活动就会减少 6.7%，租赁市场的搜索活动则会减少 6.6%。此外，我们还发现，一个细分市场中挂牌数量的增加会增强挂牌价格弹性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.