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The Effect of Virtual Tours on House Price and Time on Market

The Effect of Virtual Tours on House Price and Time on Market Abstract The integration of augmented reality in virtual tours was recently identified as a top emerging trend in real estate. However, little research has been conducted to examine the impact of existing virtual tours on house search process and transaction price. Our article aims to fill this gap by studying the impact of virtual tours on transaction price and marketing duration (time on market). Matching the 2016 Orange County multiple listing service (MLS) single-family transaction records with Home Mortgage Disclosure Act (HMDA) data and U.S. Census data, we apply both propensity score matching methods and two-stage least squares (2SLSs) models with instrumental variables derived by machine learning and text analytics methods. The findings of this study not only shed light on the importance of the current and future use of technology, but also provide practical implications for real estate stakeholders with respect to effective strategies to improve house value and increase property sales. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Real Estate Literature Taylor & Francis

The Effect of Virtual Tours on House Price and Time on Market

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The Effect of Virtual Tours on House Price and Time on Market

Abstract

Abstract The integration of augmented reality in virtual tours was recently identified as a top emerging trend in real estate. However, little research has been conducted to examine the impact of existing virtual tours on house search process and transaction price. Our article aims to fill this gap by studying the impact of virtual tours on transaction price and marketing duration (time on market). Matching the 2016 Orange County multiple listing service (MLS) single-family transaction...
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Publisher
Taylor & Francis
Copyright
© 2021 American Real Estate Society
ISSN
1573-8809
DOI
10.1080/09277544.2021.1876433
Publisher site
See Article on Publisher Site

Abstract

Abstract The integration of augmented reality in virtual tours was recently identified as a top emerging trend in real estate. However, little research has been conducted to examine the impact of existing virtual tours on house search process and transaction price. Our article aims to fill this gap by studying the impact of virtual tours on transaction price and marketing duration (time on market). Matching the 2016 Orange County multiple listing service (MLS) single-family transaction records with Home Mortgage Disclosure Act (HMDA) data and U.S. Census data, we apply both propensity score matching methods and two-stage least squares (2SLSs) models with instrumental variables derived by machine learning and text analytics methods. The findings of this study not only shed light on the importance of the current and future use of technology, but also provide practical implications for real estate stakeholders with respect to effective strategies to improve house value and increase property sales.

Journal

Journal of Real Estate Literature – Taylor & Francis

Published: Jan 17, 2021

Keywords: Virtual tour; house price; time on market; marketing strategy; propensity score matching

References

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