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

Wei Yu, Zhongming Ma, Gautam Pant and Jing Hu

Journal of Real Estate Literature, 2021, vol. 28, issue 2, 133-149

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.

Date: 2021
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/09277544.2021.1876433 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:rjelxx:v:28:y:2021:i:2:p:133-149

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/rjel20

DOI: 10.1080/09277544.2021.1876433

Access Statistics for this article

Journal of Real Estate Literature is currently edited by Sophia Dermisi and Kimberly Winson

More articles in Journal of Real Estate Literature from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().