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.

摘要

虚拟旅行中增强现实的集成最近被确定为房地产领域的新兴趋势。但是，很少进行研究来研究现有的虚拟旅行对房屋搜索过程和交易价格的影响。我们的文章旨在通过研究虚拟旅行对交易价格和营销持续时间（上市时间）的影响来填补这一空白。将2016年奥兰治县多重上市服务（MLS）单户交易记录与房屋抵押贷款披露法（HMDA）数据和美国人口普查数据进行匹配，我们将应用倾向得分匹配方法和带有工具变量的两阶段最小二乘（2SLSs）模型通过机器学习和文本分析方法得出。这项研究的结果不仅阐明了当前和将来使用技术的重要性，