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@article{ART002571708},
author={Moon, Ji Hee and Eui-Chul Chung},
title={An Analysis of Consumers’ Sentiments about the House Buying Time},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2020},
volume={30},
number={1},
pages={53-67},
doi={10.35136/krer.30.1.4}

TY - JOUR
AU - Moon, Ji Hee
AU - Eui-Chul Chung
TI - An Analysis of Consumers’ Sentiments about the House Buying Time
JO - Korea Real Estate Review
PY - 2020
VL - 30
IS - 1
PB - korea real estate research institute
SP - 53
EP - 67
SN - 2092-5395
AB - This study analyzed the determinants of consumers’ sentiments about the house buying time. Using the KRIHS consumer housing market sentiment survey data, consumers’ perceptions of the appropriate house buying time were measured, and the financial cost of house purchase, the price-to-income ratio, and the expected housing price appreciation rate were considered to influence consumers’ sentiments about the house buying time, along with the government housing policy directions. The autoregressive distributed lag model was used to explore the long-run relationship among the variables and the short-run adjustments of the consumers’ sentiments about the house buying time to the changes in the influential variables. The estimation results showed that when the housing price appreciation rate was expected to become higher, more consumers responded by considering it a good time to buy a house. At the time that the financial cost of house purchase and the price-to-income ratio were higher, consumers were less likely to respond by considering it a good time to buy a house. The government’s housing policy directed towards lessening house purchase constraints was also found to be influential. The coefficient of error correction term was estimated to be high, indicating that consumers adjust their sentiments about the house buying time to its long-run level at a fast rate.
KW - house buying time;consumer sentiment;housing sale market;ARDL model
DO - 10.35136/krer.30.1.4
ER -

Moon, Ji Hee and Eui-Chul Chung. (2020). An Analysis of Consumers’ Sentiments about the House Buying Time. Korea Real Estate Review, 30(1), 53-67.

Moon, Ji Hee and Eui-Chul Chung. 2020, "An Analysis of Consumers’ Sentiments about the House Buying Time", Korea Real Estate Review, vol.30, no.1 pp.53-67. Available from: doi:10.35136/krer.30.1.4

Moon, Ji Hee, Eui-Chul Chung "An Analysis of Consumers’ Sentiments about the House Buying Time" Korea Real Estate Review 30.1 pp.53-67 (2020) : 53.

Moon, Ji Hee, Eui-Chul Chung. An Analysis of Consumers’ Sentiments about the House Buying Time. 2020; 30(1), 53-67. Available from: doi:10.35136/krer.30.1.4

Moon, Ji Hee and Eui-Chul Chung. "An Analysis of Consumers’ Sentiments about the House Buying Time" Korea Real Estate Review 30, no.1 (2020) : 53-67.doi: 10.35136/krer.30.1.4

Moon, Ji Hee; Eui-Chul Chung. An Analysis of Consumers’ Sentiments about the House Buying Time. Korea Real Estate Review, 30(1), 53-67. doi: 10.35136/krer.30.1.4

Moon, Ji Hee; Eui-Chul Chung. An Analysis of Consumers’ Sentiments about the House Buying Time. Korea Real Estate Review. 2020; 30(1) 53-67. doi: 10.35136/krer.30.1.4

Moon, Ji Hee, Eui-Chul Chung. An Analysis of Consumers’ Sentiments about the House Buying Time. 2020; 30(1), 53-67. Available from: doi:10.35136/krer.30.1.4

Moon, Ji Hee and Eui-Chul Chung. "An Analysis of Consumers’ Sentiments about the House Buying Time" Korea Real Estate Review 30, no.1 (2020) : 53-67.doi: 10.35136/krer.30.1.4