Toward an Understanding of Real Estate Homebuyer Internet Search behavior: An Application of Ocular Tracking Technology

Seiler, Michael J.; Madhavan, Poornima; Liechty, Molly

doi:10.1080/10835547.2012.12091333

Cited by 37 publications

(16 citation statements)

References 20 publications

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“…Researchers have no way of testing this possibility, but we still disclose this as a potential drawback to any study that requires volunteers from a population. 6 Our sample size is also consistent with other studies including Preuschoff, Quartz, andBossaerts (2008), Bruguier, Quartz, andBossaerts (2010), Wu, Bossaerts and Knutson (2011), Seiler, Madhavan, and Liechty (2012), and Fryman et al (2013 Before the experiment (outside the fMRI machine), participants were explained all relevant real estate/financial terms and even practiced answering a few different hypothetical scenarios to become acquainted with how the system works. Each was given ample time and opportunity to ask questions before we began.…”

Section: ͉ E N D N O T E Ssupporting

confidence: 79%

“…Based on activation in the pre-motor cortex bilaterally and the right insular cortex, we conclude that when mortgage defaults are rare, defaulting by the borrower violates the social norm causing feelings of disgust. The fear of being the only one who stands alone is well documented in economics (Keynes, 1965) and has been the finding of several recent strategic default foreclosure contagion studies (e.g., Rogers and Winter, 2009;Daneshvary, Clauretie, and Kader, 2011;Ding, Quercia, Li, and Ratcliffe, 2011;An and Qi, 2012;Gangel, Seiler, and Collins, 2013;and Seiler, Lane, and Harrison, 2014).…”

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confidence: 99%

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Lender Characteristics and the Neurological Reasons for Strategic Mortgage Default

Seiler

Walden

2012

SSRN Journal

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In this study, we use functional magnetic resonance imaging (fMRI) to understand how homeowners process non-financial information when considering strategic mortgage default. We find that borrowers initially attempt to inhibit their knee-jerk reaction to retaliate against a lender who has engaged in egregious lending practices when compared to a financially conservative lender. Moreover, when defaults are rare, borrowers are less likely to default because violating the social norm results in feelings of disgust. Finally, when a lender refuses a loan modification, the borrower is found to seek retribution. Interestingly, granting even a modest loan modification removes the desire of homeowners to seek retribution towards their lender no matter what their impression of the lender may be. The results carry a number of policy implications.

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Section: ͉ E N D N O T E Ssupporting

confidence: 79%

mentioning

confidence: 99%

Lender Characteristics and the Neurological Reasons for Strategic Mortgage Default

Seiler

Walden

2012

SSRN Journal

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“…The researchers also found that a decrease in property visits caused sellers to refuse to lower their prices. Seiler et al (2012) used ocular tracking technology to study behaviour patterns of people looking to purchase a home. Their study found that the homebuyers first 419 "Wisdom of the crowds" focused on the picture of the homes and then on the verbal description.…”

Section: Oir 383mentioning

confidence: 99%

“Wisdom of the crowds” and online information reliability

Zhitomirsky‐Geffet

Maman

2014

Online Information Review

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Purpose -The purpose of this paper is to determine whether the quality and reliability of websites' content can be assessed through the lens of "wisdom of the crowds". In particular as a case study the authors examine the information supplied over time on several prominent Israeli real estate websites. Design/methodology/approach -The Israeli real estate market was selected for the study, since there are many large, popular and dynamic real estate websites that feature hundreds of thousands of ads, representing most of the supply of real estate properties in the country. The authors built an automatic, ontology-based system that downloaded advertisements from three selected websites every two weeks for a number of months and checked for changes in these advertisements over time. The authors conjecture that wisdom of the crowds is mostly reflected by the information changes on the websites, since they indicate the anticipated market trends. Hence the authors developed a number of statistical measures to comparatively analyse trends of information changes on these websites, and assess their reliability compared to the actual market data and tendencies. Findings -The primary results suggest similar information change trends amongst all the websites. Surprisingly, although some properties did not sell over time, sellers generally did not lower their asking price and were willing to wait. Sellers even raised their asking price, apparently in anticipation of future price increases. Comparison of recurring trends among the websites with the trends of the real market during the same time period and a few months after reveals that wisdom of the crowds is only partially effective as an indicator and predictor of website content quality: it correctly reflects the fluctuation in demand, but not in the prices. Research limitations/implications -This study was conducted over a limited time period of five months, and only in several cities in Israel. Additionally, since buyers are not explicitly represented in these sites, their information behaviour was not analysed, although it undoubtedly influences information changes performed by the sellers. Practical implications -The practical contribution of this study is the ontology of the real estate world. Its assimilation by real estate websites would promote the development of their sites and user services. It would also enable ad sharing amongst the various websites and enable efficient searches by search engines. In addition the tools and measures that the authors developed will allow continued monitoring and analysis of user information change patterns. Originality/value -To the best of the knowledge this is the first study to examine and compare real estate websites' quality and evaluate their information reliability as wisdom of the crowds.

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“…To measure the estimated value of the home without the RTC, 1/3 of the participants were randomly assigned to this pool. Another 1/3 of the participants were randomly assigned to a second pool where the home tour was taken and at the end of which a short, purely legal description of the RTC 3 Studies that use experimental design in a real estate setting include Ikromov and Yavas (2012a,b), Seiler (2012), ), Seiler, Madhavan, and Liechty (2012, Seiler et al (2008), andYavas, Miceli, andSirmans (2001).The aforementioned studies represent more direct applications of experimental design to applied research problems than studies outlined in well cited works in economics such as Gneezy and Potters (1997) and Harrison and List (2004). 4 Qualtrics software was chosen as the vehicle by which to represent the experiment to participants.…”

Section: Data Collection Instrumentmentioning

confidence: 99%

International Real Estate Review

Seiler¹

2014

IRER

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This study uses a behavioral approach to measure the impact of a partial eminent domain land taking (which affects easement rights and causes proximity damage) on residential property values. Existing appraisal methods are not suited to handle this type of unique valuation impact determination, yet diminution must be determined by the courts to establish proper "just compensation". To accomplish the quantification of damages, an experimental design is implemented that allows the market to voice its opinion of valuation impact through a mechanism other than direct comparable sales. Moreover, this behavioral methodology can and should be used in a number of additional real estate valuation applications.

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Toward an Understanding of Real Estate Homebuyer Internet Search behavior: An Application of Ocular Tracking Technology

Cited by 37 publications

References 20 publications

Lender Characteristics and the Neurological Reasons for Strategic Mortgage Default

Lender Characteristics and the Neurological Reasons for Strategic Mortgage Default

“Wisdom of the crowds” and online information reliability

International Real Estate Review

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