The information needs of prospective homebuyers: an exploratory study of apartment purchases in Finland

Abstract

AbstractUltimately, the search for housing depends on information about the housing market and individual apartments for sale. The housing search process gives rise to diverse information needs. Their nature is elaborated in an exploratory study drawing on interviews conducted with 16 Finnish homebuyers in 2008. The data were analysed by means of qualitative content analysis. The constant comparative approach was utilized to capture the nuances of information needs experienced at three major phases of the housing search process. At the phase of orientation to the housing market and identifying vacancies, the information needs covered a broad area including the supply of relevant apartments in preferred districts and the realistic funding opportunities. The temporal frame within which these needs were experienced was fairly broad. At the phase of assessing vacancies, the information needs became more specific and the temporal frame narrower, since the needs primarily dealt with concrete issues such as the renovation requirements of the apartment. Finally, at the phase of bid formation, information needs were mainly related to the determination of the proper price level and the optimal timing of the price bid.