Prospective Home Buyers Research Articles

PEMBIAYAAN KREDIT PEMILIKAN RUMAH SYARIAH NON-BANK DI TAHFIDZ RESIDENCE

AbstractThe needs of human life are known to have three principles namely Sandang, Food, Board. The dense pace of growth causes the need for support, food, boards to increase, so there is a mortgage system that helps the population to get board needs. This research aims to find out the financing model used by Non Bank Sharia Home Owner Loans. Non-bank Sharia Home Owning Loans are essentially home loans for prospective home buyers who do not use banks in practice. The research method used is qualitatively descriptive. The results showed that the financing model of non-bank Sharia Home Owner Loans is not the same as Sharia Owner's Credit using banks. Murabahah and Mudharabah trading agreements used by non-bank Sharia Home Owner Loans are about the same as Sharia Home Owner Loans using banks.

Feng Shui principles and the Malaysian housing market: what matters in property selection and pricing?

PurposeThis study aims to investigate Feng Shui elements that can influence housing selection and property pricing in the Malaysian housing market.Design/methodology/approachA structured questionnaire encompassing 26 Feng Shui elements, which were shortlisted based on relevant previous studies, was distributed to prospective homebuyers in the Klang Valley region. The elements were inferred and ranked according to frequency, significance and importance scores. Kruskal–Wallis ANOVA tests were used to assess the ratings provided by the different respondent groups, while Spearman's rank correlation tests were utilised to measure the degree of agreement or disagreement among each pair of the ethnic group.FindingsThe results obtained indicate the following as the five most influential elements: orientation, main entrance, street location, house number and living room. Despite a multiethnic and multicultural society in Malaysia, Spearman's rank correlation tests showed that there are no differences in the prioritisation of Feng Shui elements between three distinct ethnic groups (Malay, Chinese and Indian). However, the distribution scores are statistically different between the groups. Comparing income level with Feng Shui inclinations, the three most frequently considered elements across the three income groups consistently include orientation, main entrance and street location.Practical implicationsThe findings of this study are expected to provide guidance to property stakeholders (developers, real estate agencies, architects, local authorities) in their future development projects. For homebuyers, this study serves as a property Feng Shui checklist for home selection and investment.Originality/valueThis study explored the association of Feng Shui principles to housing selection and property pricing based on cultural and income factors. These findings provide useful insights for designing and positioning of residential properties in both primary and secondary housing markets in Malaysia and beyond.

Attention and Housing Search: Evidence from Online Listings

Recent local price growth explains differences in search behavior across prospective homebuyers. Those experiencing higher growth in their postcode of residence search more broadly across locations and house characteristics, without changing attention devoted to individual sales listings. Effects are stronger for homeowners, in particular those living in less wealthy areas and looking for a new primary residence. These findings are not consistent with local price growth influencing behavior through extrapolative expectations, and rather line up with the predictions of a collateral constraints channel. The expansion of search breadth leads to widespread spillovers onto house sales within a metropolitan area.

Changes in Public Risk Perception after a Large Disaster: Evidence from the Housing Market

The unprecedented damage caused by the Great East Japan Earthquake and nuclear disaster greatly altered people’s awareness of risk not only in directly affected areas but also in unaffected areas as well. This study focuses on the relationship between earthquake risk and real estate prices in unaffected areas before and after the earthquake in order to explore how large-scale natural disasters influence people’s perception toward disaster risk. We use large-scale property transaction data covering periods both before and after the earthquake, together with the earthquake risk indexes by the Tokyo Metropolitan Government, to estimate a hedonic model. Our empirical findings are summarized as follows. First, we found that after the 2011 earthquake house prices are dropped more in relatively risky areas than in safer areas. In comparison, we could not find any evidence that housing rents are decreased more in risky areas as compared to safer areas. These results suggest that changes in risk perception are found for prospective homebuyers, rather than for tenants. Second, post-quake price drops are particularly eminent for properties built under the new earthquake resistance standards, those located on upper floors, and those with three- or more bedrooms. Third, we found that significant post-quake price discounts can be observed for three to five years following the earthquake, after which price levels return to their pre-quake baseline.

Elucidating the drivers of residential mobility and housing choice behaviour in a suburban township via push–pull–mooring framework

This study applies the “push-pull-mooring” model of migration to explain home purchase intention in a suburban township. “Push” effects include dissatisfaction and high housing costs in one’s current neighbourhood (“the origin”). “Pull” effects were consumers’ perceived value of the suburban township (“the destination”), which encompassed price, functional, emotional, social, symbolic, and Feng Shui aspects. Relocation costs and alternative township’s attractiveness were hypothesized as “mooring” effects that negatively impact purchase intention as well as moderate the push and pull effects. 179 valid responses from prospective home buyers were analysed using partial least squares structural equation modelling (PLS-SEM). Pull effects were found to exert a positive influence while mooring and push effects exert a negative influence on purchase intention. Moderation effects of the mooring factors were found to be not significant in this context. This study offers several interesting implications for researchers and marketing practitioners in the real estate industry.

Take-Up of Financial Education: Demographic Characteristics and Prior Knowledge

To improve consumers’ financial decisions, many policy makers support financial education programs. However, some eligible consumers do not participate, limiting program effectiveness. The authors examine a home-buying and mortgage education website offered to more than 6,000 prospective home buyers, documenting differences in take-up (i.e., who decides to participate) and duration of use by consumers’ demographic characteristics, objective knowledge, and subjective knowledge. These analyses rely on a unique data match between surveys measuring consumers’ characteristics and clickstream data tracking website use. The results show that older participants and first-time home buyers are more likely to take up the website, but otherwise there is little relationship between observable demographics and take-up. Consistent with enrichment theory, consumers who are more objectively knowledgeable have higher take-up. However, consistent with “feeling of knowing” research, a one-standard-deviation increase in subjective knowledge is associated with approximately a ten-percentage-point decrease in take-up (controlling for other factors). Subjectively knowledgeable consumers also use educational materials for a shorter duration. The findings add to literature on consumer information search and inform policy makers about consumers’ use of online financial education.

DECISION SUPPORT SYSTEM DETERMINES THE PURCHASE OF HOUSE RIGHT USING ANALYTICAL HIERARCHY PROCESS (AHP) AND BORDA METHODS

Increasing population growth also contributes to the increasing need for homes or dwellings as basic human needs. Many ways people do to meet these needs, among others, by buying from someone else, building it yourself or by buying a house in a housing developer. Houses besides being a basic human need, it is also used as an indicator of one's success and as an asset for business development and an increase in the economic value of the owner. Prospective home buyers certainly have criteria that are considered in choosing a house. Many of the existing criteria are often followed by the availability of more than one choice of the house to be able to meet these criteria. Therefore, the writer tries to try to make a Decision Support System in a Home Purchase that will later help prospective home buyers in deciding which house to buy. The decision-making method used in this system is an analytical hierarchy process (AHP) as a form of decision-making model that is suitable for multi-criteria and multi-alternative problems with the main input being human perception. Combined with the Borda method which is one method of group decision making that can combine the results of perceptual analysis (the results of AHP analysis) from several decision makers. it is necessary to have a group decision-making technique (group decision support system). So that the resulting home purchase decision can be accepted by all decision makers (family). From the results of the calculation and voting process, House X was chosen with 9 votes.
 
 Keywords: Home Purchase, Analytical Hierarchy Process, Borda

Eco-Innovations in Housing Delivery: A Case of Malaysia

In the past decade, the residential property market in Malaysia has been slumping. Despite the rapid growth in population and creation of new households, the sales performances have been poor; affordable housing units were flooding the market, and residential overhang have increased. While many developers were not able to perform optimally, few defied the norms and prevailed. This paper investigates the success factors of these developers by identifying the needs and wants of homebuyers and how these developers have fulfilled them. From May to June 2018, discussions were held with 11 housing developers in the overhang-ridden southern region of Malaysia. Findings revealed that the successful companies were those who incorporated eco-housing concepts. Though Malaysians do not really consider energy efficiency and environmental sustainability in their purchase decisions; they appreciate the visual pleasantness and comfort of green spaces in the housing estates despite being priced beyond the affordability range. To policymakers, this paper provides an example how green spaces may be incorporated into the development of social housing without compromising cost; and to private developers, this paper provides better understanding of homebuyers’ green motivations and suggests how they should approach prospective homebuyers with better environmental design.

A bump in the road: speed bumps’ impact on property values

PurposeSpeed bumps invite varied responses from homeowners, drivers and policymakers. Parents of small children like speed bumps, if they slow the passing traffic, but prospective home buyers may reject a home with a speed bump nearby, contemplating the traversal of it thousand times during an ownership period. The purpose of this study is to empirically identify the effect of speed bumps on home values.Design/methodology/approachAnalysis presented here is based on an examination of home sales prices and exploits variation in the number of speed bumps traversed and the installation of speed bumps to identify the effect of speed bumps on home values. An anonymous online survey is also used to shed light on drivers of the empirical results.FindingsInitial results exploiting variation in the number of bumps traversed suggest speed bumps are associated with reduced residential property values. An estimated treatment effect of speed bump installation underscores the original findings. Finally, survey results imply that older homeowners and homeowners with children may favor speed bumps but less than the disfavor of those who do not.Research limitations/implicationsThe research presented here applies to speed bumps in residential areas and on streets not considered through streets.Practical implicationsThe findings suggest that planners should investigate options such as medians and roundabouts instead of speed bumps.Social implicationsThese results suggest that communities can be visually improved and home values lifted through the removal of speed bumps and installation of other traffic control devices.Originality/valueThis research is valuable to residential developers, planners and neighborhood associations across the country.

Home sweet virtual home

PurposeDigital technologies have made it possible for organizations to enhance service delivery and provide consumers a way to experience a product or service before even seeing it in person. Prior work has validated consumer purchase decision-making models like the Engel, Kollat and Blackwell (EKB) model in digital and multi-channel purchase environments. This research aims to explore the various impacts of digital technologies, specifically virtual reality (VR) and augmented reality (AR) features, on the different stages of the EKB model in a high involvement purchase decision context. In addition, the use of such technologies is examined as a competitive advantage for sales agents.Design/methodology/approachAn in-depth market analysis of VR and AR technologies related to residential real estate is conducted. Then the research questions are analyzed through detailed feedback gathered from 33 prospective home-buyers and realtors in the USA.FindingsInsights from buyers and sales agents (realtors in the context of this research) suggest that VR and AR technologies can enhance consumer information search and expedite the time consumers spend evaluating purchase alternatives. As these technologies advance in their customization features, they may also increase the conversion between alternative evaluation and purchase, but only if they are realistic and provide high quality experiences. Finally, digital technologies are viewed as becoming a necessity in high involvement sales contexts, suggesting that additional features or innovative ways to use these technologies may serve as sources of competitive advantage for sales agents.Originality/valueThis is one of the first research studies to explore the perceived impacts of VR and AR technologies on the stages of the EKB model consumer decision model. It builds on prior work and offers direction for future research.

Factors affecting homebuyers' willingness to pay green building price premium: Evidence from a nationwide survey in Israel

Green buildings (GBs) bring multiple benefits to homebuyers. However, the lack of knowledge or uncertainty about these benefits, combined with a nominal price premium (PP) for GBs, may prevent prospective homebuyers from entering the GB market. Therefore, governmental incentives may be needed. The present study serves the dual purpose of examining the PP size that prospective homebuyers in Israel are willing to pay (WTP) for GBs, and investigating, for the first time, the potential impact of prevalent GB policy instruments on the premium's size. Findings from a nationwide online survey indicate an acceptable PP in the range of 7–10%. Expected maintenance savings and familiarity with GB concept and benefits are found to be positively associated with the size of the premium, while counterintuitively, financial incentives, such as tax breaks and subsidized loans, are found to result in lesser, rather than greater, WTP PP. This indicates that financial incentives to homebuyers may be counterproductive by generating emotive and opposite responses, and that a long-term governmental commitment to support GB maintenance may be more effective. The study suggests a mix of financial and non-financial GB incentives to homebuyers. The study mainly contributes to better-understanding of how potential homebuyers' GB choice can be encouraged by applying informed policy tools. It also emphasizes the importance of evaluating unexpected consequences of future interventions in the GB market.

Is there a market for sustainable urbanism? A conjoint analysis of potential homebuyers in Israel

This study uses conjoint analysis to evaluate the preferences of prospective homebuyers in Israel for sustainable urban neighbourhoods. The results reveal that from the variables examined, neighbourhood form is the most important variable after price, and that hierarchical and disconnected neighbourhood form is generally preferred over an urban grid. Nevertheless, access to a neighbourhood park, shops and transit could make an urban grid-like neighbourhood more attractive to potential buyers. Moreover, the housing type most preferred by respondents is a 4–6 story apartment building and least preferred are the most prevalent in recent years − buildings over 14 stories.The outcomes of the consumer preference study replicate similar studies in developed countries that show a gap between the kind of neighbourhoods advocated by planners and researchers, and those favoured by potential buyers. Planners should explore the strategic findings to plan for sustainable neighbourhoods that offer more variety and meet a more complex set of residential pReferences

Evaluating an Outcomes‐based Standardized Homeownership Education Program

A statewide education program provided prospective homebuyers with information to support long‐term preservation of affordable homeownership. Between 2012 and 2015, a sample of 1,561 Michigan residents completed pre‐ and post program evaluation surveys. The surveys measured 12 outcomes of the homeownership education program. Change scores were calculated for participants, and paired t‐tests were used to compare pre‐ and postsurvey means for each of the 12 outcome measures. The results of both change scores and t‐tests showed that homeownership education increased the participants’ knowledge of financial requirements for buying a home and practices to prevent predatory lending and foreclosure. The financial practices in which the largest percentage of participants reported an intention to change were as follows: tracking spending, creating a budget, calculating a reasonable housing payment, identifying patterns to adjust, and developing a plan to change financial habits.

After the Research Is Done: Legal Obligations for Participants in Household Exposure Studies.

Household chemical exposure studies are essential for assessing human health risks associated with indoor environments. 1 But as in all studies involving human subjects, researchers must strive to ensure that individuals understand the risks incurred by participating in a study. 2 , 3 For household exposure studies, these risks may include legal obligations placed upon participants once they learn of contamination issues in their homes. A new review provides an overview of these potential obligations along with guidance for sharing this information with participants. 1

ANALYSIS OF ECONOMIC DETERMINANTS OF AFFORDABLE HOUSING PRICES

There is high possibility that the housing shortage in Malaysia will remain for a long time. However, while the existing housing stock is insufficient, constraints on income distributions have created affordability gaps by creating an imbalance between demand and supply. To increase housing supply, the government is providing homes directly as well as providing tax reliefs and subsidies to the developers, contractors and prospective home buyers. However, despite the measures the housing supply and distribution gaps are growing persistently. Therefore, there is the need to provide answers to a number of questions. It is the aim of this current study to examine the economic determinants of affordable housing. Through a cross sectional survey questionnaire, involving 71 homeowners, 13 cost determinants were established for affordable housing. The study provides insight into cost determinants of affordable housing. The results will be useful to policy makers, developers towards and the prospective home buyers.

Trend-Spotting in the Housing Market

(ProQuest: ... denotes formulae omitted.)Data ShopData Shop, a department of Cityscape, presents short articles or notes on the uses of data in housing and urban research. Through this department, the Office of Policy Development and Research introduces readers to new and overlooked data sources and to improved techniques in using well-known data. The emphasis is on sources and methods that analysts can use in their own work. Researchers often run into knotty data problems involving data interpretation or manipulation that must be solved before a project can proceed, but they seldom get to focus in detail on the solutions to such problems. If you have an idea for an applied, data-centric note of no more than 3,000 words, please send a one-paragraph abstract to david.a.vandenbroucke@hud.gov for consideration.IntroductionThe U.S. housing market is the subject of much research for many good reasons. A house is simultaneously an asset and a home. As an asset, it is related to a homeowner's long-term expectations and, as a home, it defines a homeowner's lifestyle and forms his or her life attitudes. As a commodity, a home is related to a large supply chain of construction materials and home equipment, and it generates a significant number of jobs in construction, maintenance, and sales, to name a few. For these reasons, a home is also often an instrument of government intervention to the economy as a whole, a fact that contributes to the inherent endogeneity in the formation of home prices. For these reasons, conventional economic wisdom is not entirely unfounded in maintaining that as the housing market goes, so goes the rest of the economy.The U.S. housing market certainly has no shortage of house price indices, an additional fact that underlines the importance of this market-which then begs the question, Why would we need another one? To answer this question and to explain my choices in this article, I first briefly discuss the available indices.2 This housing market has five main housing price indices, two of which are so-called median house price indices, with the other three being repeat sales indices. The former type comprises the indices of the National Association of Realtors® and the U.S. Census Bureau, and the latter type comprises an index by the Federal Housing Finance Agency (FHFA) and two proprietary indices-one is from CoreLogic, Inc. (CoreLogic), and the other is the well-known Standard & Poor's (S&rP)/Case-Shiller® U.S. National Home Price Index (Case-Shiller index). These indices have various pros and cons and exhibit differences, which may be explained by their methodologies. In short, median house price indices are blind to intrinsic, hedonic value, but the repeat sales indices use a prior sale as a proxy for the hedonic value. The FHFA index is a repeat sales index, albeit based only on sales of houses securitized by Fannie Mae and Freddie Mac, but the Case-Shiller and CoreLogic indices are based on arm's length transactions, with the CoreLogic index being slightly broader. I chose the Case-Shiller index because the data are readily available on the S&P website.With all these indices, then, why do we need yet another index? If the buying thoughts of prospective homebuyers or the selling thoughts of prospective homesellers can in some way be captured in real time, we should be able to monitor housing market conditions regardless of the fundamentals that may be driving the housing market. The result would be a behavioral housing market index. A simple ratio of the number of buying thoughts to the number of selling thoughts should indicate something about the formation of upcoming home prices. Underwriting standards, interest rates, mortgage rates, lending trends and practices, the inflow of foreign capital, the prevalence of securitization of mortgages, government programs for affordable housing, tax incentives for homebuyers, labor market conditions: whatever the fundamentals are at each point in time, they should shape and, in fact, be captured by that buy-to-sell ratio. …

Optimal Suburban Densities: History and Theory

A paradigmatic developing suburb, Acton, Massachusetts, was zoned in 1955 to produce a community of 45,000 people. In 2010, Acton had about 23,000 people and is unlikely to grow much more. I develop a simple model in the Tiebout (1956) tradition to explain why Boston's suburbs, and by extension, most suburbs, have adopted land-use regulations that are arguably too restrictive. The baseline model is that of a single developer who owns all the land in a community and commits herself to a master plan. Private covenants assure that the community will be fully developed, and competition among community developers creates at least locally optimal densities. This outcome is contrasted with a model in which undeveloped land is owned by many developers, who must coordinate their land-use decisions by way of public zoning. Their initial zoning plan is disciplined by the wariness of prospective homebuyers, who decline to buy homes in towns without zoning. New homeowners, however, realize that developer control of zoning could lead to changes that will result in excessive density. As enough of them arrive, they take over the reins of zoning to avoid overdevelopment. In a stable housing market, I show that a system by which all homeowners pay for community services by property taxes plus exactions or impact fees for later, higher-cost development leads to the same optimal outcome as a private developer. Finally, I argue that an exogenous shift in housing demand, such as that caused by unexpected inflation in the 1970s, and the (perhaps endogenous) adoption of extra-municipal regulations, is apt to cause all zoned communities to adopt additional restrictions. These can be modeled as if the town acquired a monopoly on development rights because other towns simultaneously limit growth. Acton and all of Boston's suburbs and those of other high-productivity metropolitan areas end up with populations that are arguably too small and housing prices that are too high.

Shared Equity Homeownership: A Welcomed Tenure Alternative Among Lower Income Households

Shared equity homeownership (SEH) is a form of resale-restricted, owner-occupied housing for lower income households that remains affordable in perpetuity. This study explores the evaluations of and reception to SEH relative to existing tenure options by potential beneficiaries of a SEH program in Nashville, TN. Fourteen focus groups with 93 participants were conducted among lower income renters, prospective homebuyers, and delinquent homeowners. Findings revealed that 73 per cent of participants expressed interest in SEH. Participants perceived that SEH was more likely to deliver individual, community, and economic benefits than rental or homeownership options in the market. However, participants also maintained concerns about program design, development, and location of shared equity homes. Findings suggest that SEH development may be viable in localities with relatively affordable housing markets, and a large proportion of targeted beneficiaries comprehend and perceive a need for this tenure alternative.

Meeting first-time buyers’ housing needs and preferences in greater Kuala Lumpur

High housing prices in Greater Kuala Lumpur have made it difficult for potential first-time homebuyers to own a house. As a result, affordable housing schemes were introduced recently to assist potential homeowners. The Malaysian government has launched many kinds of public low-cost housing schemes; however, many housing projects resulting from these schemes have turned into slums that do not provide a wholesome environment for families. To avoid building more slums and to provide more benefits for young buyers, the goal of this paper is to determine the correct housing attributes required for first-time homebuyers in the urban area. Three hundred questionnaires were distributed to young Malaysians in Greater Kuala Lumpur (KL), and 265 questionnaires were returned. The responses to the questionnaire revealed that accessibility and neighborhood environment play a role in the decision to own. It can also be observed that ecologically friendly homes that embrace sustainability are important considerations for prospective homebuyers.

Pemanfaatan Augmented Reality Dalam Memvisualisasikan Produk Perumahan Melalui Internet

To attract house buyers, many ways is done by the developers to promote their products, such as by using multiple marketing medias namely television, radio, internet, newspapers or distribute flyers during the exhibition. It is not uncommon that the said use of multiple media elements still make prospective buyers feel confused, because they can not imagine the shape of the house, since all they see is a flat two dimensional (2D) object. To obtain detailed product information house of course they have to visit the exhibition or housing sales office that would spend the time and cost. This is why the authors proposed an application that can display 3D images over the Internet by using Augmented Reality technology, so that prospective home buyers can access these applications anytime and anywhere.