Generational differences in behavioral factors affecting real estate purchase intention

IF 1.1 Q4 MANAGEMENT Property Management Pub Date : 2023-07-26 DOI:10.1108/pm-11-2022-0088
Marija Vuković
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Abstract

PurposePurchasing real estate is one of the most important and complex decisions in a life of an individual, which should take numerous factors into account. The purpose of this research is to identify which behavioral factors significantly affect the intention to buy real estate. Since the real estate market is continuously changing, along with other economic and life conditions, it is expected that different generations have different characteristics which affect their behavior; therefore, it is important to analyze generational influence on buyers' behavior.Design/methodology/approachA survey analysis was conducted on a sample of 434 respondents in Croatia. Partial least squares structural equation modeling was used to obtain the results. The moderating effect of generational affiliation was observed.FindingsOverconfidence significantly affects intention to buy real estate, but it doesn't affect the level of importance individuals give to financial factors. On the other hand, herding significantly affects the level of importance given to financial factors, whereas it does not directly affect buying intention. A significant moderating effect of generational affiliation was found for the impact of overconfidence on financial factors, suggesting a negative effect for younger generations and a positive effect for older generations.Originality/valueThis research proposes a novel unique model with both behavioral and financial factors as predictors of the intention to buy real estate, together with generational differences in buyers' behavior. Understanding normal human behavior is crucial to determine how buyers' decisions and intentions change under the influence of certain biases or characteristics such as generational affiliation.
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影响房地产购买意愿行为因素的代际差异
购买房地产是个人生活中最重要、最复杂的决定之一,需要考虑许多因素。本研究的目的是找出哪些行为因素显著影响购买房地产的意愿。由于房地产市场是不断变化的,随着其他经济和生活条件的变化,可以预期,不同的人有不同的特点,影响他们的行为;因此,分析代际对购买者行为的影响是很重要的。设计/方法/方法对克罗地亚434名答复者的抽样进行了调查分析。采用偏最小二乘结构方程建模得到了计算结果。观察到代际关系的调节作用。发现过度自信显著影响个人购买房地产的意向,但不影响个人对财务因素的重视程度。另一方面,羊群效应显著影响财务因素的重要程度,而不直接影响购买意愿。研究发现,代际关系对过度自信对财务因素的影响具有显著的调节作用,表明过度自信对年轻一代的影响为负,对年长一代的影响为正。原创性/价值本研究提出了一个新颖独特的模型,将行为和财务因素作为房地产购买意愿的预测因素,以及买家行为的代际差异。了解正常的人类行为对于确定购买者的决策和意图在某些偏见或特征(如代际关系)的影响下如何变化至关重要。
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来源期刊
Property Management
Property Management MANAGEMENT-
CiteScore
2.70
自引率
20.00%
发文量
36
期刊介绍: Property Management publishes: ■Refereed papers on important current trends and reserach issues ■Digests of market reports and data ■In-depth analysis of a specific area ■Legal updates on judgments in landlord and tenant law ■Regular book and internet reviews providing an overview of the growing body of property market research
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