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Linking Consumer and Lender Perspectives in Home Buying: a Transaction Price Analysis
Author(s) -
HEMPEL DONALD J.,
PUNJ GIRISH N.
Publication year - 1999
Publication title -
journal of consumer affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.582
H-Index - 62
eISSN - 1745-6606
pISSN - 0022-0078
DOI - 10.1111/j.1745-6606.1999.tb00076.x
Subject(s) - database transaction , sample (material) , test (biology) , perspective (graphical) , business , marketing , transaction cost , linkage (software) , perception , transaction data , association (psychology) , economics , finance , psychology , paleontology , biochemistry , chemistry , chromatography , artificial intelligence , neuroscience , computer science , gene , biology , programming language , psychotherapist
The linkage between consumer and lender perspectives in home buying is explored. The realized transaction price in the home buying exchange is used to conceptualize this association. A framework for modeling the home purchase decision from the perspective of both lenders and buyers is presented. Data from a sample of home buyers in the northeastern United States is used to test the models. Results indicate the lender and consumer models developed provide complementary insights into the market determination of homeownership. Findings highlight the emerging significance of psychological expectations and perceptions in the homeownership decision in addition to known income and demographic effects. Implications for public policy on housing are offered.