The Effects Of Marketing Label On Housing Prices

Based on the demand of consumers for various types of residences,real estate developers design and develop all kinds of residential products,and pass relevant information to home buyers through marketing activities.As an information carrier,marketing label makes the characteristics of residence explicit and affects the behavior of home buyers,such as green label,education label,rail transit label and park label.Therefore,the influence of marketing label cannot be ignored.In order to discuss the influence of marketing label on housing prices,this research collects 2016 new housing transaction data in Hangzhou and constructs multiple sets of hedonic price models to determine the average effects of maketing label on housing prices.Besides,this research introduces quantile regression model to identify the qualtile effect of marketing label on low-,medium-,and high-prices housings and reveal the heterogeneous consumption behavior at different housing price levels.Through empirical research,the conclusions of this research are as follows:(1)Marketing label affects housing prices significantly.Different marketing labels have different effects on housing prices.And compared with those marketing labels used by real estate developers in advertising,the officially certified label has a stronger premium ability.(2)In the spatial dimension,there are significant differences in the impact of marketing label on housing prices.Real estate developers use public goods adjacent to residence for marketing,and corresponding marketing label would have a significant impact on housing prices within the service radius of public goods.The effect of marketing label differs significantly with the change of distance between residence and public goods.(3)The value of marketing label variables varies with housing prices across different conditional distribution.Compared with high-priced residence,marketing label has a greater impact on low-priced residence.Therefore,homebuyers' preferences may be heterogeneous in different conditional distribution of housing prices.