Research On The Influence Of Family Characteristics And Psychological Factors On Residents' Housing Purchase Decision

At the end of 2019,COVID-19 suddenly broke out in Wuhan.Up to now,COVID-19’s traceability is still in progress,and COVID-19’s origin is still inconclusive.In the first quarter of 2020,COVID-19 spread rapidly to the whole country.This sudden public health emergency hit China’s economic development,resulting in a 6.8% decline in GDP growth.In January 2020,the real estate sale offices in most parts of the country were closed to prevent and control the epidemic.As a living demand to satisfy the basic needs of residents for "clothing,food,housing and transportation",house purchase is a major life event for residents,and residents’ house purchase behavior is affected by many factors.According to the research of Chinese scholars or abroad scholars,from the political stability,credit and fiscal policies of a country to the residents’ expectations of house prices and the stage of life cycle will affect the residents’ house purchase behavior.Besides that,Chinese wants to obtain the complete rights of urban residents through house purchase,the "collective household registration" changing into "permanent resident household registration".Referring to the life cycle-Lasting Income Theory and Expected Utility Theory,and conducting in-depth interviews with house buyers,this paper summarizes three key factors affecting residents’ house purchase behavior that are less concerned by scholars-income expectation,house price expectation and credit policy.This paper strictly follows the research logic of theoretical analysis-empirical analysis-making suggestions,and uses standardized analysis methods.Based on the theoretical hypothesis that the above three factors affect residents’ house purchase behavior,taking house purchase behavior before and after the closure of the real estate sale office affected by the epidemic happened in Jiaxing City,Zhejiang Province as a sample,and taking the significant changes in residents’ income expectation,house price expectation and credit policy before and after the epidemic as the starting point,the article here builds a binary logistic regression model to explore how residents’ income expectation,house price expectation and credit policy impacting on Residents’ house purchase behavior.We can learn that:(1)Age of the head of household and household size,household income expectation and house price expectation of psychological factors have a significant impact on Residents’ house purchase decision,while residents’ annual income has little impact on Residents’ house purchase decision,This may be due to the high house price China.The residents’ income on Residents’ house purchase decision needs to be studied in a wider range;(2)Taking COVID-19 as the entry point,under different credit backgrounds,different factors have different influence on the residents’ purchase decisions.In the case of tight credit,because people are generally not optimistic about house price expectations,at this time,the house purchase decision is mainly to meet the housing consumption needs of residents,mainly driven by income expectations,and the corresponding real estate market is relatively stable;In the context of loose credit and generally optimistic about house price expectations,households with purchasing power(generally those with larger family size and older head of household)will convert other assets into real estate assets to obtain higher income.At this time,households with larger family size and older head of household are more likely to take house purchase decisions,The real estate market is in the process of rapid warming;(3)Income expectation as a constraint factor,house price expectation as a gain factor and credit policy as a limited group influence factor,their influence on Residents’ house purchase decision-making decreases in turn;The influence proportion of each factor is different.(4)The above conclusions can be further verified by comparing the customers before and after the closure of the sales offices affected by the epidemic situation;By comparing the differences in the area of the house type,the number of transactions,the average age and the payment method,the differences in each index are very small,which further proves the rationality of the model construction and sample selection,but each small difference points to the same conclusion.Before the closure of the Sales Office affected by the epidemic,the residents’ purchase decision was mainly driven by income expectation,At this time,residents’ house purchase is mainly to meet their living needs.After the reopening of the sales office,residents’ house purchase decisions are mainly made on the premise of optimistic house price expectations.Resident families with purchase strength make house purchase decisions to meet their investment needs,but the proportion of investment demand is limited.Based on the research conclusions,further suggestions are put forward on residents how to purchase houses rationally,real estate companies how to conduct accurate marketing,and relevant government departments how to establish a long-term mechanism of real estate regulation.