What homebuyers cares about？Evidence from real estate market and comment text

• 1、School of Economics and Management of Southwest Jiaotong University,Chengdu 610031
• 2、School of Construction Management and Real Estate,Chongqing University,Chongqing 400045

Abstract：The analysis of homebuyers\' willingness to pay for various factors based on housing price data and economic models has drawn considerable attention from scholars. However, previous studies lack a detailed exploration of homebuyer preference, resulting in some key factors not included in the economic model. To fill this gap, we use the LDA topic model to mine buyers\' preference for living environment from online comment texts. Results confirm that, homebuyers would not only consider the supporting conditions of public facilities around the housing, but also pay attention to the " resident\'s quality", " building quality" as well as " internal environment of the community", which were rarely considered by previous scholars. On the basis of fully exploring the preference of homebuyers, we adopt the hedonic price model to analyze the marginal willingness to pay of homebuyers globally, as well as combine the geographically weighted regression model to analyze the spatial heterogeneity of the preference of homebuyers. The results show that homebuyers preference has a significant impact on the housing premium, and some preferences have significant spatial differences.

Keywords： living environment housing price LDA topic model hedonic price model geographically weighted regression