Reexamining the Impact of Employee Relocation Assistance on Housing Prices
AbstractIn this paper, we reexamine the issue of whether corporate relocation assistance programs for transferred employees significantly affect sale prices of single-family homes. We estimate a hedonic price equation that includes physical housing characteristics, location factors, occupancy status, and type of seller for a sample of 2,441 transactions. Seller types include (a) transferred employees who were given direct relocation assistance, (b) transferred employees who were not given direct relocation assistance, and (c) sellers who were not facing an employment transfer. After controlling for vacancy and tenant occupancy, we find that houses sold by transferred employees who receive direct relocation assistance exhibit no significant price differential, but that houses sold by transferred employees who do not receive direct relocation assistance sell at a discount of approximately 3%.
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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 13 (1997)
Issue (Month): 1 ()
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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Find related papers by JEL classification:
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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- Radcliffe G. Edmonds, 1984. "A Theoretical Basis for Hedonic Regression: A Research Primer," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(1), pages 72-85.
- Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
- Mark G. Dotzour & Donald R. Levi, 1992. "The Impact of Corporate Ownership on Residential Transaction Prices," Journal of Real Estate Research, American Real Estate Society, vol. 7(2), pages 207-216.
- Ken Johnson & Thomas Springer & Christopher Brockman, 2005. "Price Effects of Non-Traditionally Broker-Marketed Properties," The Journal of Real Estate Finance and Economics, Springer, vol. 31(3), pages 331-343, November.
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