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Repair Expenses, Selling Contracts, and House Prices

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Author Info
John R. Knight () (University of the Pacific Stockton, CA 95211)
Thomas Miceli () (University of Connecticut Storrs, CT 06269)
C. F. Sirmans () (University of Connecticut Storrs, CT 06269)

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Abstract

This paper examines the impact of repair expenses on the selling price of a house. Using data from settlement statements, we investigate the frequency and extent to which performance of major repairs is part of the sales contract. We find that most homes are restored to a "normally maintained" state each time the home changes hands, and that the cost of bringing the home to this condition is included as part of house selling price. This implies it may be unnecessary to measure maintenance levels when using transaction data to study components of house price or to construct house price indexes.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol20n03/03.323_336.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 20 (2000)
Issue (Month): 3 ()
Pages: 323-336
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Handle: RePEc:jre:issued:v:20:n:3:2000:p:323-336

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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
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Find related papers by JEL classification:
L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Sirmans, G. Stacy & Smith, Stanley D. & Sirmans, C. F., 1983. "Assumption Financing and Selling Price of Single-Family Homes," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 18(03), pages 307-317, September. [Downloadable!]
  2. Chinloy, Peter, 1980. "The effect of maintenance expenditures on the measurement of depreciation in housing," Journal of Urban Economics, Elsevier, vol. 8(1), pages 86-107, July. [Downloadable!] (restricted)
  3. Jan K. Brueckner, 1984. "Creative Financing and House Prices: A Theoretical Inquiry into the Capitalization Issue," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(4), pages 417-426. [Downloadable!] (restricted)
  4. 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.. [Downloadable!] (restricted)
  5. Arnott, Richard & Davidson, Russell & Pines, David, 1983. "Housing Quality, Maintenance and Rehabilitation," Review of Economic Studies, Blackwell Publishing, vol. 50(3), pages 467-94, July. [Downloadable!] (restricted)
  6. Shilling, James D. & Sirmans, C. F. & Turnbull, Geoffrey K. & Benjamin, John D., 1992. "Hedonic prices and contractual contingencies," Journal of Urban Economics, Elsevier, vol. 32(1), pages 108-118, July. [Downloadable!] (restricted)
  7. Reschovsky, James D, 1992. "An Empirical Investigation into Homeowner Demand for Home Upkeep and Improvement," The Journal of Real Estate Finance and Economics, Springer, vol. 5(1), pages 55-71, March.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Joseph Gyourko & Joseph Tracy, 2003. "Using home maintenance and repairs to smooth variable earnings," Staff Reports 168, Federal Reserve Bank of New York. [Downloadable!]
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