Difficult to Show Properties and Utility Maximizing Brokers
AbstractThis article is the winner of the Real Estate and the Internet manuscript prize (sponsored by PricewaterhouseCoopers) presented at the American Real Estate Society Annual Meeting. Brokers have long believed that difficult to show properties sell at lower prices and take longer to sell. Where difficult to show properties are defined as those properties that present extraordinary difficulties for a broker in arranging or showing the listing to a particular buyer. Buyers’ recent access to online real estate applications may make the cost of avoiding these properties prohibitive to brokers. Employing a hedonic pricing model and duration modeling techniques, this study finds that property price and marketing time are not significantly affected for these properties. The results suggest that brokers possess limited market power.
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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 23 (2002)
Issue (Month): 1/2 ()
Contact details of provider:
Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
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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- Ken H. Johnson & Sean P. Salter & Leonard V. Zumpano & Randy I. Anderson, 2001. "Exterior Insulation and Finish Systems: The Effect on Residential Housing Prices and Marketing Time," Journal of Real Estate Research, American Real Estate Society, vol. 22(3), pages 289-312.
- Jerry T. Haag & Ronald C. Rutherford & Thomas A. Thomson, 2000. "Real Estate Agent Remarks: Help or Hype?," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 205-215.
- Jacob Belkin & Donald J. Hempel & Dennis W. McLeavey, 1976. "An Empirical Study of Time on Market Using Multidimensional Segmentation of Housing Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 4(2), pages 57-75.
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