Predicting Days on Market: The Influence of Environmental and Home Attributes
AbstractThis paper estimates the difference in the number of days a home will remain on the market based upon its environmental attributes. Using on-site inspections of 3088 home sites, the results, using two-stage least squares, show that time on market is reduced and price increased by a variety of green features such as trees, landscaping, open spaces and parks, while time on market is increased and/or price decreased by man-made obstructions such as power lines, roads near the home, train tracks, and apartments. This research finds home orientation to and not just the distance from roads has a significant impact on home price and time on market regardless of traffic volume. Apartments in view are found to significantly reduce home prices and increase time on market while cathedral ceilings increased home price. Homes in subdivisions were found to sell for higher prices and sell more quickly while the price of homes was not influenced by a hill obstructing the rear even though time on market was significantly increased.
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Bibliographic InfoArticle provided by New York State Economics Association (NYSEA) in its journal New York Economic Review.
Volume (Year): 39 (2008)
Issue (Month): 1 ()
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- Michel Glower & Donald R. Haurin & Patric H. Hendershott, 1998. "Selling Time and Selling Price: The Influence of Seller Motivation," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 26(4), pages 719-740.
- Steven C. BOURASSA & Martin HOESLI & Jian SUN, 2003. "The Price of Aesthetic Externalities," FAME Research Paper Series rp98, International Center for Financial Asset Management and Engineering.
- Taylor, Curtis R, 1999. "Time-on-the-Market as a Sign of Quality," Review of Economic Studies, Wiley Blackwell, vol. 66(3), pages 555-78, July.
- Munneke, Henry J & Yavas, Abdullah, 2001. "Incentives and Performance in Real Estate Brokerage," The Journal of Real Estate Finance and Economics, Springer, vol. 22(1), pages 5-21, January.
- Thomas J. Miceli, 1989. "The Optimal Duration of Real Estate Listing Contracts," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(3), pages 267-277.
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