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Selling Price and Selling Time: The Impact of Seller Motivation

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  • Michel Glower
  • Donald R. Haurin
  • Patric H. Hendershott

Abstract

This study considers the role that seller motivation plays in determining sales price and selling time. We find that sale prices are directly related to the estimated value of the property and to the amount of over-pricing, which is directly related to the seller's level of motivation. Further, a seller who has a planned date to move will over-price less (set lower list prices relative to market value) and sell more quickly than a seller with no definite move date. A seller who is willing to move later will over-price more and sell more slowly than a seller who wants to move sooner.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5071.

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Date of creation: Mar 1995
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Publication status: published as Real Estate Economics, Vol. 26 (1998): 719-740.
Handle: RePEc:nbr:nberwo:5071

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  1. 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, American Real Estate and Urban Economics Association, vol. 4(2), pages 57-75.
  2. Dale Mortensen, 1984. "Job Search and Labor Market Analysis," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 594, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Publishing House "SINERGIA PRESS", Publishing House "SINERGIA PRESS", vol. 31(3), pages 129-137.
  4. James E. Larsen & Won J. Park, 1989. "Non-Uniform Percentage Brokerage Commissions and Real Estate Market Performance," Real Estate Economics, American Real Estate and Urban Economics Association, American Real Estate and Urban Economics Association, vol. 17(4), pages 422-438.
  5. David Genesove & Christopher J. Mayer, 1993. "Equity and time to sale in the real estate market," Working Papers, Federal Reserve Bank of Boston 93-6, Federal Reserve Bank of Boston.
  6. Kerry D. Vandell & Richard K. Green, 1995. "Optimal Asking Price and Bid Acceptance Strategies for Residential Sales," Wisconsin-Madison CULER working papers, University of Wisconsin Center for Urban Land Economic Research 95-08, University of Wisconsin Center for Urban Land Economic Research.
  7. Michaels, R. Gregory & Smith, V. Kerry, 1990. "Market segmentation and valuing amenities with hedonic models: The case of hazardous waste sites," Journal of Urban Economics, Elsevier, vol. 28(2), pages 223-242, September.
  8. Lippman, Steven A & McCall, John J, 1976. "The Economics of Job Search: A Survey," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 14(3), pages 347-68, September.
  9. Donald Haurin, 1988. "The Duration of Marketing Time of Residential Housing," Real Estate Economics, American Real Estate and Urban Economics Association, American Real Estate and Urban Economics Association, vol. 16(4), pages 396-410.
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Cited by:
  1. Ping Cheng & Zhenguo Lin & Yingchun Liu, 2010. "Home Price, Time-on-Market, and Seller Heterogeneity Under Changing Market Conditions," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 41(3), pages 272-293, October.
  2. 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, American Real Estate Society, vol. 20(1), pages 205-215.
  3. Zhenguo Lin & Yingchun Liu & Kerry Vandell, 2009. "Marketing Period Risk in a Portfolio Context: Comment and Extension," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 38(2), pages 183-191, February.
  4. Steven C. BOURASSA & Donald R. HAURIN & Jessica L. HAURIN & Martin HOESLI & Jian SUN, 2005. "House Price Changes and Idiosyncratic Risk: The Impact of Property Characteristics," FAME Research Paper Series, International Center for Financial Asset Management and Engineering rp160, International Center for Financial Asset Management and Engineering.
  5. Gary Engelhardt, 2001. "Nominal Loss Aversion, Housing Equity Constraints, and Household Mobility: Evidence from the United States," Center for Policy Research Working Papers, Center for Policy Research, Maxwell School, Syracuse University 42, Center for Policy Research, Maxwell School, Syracuse University.
  6. Robert J. Shiller & Allan N. Weiss, 1998. "Moral Hazard in Home Equity Conversion," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 1177, Cowles Foundation for Research in Economics, Yale University.
  7. John D. Benjamin & Peter T. Chinloy, 2000. "Pricing, Exposure and Residential Listing Strategies," Journal of Real Estate Research, American Real Estate Society, American Real Estate Society, vol. 20(1), pages 62-74.

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