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A Matching Model of the Housing Market: Searching for a Motivated Partner

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Author Info
James Albrecht
Axel Anderson

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Abstract

We construct a bilateral search model of the housing market in which agents differ in their flow rewards while searching. Buyers and sellers enter the market with high flow rewards, but move at a Poisson rate to a state with low flow rewards if they do not transact in the meantime. We characterize the equilibrium steady state matching pattern and compare this to the constrained efficient matching pattern. We also characterize the joint distribution of price and time to sale (for sellers). The expected price conditional on time to sale falls with time spent on the market, while the conditional variance of price first rises and then falls with time on the market

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Paper provided by Society for Economic Dynamics in its series 2004 Meeting Papers with number 376.

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Date of creation: 2004
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Handle: RePEc:red:sed004:376

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Related research
Keywords: matching; search; housing;

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Find related papers by JEL classification:
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information

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  1. Michael A. Arnold, 1999. "Search, Bargaining and Optimal Asking Prices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 27(3), pages 453-481. [Downloadable!] (restricted)
  2. van den Berg, Gerard J, 1990. "Nonstationarity in Job Search Theory," Review of Economic Studies, Blackwell Publishing, vol. 57(2), pages 255-77, April. [Downloadable!] (restricted)
  3. Horowitz, Joel L, 1992. "The Role of the List Price in Housing Markets: Theory and an Econometric Model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 7(2), pages 115-29, April-Jun. [Downloadable!] (restricted)
  4. Burdett, Kenneth & Vishwanath, Tara, 1988. "Declining Reservation Wages and Learning," Review of Economic Studies, Blackwell Publishing, vol. 55(4), pages 655-65, October. [Downloadable!] (restricted)
  5. Becker, Gary S, 1973. "A Theory of Marriage: Part I," Journal of Political Economy, University of Chicago Press, vol. 81(4), pages 813-46, July-Aug.. [Downloadable!] (restricted)
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  6. 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. [Downloadable!] (restricted)
  7. Merlo, Antonio & Ortalo-Magne, Francois, 2004. "Bargaining over residential real estate: evidence from England," Journal of Urban Economics, Elsevier, vol. 56(2), pages 192-216, September. [Downloadable!] (restricted)
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