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Do Out‐of‐State Buyers Pay More for Real Estate? An Examination of Anchoring‐Induced Bias and Search Costs

Citations

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Cited by:

  1. Igal Hendel & Aviv Nevo & François Ortalo-Magné, 2009. "The Relative Performance of Real Estate Marketing Platforms: MLS versus FSBOMadison.com," American Economic Review, American Economic Association, vol. 99(5), pages 1878-1898, December.
  2. Steven Devaney & David Scofield, 2017. "Do ‘foreigners’ pay more? The effects of investor type and nationality on office transaction prices in New York City," Journal of Property Research, Taylor & Francis Journals, vol. 34(1), pages 1-18, January.
  3. Pope, Devin G. & Pope, Jaren C. & Sydnor, Justin R., 2015. "Focal points and bargaining in housing markets," Games and Economic Behavior, Elsevier, vol. 93(C), pages 89-107.
  4. Yi Fan & Maggie Rong & Wayne Xinwei Wan & Zhenping Wang, 2023. "A Tale of Two Cities: Mainland Chinese Buyers in the Hong Kong Housing Market," Review of Finance, European Finance Association, vol. 27(6), pages 2205-2232.
  5. Eichholtz, Piet & Ongena, Steven & Simeth, Nagihan & Yönder, Erkan, 2023. "Banks, non-banks, and the incorporation of local information in CMBS loan pricing," Journal of Banking & Finance, Elsevier, vol. 154(C).
  6. S. Akin & Val Lambson & Grant McQueen & Brennan Platt & Barrett Slade & Justin Wood, 2013. "Rushing to Overpay: Modeling and Measuring the REIT Premium," The Journal of Real Estate Finance and Economics, Springer, vol. 47(3), pages 506-537, October.
  7. Bernard Fingleton & Franz Fuerst & Nikodem Szumilo, 2019. "Housing affordability: Is new local supply the key?," Environment and Planning A, , vol. 51(1), pages 25-50, February.
  8. Chui, Peter M.W. & Fong, Lawrence Hoc Nang & Ren, Jinjuan & Tam, Lewis H.K., 2022. "Anchoring effects in repeated auctions of homogeneous objects: Evidence from Macao," Journal of Economic Psychology, Elsevier, vol. 90(C).
  9. Ralph B. Siebert & Michael J. Seiler, 2022. "Why Do Buyers Pay Different Prices for Comparable Products? A Structural Approach on the Housing Market," The Journal of Real Estate Finance and Economics, Springer, vol. 65(2), pages 261-292, August.
  10. Melanie Zhang & Steven Devaney & Anupam Nanda, 2018. "Strategic Alliance and Submarket Choices of Commercial Real Estate Investors – A Multinomial Approach," ERES eres2018_210, European Real Estate Society (ERES).
  11. Xiaorong Zhou & Karen Gibler & Velma Zahirovic-Herbert, 2015. "Asymmetric buyer information influence on price in a homogeneous housing market," Urban Studies, Urban Studies Journal Limited, vol. 52(5), pages 891-905, April.
  12. James Mills & Raven S. Molloy & Rebecca Zarutskie, 2015. "Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market: The Emergence of a New Asset Class?," Finance and Economics Discussion Series 2015-84, Board of Governors of the Federal Reserve System (U.S.).
  13. Peter Colwell & Henry Munneke, 2006. "Bargaining Strength and Property Class in Office Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 33(3), pages 197-213, November.
  14. Lukas, Moritz & Nöth, Markus, 2021. "Interest rate fixation periods and reference points," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 94(C).
  15. Ying Hao & Hsiang-Hui Chu & Kuan-Cheng Ko & Lin Lin, 2016. "Momentum Strategies and Investor Sentiment in the REIT Market," International Review of Finance, International Review of Finance Ltd., vol. 16(1), pages 41-71, March.
  16. Jing-Yi Chen & Ming-Hui Wang, 2023. "A Study on Real Estate Purchase Decisions," Sustainability, MDPI, vol. 15(6), pages 1-21, March.
  17. Matthew Cypher & S. McKay Price & Spenser Robinson & Michael J. Seiler, 2018. "Price Signals and Uncertainty in Commercial Real Estate Transactions," The Journal of Real Estate Finance and Economics, Springer, vol. 57(2), pages 246-263, August.
  18. Stephen L. Ross & Tingyu Zhou, 2020. "Documenting Loss Aversion using Evidence of Round Number Bias," Working papers 2020-17, University of Connecticut, Department of Economics.
  19. Chang, Chuang-Chang & Chao, Ching-Hsiang & Yeh, Jin-Huei, 2016. "The role of buy-side anchoring bias: Evidence from the real estate market," Pacific-Basin Finance Journal, Elsevier, vol. 38(C), pages 34-58.
  20. William G. Hardin III & Ken H. Johnson & Zhonghua Wu, 2009. "Brokerage Intermediation in the Commercial Property Market," Journal of Real Estate Research, American Real Estate Society, vol. 31(4), pages 397-420.
  21. Daniel Broxterman & Tingyu Zhou, 2023. "Information Frictions in Real Estate Markets: Recent Evidence and Issues," The Journal of Real Estate Finance and Economics, Springer, vol. 66(2), pages 203-298, February.
  22. Yong Tu & Pei Li & Leiju Qiu, 2017. "Housing search and housing choice in urban China," Urban Studies, Urban Studies Journal Limited, vol. 54(8), pages 1851-1866, June.
  23. Johannes Stroebel, 2016. "Asymmetric Information about Collateral Values," Journal of Finance, American Finance Association, vol. 71(3), pages 1071-1112, June.
  24. L. Li & K. W. Chau, 2024. "Information Asymmetry with Heterogeneous Buyers and Sellers in the Housing Market," The Journal of Real Estate Finance and Economics, Springer, vol. 68(1), pages 138-159, January.
  25. Akshita Singh & Shailendra Kumar & Utkarsh Goel & Amar Johri, 2023. "Behavioural biases in real estate investment: a literature review and future research agenda," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-17, December.
  26. Ralph Siebert & Michael J. Seiler, 2020. "Why Do Buyers Pay Different Prices for Comparable Products? Evidence from the Housing Market," CESifo Working Paper Series 8337, CESifo.
  27. Jonathan Wiley & Brandon Cline & Xudong Fu & Tian Tang, 2012. "Valuation Effects for Asset Sales," Journal of Financial Services Research, Springer;Western Finance Association, vol. 41(3), pages 103-120, June.
  28. Wright, Danika & Yanotti, María B., 2019. "Home advantage: The preference for local residential real estate investment," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
  29. George Cashman & David Harrison & Michael Seiler, 2014. "Advisor Choice in Asia-Pacific Property Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 48(2), pages 271-298, February.
  30. Williamson, James M. & Brady, Michael P. & Durst, Ron L., 2009. "The Effect of the Housing Boom on Farm Land Values via Tax-Deferred Exchanges," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49299, Agricultural and Applied Economics Association.
  31. Gao, Shenghao & Cao, Feng & Fok, Robert (Chi-Wing), 2019. "The anchoring effect of underwriters' proposed price ranges on institutional investors' bid prices in IPO auctions: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 63(C), pages 111-127.
  32. Peter Chinloy & William Hardin & Zhonghua Wu, 2013. "Transaction Frequency and Commercial Property," The Journal of Real Estate Finance and Economics, Springer, vol. 47(4), pages 640-658, November.
  33. David C. Ling & Andy Naranjo & Milena T. Petrova, 2018. "Search Costs, Behavioral Biases, and Information Intermediary Effects," The Journal of Real Estate Finance and Economics, Springer, vol. 57(1), pages 114-151, July.
  34. Yu Liu & Paul Gallimore & Jonathan Wiley, 2015. "Nonlocal Office Investors: Anchored by their Markets and Impaired by their Distance," The Journal of Real Estate Finance and Economics, Springer, vol. 50(1), pages 129-149, January.
  35. Keith Ihlanfeldt & Tom Mayock, 2012. "Information, Search, and House Prices: Revisited," The Journal of Real Estate Finance and Economics, Springer, vol. 44(1), pages 90-115, January.
  36. Tingyu Zhou & John M Clapp & Ran Lu‐Andrews, 2022. "Examining omitted variable bias in anchoring premium estimates: Evidence based on assessed value," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(3), pages 789-828, September.
  37. Stephen L. Ross & Tingyu Zhou, 2020. "Documenting Loss Aversion Using Evidence of Round Number Bias," Working Papers 2020-079, Human Capital and Economic Opportunity Working Group.
  38. John D. Benjamin & Peter Chinloy & William G. Hardin & Zhonghua Wu, 2008. "Clientele Effects and Condo Conversions," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(3), pages 611-634, September.
  39. Cynthia Holmes & Jia Xie, 2018. "Distortions in Real Estate Transactions with Out-of-State Participants," The Journal of Real Estate Finance and Economics, Springer, vol. 57(4), pages 592-617, November.
  40. Samuel Jones & Michael Stroup, 2013. "Economic freedom and the mispricing of single-state municipal bond closed-end funds," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 37(2), pages 173-187, April.
  41. Eli Beracha & William G. Hardin & Hilla Maaria Skiba, 2018. "Real Estate Market Segmentation: Hotels as Exemplar," The Journal of Real Estate Finance and Economics, Springer, vol. 56(2), pages 252-273, February.
  42. Terrence Clauretie & Paul Thistle, 2007. "The Effect of Time-on-Market and Location on Search Costs and Anchoring: The Case of Single-Family Properties," The Journal of Real Estate Finance and Economics, Springer, vol. 35(2), pages 181-196, August.
  43. Tianwei Yang & Derek Huo & Lennon H. T. Choy & K. W. Chau, 2023. "The Impact of Measurement and Pricing Cost on Rental Transaction Prices – Evidence from the Institutional Rental Housing Market in Beijing," The Journal of Real Estate Finance and Economics, Springer, vol. 66(1), pages 119-140, January.
  44. Jessica Shui & Shriya Murthy, 2017. "Under What Circumstances do First-time Homebuyers Overpay? – An Empirical Analysis Using Mortgage and Appraisal Data," FHFA Staff Working Papers 17-03, Federal Housing Finance Agency.
  45. David Ling & Milena Petrova, 2008. "Avoiding Taxes at Any Cost: The Economics of Tax-Deferred Real Estate Exchanges," The Journal of Real Estate Finance and Economics, Springer, vol. 36(4), pages 367-404, May.
  46. John D. Benjamin & Peter Chinloy & William G. Hardin III, 2007. "Institutional-Grade Properties: Performance and Ownership," Journal of Real Estate Research, American Real Estate Society, vol. 29(3), pages 219-240.
  47. Gene Birz & Sandip Dutta & Han Yu, 2022. "Economic forecasts, anchoring bias, and stock returns," Financial Management, Financial Management Association International, vol. 51(1), pages 169-191, March.
  48. Fuerst, Franz & Gabrieli, Tommaso & McAllister, Patrick, 2017. "A green winner's curse? Investor behavior in the market for eco-certified office buildings," Economic Modelling, Elsevier, vol. 61(C), pages 137-146.
  49. Snyder, Stephanie A. & Kilgore, Michael A. & Hudson, Rachel & Donnay, Jacob, 2008. "Influence of purchaser perceptions and intentions on price for forest land parcels: A hedonic pricing approach," Journal of Forest Economics, Elsevier, vol. 14(1), pages 47-72, January.
  50. William G. Hardin III & Matthew D. Hill & James J. Hopper, 2009. "Ownership Structure, Property Performance, Multifamily Properties and REITs," Journal of Real Estate Research, American Real Estate Society, vol. 31(3), pages 285-306.
  51. Nan Liu & Deborah Roberts, 2012. "Do Incomers Pay More for Rural Housing?," Environment and Planning A, , vol. 44(8), pages 1986-2005, August.
  52. Lee, Junyong & Lee, Kyounghun & Oh, Frederick Dongchuhl, 2023. "International portfolio diversification and the home bias puzzle," Research in International Business and Finance, Elsevier, vol. 64(C).
  53. Eric C. Chang & Tse-Chun Lin & Yan Luo & Jinjuan Ren, 2019. "Ex-Day Returns of Stock Distributions: An Anchoring Explanation," Management Science, INFORMS, vol. 65(3), pages 1076-1095, March.
  54. Sauveur Giannoni & Olivier Beaumais & Caroline Tafani, 2019. "Price gap between non-local and local buyers on the farmland market: a potential outcome approach," Working Papers hal-02400305, HAL.
  55. Patrick S. Smith & Crocker H. Liu, 2020. "Institutional Investment, Asset Illiquidity and Post‐Crash Housing Market Dynamics," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 48(3), pages 673-709, September.
  56. Poh Har Neo & Seow Eng Ong & Yong Tu, 2008. "Buyer Exuberance and Price Premium," Urban Studies, Urban Studies Journal Limited, vol. 45(2), pages 331-345, February.
  57. Marcus T. Allen & Jessica Rutherford & Ronald Rutherford & Abdullah Yavas, 2018. "Impact of Investors in Distressed Housing Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 56(4), pages 622-652, May.
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