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Housing Market Conditions, Listing Choice and MLS Market Share

Author

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  • David Dale‐Johnson
  • Stanley W. Hamilton

Abstract

In some housing markets, a seller may hire a broker to multiple list or exclusively list a property for sale or may bypass the brokerage industry and list the property privately as a “sale by owner.” This article introduces a new model that illustrates the factors which will impact on the broker's and seller's preferred type of listing. An implication of the model is that if the choice is available, sellers and real estate brokers will employ a multiple listing service more often during slower market periods where the volume of sales is low and properties are more difficult to sell. An empirical analysis of Vancouver data yields results consistent with these arguments.

Suggested Citation

  • David Dale‐Johnson & Stanley W. Hamilton, 1998. "Housing Market Conditions, Listing Choice and MLS Market Share," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 26(2), pages 275-307, June.
    • Handle: RePEc:bla:reesec:v:26:y:1998:i:2:p:275-307
    DOI: 10.1111/1540-6229.00746
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    Cited by:

    1. Marcus T. Allen & Justin D. Benefield & Christopher L. Cain & Norman Maynard, 2024. "Distressed Property Sales: Differences and Similarities Across Types of Distress," The Journal of Real Estate Finance and Economics, Springer, vol. 68(2), pages 318-353, February.
    2. Marcus T. Allen & Justin D. Benefield & Ronald C. Rutherford, 2023. "Co-Listing Strategies: Better Transaction Outcomes?," The Journal of Real Estate Finance and Economics, Springer, vol. 67(3), pages 517-544, October.
    3. Thomas J. Emmerling & Abdullah Yavas & Yildiray Yildirim, 2021. "To accept or not to accept: Optimal strategy for sellers in real estate," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(S1), pages 268-296, March.
    4. Ying Li & Abdullah Yavas, 2015. "Residential Brokerage in Hot and Cold Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 51(1), pages 1-21, July.
    5. David Dale-Johnson, 1999. "Anatomy of a Market Crash: Suburban Housing Supply in California: 1989 - 1994," Working Paper 8652, USC Lusk Center for Real Estate.
    6. Larceneux, Fabrice & Lefebvre, Thomas & Simon, Arnaud, 2015. "What added value do estate agents offer compared to FSBO transactions? Explanation from a perceived advantages model," Journal of Housing Economics, Elsevier, vol. 29(C), pages 72-82.
    7. Fabrice Larceneux & Thomas Lefebvre, 2016. "The " Bad Deal " Illusion," Post-Print halshs-01671084, HAL.
    8. Jonathan Wiley & Justin Benefield & Marcus Allen, 2014. "Cyclical Determinants of Brokerage Commission Rates," The Journal of Real Estate Finance and Economics, Springer, vol. 48(1), pages 196-219, January.

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