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Real Estate Agent Remarks: Help or Hype?

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Abstract

This article groups the remarks of a multiple listing service listing into common themes and then uses a hedonic pricing model to determine whether such comments are priced in a meaningful way. The comments provide information on the motivation of the seller, location of the property and physical improvements or defects. Most of the comments analyzed are statistically significant. Negative comments are associated with lower sales prices suggesting the helpful nature of comments. Some of the positive comments, however, including "new paint" and "good location" are also associated with lower sales prices suggesting that some comments may be better classified as hype.

Suggested Citation

  • 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, vol. 20(1), pages 205-215.
  • Handle: RePEc:jre:issued:v:18:n:3:2000:p:205-215
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    References listed on IDEAS

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    1. Radcliffe G. Edmonds, 1984. "A Theoretical Basis for Hedonic Regression: A Research Primer," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(1), pages 72-85.
    2. Springer, Thomas M, 1996. "Single-Family Housing Transactions: Seller Motivations, Price, and Marketing Time," The Journal of Real Estate Finance and Economics, Springer, vol. 13(3), pages 237-254, November.
    3. Do, A Quang & Grudnitski, Gary, 1995. "Golf Courses and Residential House Prices: An Empirical Examination," The Journal of Real Estate Finance and Economics, Springer, vol. 10(3), pages 261-270, May.
    4. Bagnoli, Mark & Khanna, Naveen, 1991. "Buyers' and Sellers' Agents in the Housing Market," The Journal of Real Estate Finance and Economics, Springer, vol. 4(2), pages 147-156, June.
    5. Michel Glower & Donald R. Haurin & Patric H. Hendershott, 1995. "Selling Price and Selling Time: The Impact of Seller Motivation," NBER Working Papers 5071, National Bureau of Economic Research, Inc.
    6. Abdullah Yavaş, 1992. "A Simple Search and Bargaining Model of Real Estate Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(4), pages 533-548.
    7. Abdullah Yavas & Shiawee Yang, 1995. "The Strategic Role of Listing Price in Marketing Real Estate: Theory and Evidence," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 23(3), pages 347-368.
    8. James D. Shilling & John D. Benjamin & C.F. Sirmans, 1990. "Estimating Net Realizable Value for Distressed Real Estate," Journal of Real Estate Research, American Real Estate Society, vol. 5(1), pages 129-140.
    9. Fred A. Forgey & Ronald C. Rutherford & Michael L. VanBuskirk, 1994. "Effect of Foreclosure Status on Residential Selling Price," Journal of Real Estate Research, American Real Estate Society, vol. 9(3), pages 313-318.
    10. Zuehlke, Thomas W, 1987. "Duration Dependence in the Housing Market," The Review of Economics and Statistics, MIT Press, vol. 69(4), pages 701-704, November.
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    Citations

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    Cited by:

    1. Elizabeth Plummer, 2014. "The Effects of Property Tax Protests on the Assessment Uniformity of Residential Properties," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 42(4), pages 900-937, December.
    2. Shaun A. Bond & Avis Devine, 2016. "Certification Matters: Is Green Talk Cheap Talk?," The Journal of Real Estate Finance and Economics, Springer, vol. 52(2), pages 117-140, February.
    3. Rosane Hungria-Gunnelin, 2013. "Impact of Number of Bidders on Sale Price of Auctioned Condominium Apartments in Stockholm," International Real Estate Review, Asian Real Estate Society, vol. 16(3), pages 274-295.
    4. Kimberly Goodwin & Ken Johnson & Leonard Zumpano, 2012. "Minimum Service Requirements, Limited Brokers and Menuing of Services," The Journal of Real Estate Finance and Economics, Springer, vol. 45(2), pages 471-490, August.
    5. Zumpano, Leonard V. & Johnson, Ken H. & Anderson, Randy I., 2003. "Internet use and real estate brokerage market intermediation," Journal of Housing Economics, Elsevier, vol. 12(2), pages 134-150, June.
    6. Adam Nowak & Patrick Smith, 2015. "Textual Analysis in Real Estate," Working Papers 15-34, Department of Economics, West Virginia University.
    7. Bruce Gordon & Sean P. Salter & Ken H. Johnson, 2002. "Difficult to Show Properties and Utility Maximizing Brokers," Journal of Real Estate Research, American Real Estate Society, vol. 23(1/2), pages 111-128.
    8. Aaron Arndt & David M Harrison & Mark A. Lane & Vicky L Seiler & Michael J. Seiler, 2017. "Real Estate Agent Target Marketing: Are Buyers Drawn Towards Particular Real Estate Agents?," Framed Field Experiments 00629, The Field Experiments Website.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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