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Pricing Strategies and Residential Property Selling Prices

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Abstract

Research on many consumer goods has indicated that pricing strategies may influence perceptions of quality. Whether such perceptions exist for large assets like real estate, which may therefore allow strategies to influence selling prices is the subject of this study. Large high-rise centrally-located condominium data is used to test whether asking prices are an indicator of value to buyers.

Suggested Citation

  • Norman G. Miller & Michael A. Sklarz, 1987. "Pricing Strategies and Residential Property Selling Prices," Journal of Real Estate Research, American Real Estate Society, vol. 2(1), pages 31-40.
  • Handle: RePEc:jre:issued:v:2:n:1:1987:p:31-40
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    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol02n01/v02p031.pdf
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    References listed on IDEAS

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    1. J. Douglas McConnell, 1968. "An Experimental Examination of the Price-Quality Relationship," The Journal of Business, University of Chicago Press, vol. 41, pages 439-439.
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    Cited by:

    1. Cardella, Eric & Seiler, Michael J., 2016. "The effect of listing price strategy on real estate negotiations: An experimental study," Journal of Economic Psychology, Elsevier, vol. 52(C), pages 71-90.
    2. Antonio Merlo & François Ortalo-Magné, 2002. "Bargaining over Residential Real Estate: Evidence from England (Third Version)," PIER Working Paper Archive 04-020, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 11 Mar 2004.
    3. Marcus Allen & Ronald Rutherford & Thomas Thomson, 2009. "Residential Asking Rents and Time on the Market," The Journal of Real Estate Finance and Economics, Springer, vol. 38(4), pages 351-365, May.
    4. 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.
    5. Eli Beracha & Michael Seiler, 2014. "The Effect of Listing Price Strategy on Transaction Selling Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 49(2), pages 237-255, August.
    6. repec:kap:rqfnac:v:49:y:2017:i:1:d:10.1007_s11156-016-0583-z is not listed on IDEAS
    7. Han, Lu & Strange, William C., 2015. "The Microstructure of Housing Markets," Handbook of Regional and Urban Economics, Elsevier.
    8. Antonio Merlo & François Ortalo‐Magné & John Rust, 2015. "The Home Selling Problem: Theory And Evidence," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 56, pages 457-484, May.
    9. 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.
    10. Eric Cardella & Michael J. Seiler, 2016. "The Effect of Listing Price Strategy on Real Estate Negotiations: An Experimental Study," Framed Field Experiments 00623, The Field Experiments Website.
    11. Abel Cadenillas & Robert Elliott & Hong Miao & Zhenyu Wu, 2009. "Risk-Hedging in Real Estate Markets," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 16(4), pages 265-285, December.
    12. repec:kap:jrefec:v:55:y:2017:i:2:d:10.1007_s11146-016-9558-z is not listed on IDEAS
    13. Randy Anderson & Raymond Brastow & Geoffrey Turnbull & Bennie Waller, 2014. "Seller Over-Pricing and Listing Contract Length: The Effects of Endogenous Listing Contracts on Housing Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 49(3), pages 434-450, October.

    More about this item

    JEL classification:

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

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