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Selling Price and Marketing Time in the Residential Real Estate Market

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Abstract

This paper examines the complex relationship between selling price, listing price, housing features, housing market conditions, and marketing time in a large sample of single-family homes. A key finding is that, for houses of equal quality, marketing time varies with the level of contract mortgage rates. Overpricing by sellers is not a successful strategy, however, even under market conditions in which houses in general sell relatively quickly. Finally, marketing time is significantly shorter for newer homes, particularly those in medium or high price ranges, but a home's size has no significant effect on the number of days it remains on the market.

Suggested Citation

  • Han Bin Kang & Mona J. Gardner, 1989. "Selling Price and Marketing Time in the Residential Real Estate Market," Journal of Real Estate Research, American Real Estate Society, vol. 4(1), pages 21-35.
  • Handle: RePEc:jre:issued:v:4:n:1:1989:p:21-35
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    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol04n01/v04p021.pdf
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    References listed on IDEAS

    as
    1. Han Bin Kang & Alan K. Reichert, 1987. "An Evaluation of Alternative Estimation Techniques and Functional Forms in Developing Statistical Appraisal Models," Journal of Real Estate Research, American Real Estate Society, vol. 2(1), pages 1-29.
    2. Norman G. Miller, 1978. "Time on the Market and Selling Price," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 6(2), pages 164-174.
    3. Jacob Belkin & Donald J. Hempel & Dennis W. McLeavey, 1976. "An Empirical Study of Time on Market Using Multidimensional Segmentation of Housing Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 4(2), pages 57-75.
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    JEL classification:

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

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