Mispricing and Optimal Time on the Market
This study is an empirical examination of the relationship between pricing and optimal time on the market (TOM). First, estimates of optimal TOMs for our data set are generated using a linear programming model. Next, a workable measure of pricing is provided based on predicted listing prices and predicted sales prices. We are then able to measure directly the relationship between pricing and optimal TOM. The results of our analysis indicate that both overpricing and underpricing would prevent the achievement of optimal TOM and result in suboptimal sales prices.
Volume (Year): 8 (1993)
Issue (Month): 1 ()
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References listed on IDEAS
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- 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.
- 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.
- Thomas J. Miceli, 1989. "The Optimal Duration of Real Estate Listing Contracts," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(3), pages 267-277.
- David Geltner & Brian D. Kluger & Norman G. Miller, 1991. "Optimal Price and Selling Effort from the Perspectives of the Broker and Seller," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(1), pages 1-24.
- Donald Haurin, 1988. "The Duration of Marketing Time of Residential Housing," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 396-410.
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