Price Concessions, Time on the Market, and the Actual Sale Price of Homes
This article examines the relationship between listing price concessions, time on the market, and the actual sale price of homes. The principal hypothesis that significant listing price concessions, usually the result of overpricing, can lead to real discounts on the final sale price is proven by our empirical results. We also found that the longer the time on the market, the higher the sale price, ceteris paribus. This finding is consistent with the theory that the longer a property remains on the market, the higher the probability is that relatively superior selling price can be realized. Copyright 1993 by Kluwer Academic Publishers
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