Predicting Days on Market: The Influence of Environmental and Home Attributes
This paper estimates the difference in the number of days a home will remain on the market based upon its environmental attributes. Using on-site inspections of 3088 home sites, the results, using two-stage least squares, show that time on market is reduced and price increased by a variety of green features such as trees, landscaping, open spaces and parks, while time on market is increased and/or price decreased by man-made obstructions such as power lines, roads near the home, train tracks, and apartments. This research finds home orientation to and not just the distance from roads has a significant impact on home price and time on market regardless of traffic volume. Apartments in view are found to significantly reduce home prices and increase time on market while cathedral ceilings increased home price. Homes in subdivisions were found to sell for higher prices and sell more quickly while the price of homes was not influenced by a hill obstructing the rear even though time on market was significantly increased.
Volume (Year): 39 (2008)
Issue (Month): 1 ()
|Contact details of provider:|| Web page: http://nysea.bizland.com/|
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Munneke, Henry J & Yavas, Abdullah, 2001. "Incentives and Performance in Real Estate Brokerage," The Journal of Real Estate Finance and Economics, Springer, vol. 22(1), pages 5-21, January.
- 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.
- Steven C. BOURASSA & Martin HOESLI & Jian SUN, 2003. "The Price of Aesthetic Externalities," FAME Research Paper Series rp98, International Center for Financial Asset Management and Engineering.
- Michel Glower & Donald R. Haurin & Patric H. Hendershott, 1998. "Selling Time and Selling Price: The Influence of Seller Motivation," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 26(4), pages 719-740.
- Taylor, Curtis R, 1999. "Time-on-the-Market as a Sign of Quality," Review of Economic Studies, Wiley Blackwell, vol. 66(3), pages 555-78, July.
When requesting a correction, please mention this item's handle: RePEc:nye:nyervw:v:39:y:2008:i:1:p:70-84. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Eryk Wdowiak)
If references are entirely missing, you can add them using this form.