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Hedonic Modeling of the Home Selling Process

In: Hedonic Methods in Housing Markets

Author

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  • John R. Knight

    (University of the Pacific)

Abstract

Many aspects of the housing market distinguish it from a perfectly competitive market. In a perfectly competitive market, a large number of buyers and sellers, together with ease of entry and exit, ensure that all participants are price takers. The marketplace is clearly defined and products in such markets are perfectly homogeneous. Moreover, information about price is easily obtained and instantly known. A considerable literature has developed over the last several years regarding the selling process sketched above. To date however, hedonic studies of environmental amenities and disamenities have largely ignored the impact of the selling process on selling price and attribute values. This chapter provides a review of the relevant theories that have been offered to explain buyer and seller behavior in this process, describes an econometric model that may be employed to test these theories within the hedonic framework, and highlights some of the important empirical results.

Suggested Citation

  • John R. Knight, 2008. "Hedonic Modeling of the Home Selling Process," Springer Books, in: Andrea Baranzini & José Ramirez & Caroline Schaerer & Philippe Thalmann (ed.), Hedonic Methods in Housing Markets, chapter 2, pages 39-54, Springer.
    • Handle: RePEc:spr:sprchp:978-0-387-76815-1_3
    DOI: 10.1007/978-0-387-76815-1_3
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    Citations

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    Cited by:

    1. Andrea Baranzini & José V. Ramirez & Caroline Schaerer & Philippe Thalmann, 2008. "Introduction to this Volume: Applying Hedonics in the Swiss Housing Markets," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 144(IV), pages 543-559, December.
    2. Ottoz, Elisabetta & Pavese, Piermassimo & Sella, Lisa, 2020. "The Effect of Movida on Residential Property Prices: An Example from Turin," Department of Economics and Statistics Cognetti de Martiis. Working Papers 202027, University of Turin.
    3. Andrea Baranzini & Caroline Schaerer & José V. Ramirez & Philippe Thalmann, 2008. "Do Foreigners Pay Higher Rents for the Same Quality of Housing in Geneva and Zurich?," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 144(IV), pages 703-730, December.
    4. Guignet, Dennis B. & Martinez-Cruz, Adan L., 2018. "The impacts of underground petroleum releases on a homeowner's decision to sell: A difference-in-differences approach," Regional Science and Urban Economics, Elsevier, vol. 69(C), pages 11-24.
    5. Irwin, Nicholas & Wolf, David, 2022. "Time is money: Water quality's impact on home liquidity and property values," Ecological Economics, Elsevier, vol. 199(C).

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