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Competing Risks in a Time-on-the-Market Analysis

Author

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  • Erik R. de Wit

Abstract

Sellers of owner occupied dwellings can decrease the expected time-till- sale of their dwelling by lowering the advertised listprice of the dwelling.This article investigates the e ect of listprice reductions on the transition rates of dwellings from the market through i) a sale, or ii) a withdrawal from the market. We use a timing-of-events model with competing risks (a sale or a withdrawal of the dwelling from the market). Our data con- sists of all dwellings put on the market between the start of 2005 and the end of 2007, o ered through brokers which are a member of the NVM (Dutch Real Estate Brokers Association). Our data covers approximately 75% of all owner occupied dwellings o ered for sale in the Netherlands during this period. We nd that a listprice reduction raises the transi- tion rate from market to sale by more than 260%, a listprice reduction raises the transition rate from market to withdrawal by more than 40%.

Suggested Citation

  • Erik R. de Wit, 2009. "Competing Risks in a Time-on-the-Market Analysis," ERES eres2009_307, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2009_307
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    Cited by:

    1. de Wit, Erik R. & van der Klaauw, Bas, 2013. "Asymmetric information and list-price reductions in the housing market," Regional Science and Urban Economics, Elsevier, vol. 43(3), pages 507-520.
    2. Aydin, Erdal & Correa, Santiago Bohórquez & Brounen, Dirk, 2019. "Energy performance certification and time on the market," Journal of Environmental Economics and Management, Elsevier, vol. 98(C).

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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