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Selling Price and Selling Time: The Impact of Seller Motivation

  • Michel Glower
  • Donald R. Haurin
  • Patric H. Hendershott

This study considers the role that seller motivation plays in determining sales price and selling time. We find that sale prices are directly related to the estimated value of the property and to the amount of over-pricing, which is directly related to the seller's level of motivation. Further, a seller who has a planned date to move will over-price less (set lower list prices relative to market value) and sell more quickly than a seller with no definite move date. A seller who is willing to move later will over-price more and sell more slowly than a seller who wants to move sooner.

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File URL: http://www.nber.org/papers/w5071.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5071.

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Date of creation: Mar 1995
Date of revision:
Publication status: published as Real Estate Economics, Vol. 26 (1998): 719-740.
Handle: RePEc:nbr:nberwo:5071
Note: PE
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  1. David Genesove & Christopher J. Mayer, 1994. "Equity and Time to Sale in the Real Estate Market," NBER Working Papers 4861, National Bureau of Economic Research, Inc.
  2. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 31(3), pages 129-137.
  3. Mortensen, Dale T., 1987. "Job search and labor market analysis," Handbook of Labor Economics, in: O. Ashenfelter & R. Layard (ed.), Handbook of Labor Economics, edition 1, volume 2, chapter 15, pages 849-919 Elsevier.
  4. 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.
  5. Michaels, R. Gregory & Smith, V. Kerry, 1990. "Market segmentation and valuing amenities with hedonic models: The case of hazardous waste sites," Journal of Urban Economics, Elsevier, vol. 28(2), pages 223-242, September.
  6. Kerry D. Vandell & Richard K. Green, 1995. "Optimal Asking Price and Bid Acceptance Strategies for Residential Sales," Wisconsin-Madison CULER working papers 95-08, University of Wisconsin Center for Urban Land Economic Research.
  7. 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.
  8. Lippman, Steven A & McCall, John J, 1976. "The Economics of Job Search: A Survey," Economic Inquiry, Western Economic Association International, vol. 14(3), pages 347-68, September.
  9. James E. Larsen & Won J. Park, 1989. "Non-Uniform Percentage Brokerage Commissions and Real Estate Market Performance," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(4), pages 422-438.
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