Download or read book An Investigation of Buyer Search in the Residential Real Estate Market Under Different Market Conditions written by Edward A. Baryla and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this research is to examine buyer search under different market conditions. We conduct a survival regression analysis of survey data generated by the National Association of Realtors for 1988, 1991 and 1993. We find, in all instances, that economic conditions are the dominant factor influencing search duration. Some evidence does indicate, however, that search is influenced by interest rates. Additionally, the evidence suggests that the probability of finding a home increases for broker-assisted search, while this is not the case for self-conducted search.
Download or read book The Microstructures of Housing Markets written by Susan J. Smith and published by Routledge. This book was released on 2013-10-31 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: House prices and mortgage debt have moved to centre stage in the management of national economies, regional development and neighbourhood change. Describing, analysing and understanding how housing markets work within and across these scales of economy and society has never been more urgent. But much more is known about the macro-scales than the microstructures; and about the economic rather than social drivers of housing market dynamics. This book redresses the balance. It shows that housing markets are social, cultural and psychological – as well as economic – affairs. This multidisciplinary approach is helpful in understanding the economic staples of supply, demand, price and information. It also casts new light on the emotional and political economy of markets.
Download or read book Economic Analysis of the Digital Economy written by Avi Goldfarb and published by University of Chicago Press. This book was released on 2015-05-08 with total page 510 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a small and growing literature that explores the impact of digitization in a variety of contexts, but its economic consequences, surprisingly, remain poorly understood. This volume aims to set the agenda for research in the economics of digitization, with each chapter identifying a promising area of research. "Economics of Digitization "identifies urgent topics with research already underway that warrant further exploration from economists. In addition to the growing importance of digitization itself, digital technologies have some features that suggest that many well-studied economic models may not apply and, indeed, so many aspects of the digital economy throw normal economics in a loop. "Economics of Digitization" will be one of the first to focus on the economic implications of digitization and to bring together leading scholars in the economics of digitization to explore emerging research.
Download or read book Market Making in the Residential Real Estate Market written by Curtis G. Tenney and published by . This book was released on 2001-05-01 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research investigates using a market maker mechanism in the 1998 Northern Virginia residential real estate market. Market maker functions are defined and described as they have been characterized in the literature. The benefits of having market makers range from shortening trading time and reducing transaction costs to transmitting information quicker and cheaper and reducing total selling costs and equilibrium prices. The market maker assumes risk from the seller and provides future liquidity to buyers. Real estate agents are not true market makers since they do not fulfill most market maker functions. Ideas from many authors are used to describe theoretical models of the existing and alternative market structures. Almost all sellers currently list their homes with a realtor using the Multiple Listing Service (MLS), indicating that trying to sell their home on their own or becoming a landlord are unattractive options. Although for buyers there is very little difference, market makers make a big difference for sellers. Since sales to a market maker are immediate, there is no need to discount expected future revenues. The data for this study comes from the 1998 Northern Virginia MLS sales database. After the theoretical models are reduced using some basic assumptions about the real world market, regression analysis is used to estimate sales prices. Sales timing data is used to compute the probabilities of selling a home as well as the revenues and costs of the market maker. The final results are shown for several different assumed discount rates.
Download or read book Buying First Or Selling First in Housing Markets written by Espen R. Moen and published by . This book was released on 2014 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Housing transactions by owner-occupiers take two steps, purchase of a new property and sale of the old housing unit. This paper shows how the transaction sequence decision of owner-occupiers depends on, and in turn, affects housing market conditions in an equilibrium search-and-matching model of the housing market. We show that home-owners prefer to buy first whenever there are more buyers than sellers in the market. This behavior leads to multiple steady state equilibria and to self-fulfilling fluctuations in prices and time-on-market. Equilibrium switches creates large fluctuations in the housing market, which are broadly consistent with stylized facts on the housing cycle.
Download or read book Reverse Selling written by Brandon Mulrenin and published by . This book was released on 2021-08-13 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on the Efficiency of Real Esate Markets written by Zhao, Xi and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. real estate markets have undergone substantial fluctuations in recent years. This dissertation attempts to understand the effects of some market fundamentals on residential real estate market outcomes and efficiency from both theoretical perspective and empirical evidence. This research contains three research projects. First, a number of papers have identified the positive return of market size on matching outcomes when the market exhibits frictions. In the second chapter, I develop a novel directed search model that connects home list price, reservation price with the sale outcomes and empirically test the thick market effects on trading efficiency in housing market using home transaction data in Dallas metropolitan area during 2006 to 2008. The results present strong and robust market size effects that houses on thicker market are listed and sold at higher prices and significantly faster speed. The third chapter studies principal-agent problems in real estate markets, where the brokerage service is often used to facilitate home sales. The seller agent gets percentage commissions from the home owner and splits with the buyer agent in reward for producing the buyer. A seller agent sometimes serves as dual agent that represents both the seller and buyer sides and gets all commissions. I introduce a theoretical model and present evidence from Dallas metropolitan housing market that the agency structure may create principal-agent problems. I find that the dual-agent-assisted home sales on average give 2.6% more discount on final price than home sales that are assisted by two agents. Competition among home buyers may reduce the severity of principal-agent problems. The fourth chapter deviates from the rational agent assumption and investigates the behavioral impacts of price endings on home sales. Recent literature in behavioral economics suggests that price endings have some psychological impacts on buyer's purchasing decision. In real estate markets, both round price and precise price (or nine ending price) strategies are used in home sales. From the panel data and regression discontinuity analysis of Dallas housing market transactions, I find homes listed with precise price are on average sold at 4.6% higher price than homes listed at round price only when prices are less than their nearby round prices, favoring the nine ending price literature. The electronic version of this dissertation is accessible from http://hdl.handle.net/1969.1/155741
Download or read book Residential Real Estate written by Anupam Nanda and published by Routledge. This book was released on 2019-03-20 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Residential Real Estate introduces readers to the economic fundamentals and emerging issues in housing markets. The book investigates housing market issues within local, regional, national and international contexts in order to provide students with an understanding of the economic principles that underpin residential property markets. Key topics covered include: Location choice in urban areas Housing supply and demand Housing finance and housing as an asset class Demographic shifts and implications for housing Sustainable homes and digitalisation in housing Drawing on market-level information, readers are encouraged to recognise the supply and demand drivers and modelling of dynamic housing markets at various spatial scales and the implications of trends within an urban and regional context, e.g. urbanisation, ageing population, migration, digitalisation. With research-based discussions and coverage of relevant literature, this is an ideal textbook for students of residential real estate, property and related business studies courses at UG and PG levels, as well as a reference book with research topics for researchers. This book will also be of interest to professionals and policymakers.
Download or read book Assessing China s Residential Real Estate Market written by Ding Ding and published by International Monetary Fund. This book was released on 2017-11-16 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s real estate market rebounded sharply after a temporary slowdown in 2014-2015. This paper uses city-level data to estimate the range of house price overvaluation across city-tiers and assesses the main risks of a sharp housing market slowdown. If house prices rise further beyond “fundamental” levels and the bubble expands to smaller cities, it would increase the likelihood and costs of a sharp correction, which would weaken growth, undermine financial stability, reduce local government spending room, and spur capital outflows. Empirical analysis suggests that the increasing intensity of macroprudential policies tailored to local conditions is appropriate. The government should expand its toolkit to include additional macroprudential measures and push forward reforms to address the fundamental imbalances in the residential housing market.
Download or read book Buyer Search Duration in the Residential Real Estate Market written by Edward A. Baryla (Jr.) and published by . This book was released on 1995 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Future of Real Estate Home Pricing written by Anton Roeger IV and published by Bublish, Inc.. This book was released on 2020-03-03 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today's real estate agent is in the middle of an epic battle. Giant CMA and AVM companies have introduced fancy tech tools that encourage home buyers and sellers to go it alone, without an agent. Your livelihood is on the line. Current home valuation is subjective, unreliable, outdated or just plain wrong. How can you win your clients' trust when they are confused about the best price to list their home? In The Future of Real Estate Home Pricing, Anton Roeger, founder of APC Data Analytics, shows you how innovative new tools, processes and data can help you gain your clients' trust and become a sought-after authority on home buying and selling trends in your area. In this book, you'll learn how to: - build credibility with your clients through accurate, powerful, current and comprehensible property valuation - combat online pricing giants that are misleading your clients with unreliable automatic valuation models (AVMs) - automate your Comparative Market Analysis (CMA) with a new set of accurate, powerful, real-time tools A perfect book for real estate agents and brokers as well as real estate lawyers and investors.
Download or read book Upsold written by Max Besbris and published by University of Chicago Press. This book was released on 2020-09-05 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: What do you want for yourself in the next five, ten years? Do your plans involve marriage, kids, a new job? These are the questions a real estate agent might ask in an attempt to unearth information they can employ to complete a sale, which as Upsold shows, often results in upselling. In this book, sociologist Max Besbris shows how agents successfully upsell, inducing buyers to spend more than their initially stated price ceilings. His research reveals how face-to-face interactions influence buyers’ ideas about which neighborhoods are desirable and which are less-worthy investments and how these preferences ultimately contribute to neighborhood inequality. ? Stratification defines cities in the contemporary United States. In an era marked by increasing income segregation, one of the main sources of this inequality is housing prices. A crucial part of wealth inequality, housing prices are also directly linked to the uneven distribution of resources across neighborhoods and to racial and ethnic segregation. Upsold shows how the interactions between real estate agents and buyers make or break neighborhood reputations and construct neighborhoods by price. Employing revealing ethnographic and quantitative housing data, Besbris outlines precisely how social influences come together during the sales process. In Upsold, we get a deep dive into the role that the interactions with sales agents play in buyers’ decision-making and how neighborhoods are differentiated, valorized, and deemed to be worthy of a certain price.
Download or read book Real Estate Valuation Theory written by Manya M. Mooya and published by Springer. This book was released on 2016-03-17 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph critically reviews and updates real estate valuation theory, which is based on neoclassical economics, in light of developments in heterodox economic theory. Building on a comprehensive historical account of the evolution of value theory, the book uses new institutional economics theory and critical realism as lenses through which problems in standard valuation theory and practice are expatiated, and as the foundation for an alternative theory. The new theory is employed to explain major problems in real estate valuation that are beyond the capability of the standard theory, such as price bubbles in real estate markets, anchoring bias, client influence and valuation under uncertain market conditions.
Download or read book Journal of Housing Research written by and published by . This book was released on 2006 with total page 1430 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Modelling Housing Market Search written by William A. V. Clark and published by Taylor & Francis. This book was released on 1982 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Buyer Search Intensity and the Role of the Residential Real Estate Broker written by Harold W. Elder and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the impact of the real estate broker on the effectiveness of buyer search by focusing on the linkages between search intensity and the duration of search. How long a buyer searches depends upon how sensitive the buyer is to within period search costs and across period, sequential search costs. High-income individuals and other homebuyers with high within period search costs tend to search longer and less intensively. Buyers with high across period search costs, such as out-of-town buyers tend to search more intensively. Brokers, by reducing the opportunity costs of within period search, increase buyer search intensity, which in turn reduces actual search time.
Download or read book Search and matching in the housing market written by David Genesove and published by . This book was released on 2010 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
