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作者

来源

来源 JOURNAL OF URBAN ECONOMICS,Vol.93,P.115-130

语言

英文

关键字

Real estate;Housing;Search;Asking price;R00 (General Urban, Rural, and Real Estate Economics);R21 (Housing Demand);R31 (Housing Supply and Markets)

作者单位

Rotman School of Management, 105;Rotman School of Management, 105

摘要

This paper considers the role of the asking price in housing transactions both theoretically and empirically. Significant fractions of housing transactions involve sales prices that are either below or above asking price, which might suggest that asking price has limited relevance. However, many housing transactions involve a sales price exactly equal to asking price (a fact that has previously drawn little notice), strongly suggesting that asking price does matter. The paper develops a model where asking price is neither a binding commitment nor a ceiling, yet still directs buyer search and impacts sales price. Using novel survey data, the paper provides empirical evidence consistent with asking price playing a directing role in buyer search. Consistent with theory, this effect is stronger for more atypical houses and in bust markets.