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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.57,Issue4,P.592-617

语言

英文

关键字

Out-of-state; Motivation heterogeneity; Information asymmetry; Market distortion; Real estate transactions; INFORMATION ASYMMETRIES; PROPENSITY SCORE; SEARCH COSTS; MARKET; AGENTS; PRICE; TIME

作者单位

[Holmes, Cynthia; Xie, Jia] Ryerson Univ, Ted Rogers Sch Management, 55 Dundas St W, Toronto, ON M5G 2C3, Canada. Xie, J (reprint author), Ryerson Univ, Ted Rogers Sch Management, 55 Dundas St W, Toronto, ON M5G 2C3, Canada. E-Mail: cynthia.holmes@ryerson.ca; jia.xie@ryerson.ca

摘要

Using the MLS and the land registration data from Indiana, this paper identifies and explains price distortions associated with out-of-state sellers and buyers in the housing market. We find that out-of-state buyers pay 20.4% higher prices than local buyers, and the premium is fully explained by the former purchasing larger homes than the latter. On the other hand, out-of-state sellers receive a 21.2% price discount, among which 9.3% is attributable to differences in transactional characteristics, 3.2% is explained by increased motivation and weak bargaining power of out-of-state sellers, and 1.5% is due to differences in agent characteristics and behaviours. The remaining 7.2% discount varies systematically with the informational disadvantage of out-of-state sellers, and with the market condition. Our results are robust to model misspecification.