打印

作者

Xin He;Zhenguo Lin;Yingchun Liu;Michael J. Seiler

来源

REAL ESTATE ECONOMICS,Vol.48,Issue3,P.772-807

语言

英文

关键字

作者单位

E-mail address: hexin@dufe.edu.cn Surrey International Institute, Dongbei University of Finance and Economics, 217 Jian Shan Street, Dalian, China E-mail address: hexin@dufe.edu.cn, E-mail address: zlin@fiu.edu, E-mail address: yingchun.liu@unt.edu, E-mail address: Michael.Seiler@mason.wm.edu;E-mail address: zlin@fiu.edu Hollo School of Real Estate, Florida International University, 1101 Brickell Avenue, Suite 1105‐S, Miami, FL E-mail address: hexin@dufe.edu.cn, E-mail address: zlin@fiu.edu, E-mail address: yingchun.liu@unt.edu, E-mail address: Michael.Seiler@mason.wm.edu;E-mail address: yingchun.liu@unt.edu Department of Finance, Insurance, Real Estate and Law, University of North Texas, Denton, TX E-mail address: hexin@dufe.edu.cn, E-mail address: zlin@fiu.edu, E-mail address: yingchun.liu@unt.edu, E-mail address: Michael.Seiler@mason.wm.edu;E-mail address: Michael.Seiler@mason.wm.edu Department of Finance, The College of William and Mary, PO Box 8795, Williamsburg, VA E-mail address: hexin@dufe.edu.cn, E-mail address: zlin@fiu.edu, E-mail address: yingchun.liu@unt.edu, E-mail address: Michael.Seiler@mason.wm.edu

摘要

The nature of the relationship between a property's selling price and its marketing time in the housing market remains an open question to date, despite almost 40 years of inquiry and hundreds of regressions conducted on various data sources. This study attempts to settle the long‐standing open question by examining the issue from a new perspective. We demonstrate that the true price–TOM relationship should be nonlinear and characterized by an inverted U‐shaped curve wherein the selling price increases with TOM up to a certain threshold, reflective of a positive exposure effect and decreases thereafter to reflect a negative stigma effect. This relationship is borne out in an empirical analysis using a large sample of home sales from the Hampton Roads, Virginia metropolitan area during an extended period of time. We then formulate hypotheses about the benefit of search by home sellers, which are subsequently confirmed by the empirical findings.