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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.56,Issue4,P.622-652

语言

英文

关键字

Investors; Distressed markets; Housing prices; Externalities; TRANSACTIONS; AGENTS

作者单位

[Allen, Marcus T.] Florida Gulf Coast Univ, Lutgert Coll Business, Dept Econ & Finance, Ft Myers, FL 33965 USA. [Rutherford, Jessica] Univ S Florida, Dept Finance, Tampa, FL 33620 USA. [Rutherford, Ronald] Univ S Florida, Dept Finance, Coll Business, Tampa, FL 33620 USA. [Yavas, Abdullah] Univ Wisconsin Madison, Sch Business, 5251 Grainger Hall,975 Univ Ave, Madison, WI 53706 USA. Rutherford, R (reprint author), Univ S Florida, Dept Finance, Coll Business, Tampa, FL 33620 USA. E-Mail: timallen@fgcu.edu; jmrutherford@mail.usf.edu; rrutherford@usf.edu; ayavas@bus.wisc.edu

摘要

We examine a recent trend in the market where investors purchase residential properties. We find that investors purchase at a discount of 9.5% compared to individuals purchasing in the same time period and geographic area. More specifically, we find that small investors purchase at a discount of 8.0%, medium investors purchase at a discount of 11.1%, large investors purchase at a discount of 13.6%, and institutional investors purchase at a discount of 7.7%. We also find that the presence of investor buyers in a market helps improve house values. A 10% increase in the percentage of houses purchased by investors in a census block leads to a 0.20% increase in house prices.