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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.55,Issue2,P.155-184

语言

英文

关键字

List prices; Sellers' motivations; Sellers' characteristics; Loss aversion; Urgency; List price reductions; SELLING PRICE; REAL-ESTATE; JOB SEARCH; TIME; TRANSACTIONS; INFORMATION; VALUATION; ECONOMICS; DURATION; IMPACT

作者单位

[Hayunga, Darren K.] Univ Georgia, Terry Coll Business, Dept Insurance Legal Studies & Real Estate, Athens, GA 30602 USA. [Pace, R. Kelley] Louisiana State Univ, EJ Ourso Coll Business, Dept Finance, LREC Endowed Chair Real Estate, Baton Rouge, LA 70803 USA. Hayunga, DK (reprint author), Univ Georgia, Terry Coll Business, Dept Insurance Legal Studies & Real Estate, Athens, GA 30602 USA. E-Mail: hayunga@uga.edu; kelley@spatial.us

摘要

A seller sets the list price based upon their ex-ante perception of the trade-off between marketing duration versus transaction price, which depends on the liquidity of the property and the depth of the market. As such, list prices reflect property, market, and seller characteristics. In addition, Genesove and Mayer (2001) and Bokhari and Geltner (2011) use prospect theory to motivate how expected nominal losses and gains from sale can also influence list prices. We consider these multiple factors affecting list prices through a rich dataset from the National Association of Realtors, which contains variables on seller motivations, structure liquidity, and other difficult to observe variables such as seller age, race, and income.