Search and Liquidity in Single‐Family Housing

Real Estate Economics - Tập 24 Số 3 - Trang 273-292 - 1996
Fred A. Forgey1, Ronald C. Rutherford2, Thomas M. Springer3
1University of Texas‐Arlington, Arlington, TX 76019–0449
2University of Texas-San Antonio, San Antonio, TX 78249–0633
3Florida Atlantic University, Boca Raton, FL 33431

Tóm tắt

A two‐stage least squares model of housing prices is estimated with data collected from 3358 single‐family home transactions. The results provide evidence for an optimal marketing period and indicate that a liquidity premium is priced in single‐family home sales. Consistent with the hypothesis derived from economic search models, the model shows higher selling prices for houses having longer expected marketing periods. The model also shows a price premium for houses that sell faster than expectations. This effect supports the concept that liquidity is a value‐enhancing characteristic.

Từ khóa


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Thông tin
Thông tin xuất bản

Real Estate Economics

Tập 24 Số 3

273-292

Thông tin tác giả