دانلود رایگان مقاله لاتین ناهمگونی فروشندگان و تفاوت در راهبرد قیمت گذاری از سایت الزویر
عنوان فارسی مقاله:
عدم تجانس فروشندگان در بازار مسکن: تفاوت در استراتژی های قیمت گذاری
عنوان انگلیسی مقاله:
Heterogeneity of sellers in housing market: Difference in pricing strategies
سال انتشار : 2017
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بخشی از مقاله انگلیسی:
2. Theoretical background
There are numerous studies that analyze the supply side of the housing market. In this field three topics are prevailing: determination of the optimal asking price (Arnold, 1999); examination of the relationship between asking price, selling price, and time on the market (Anglin et al., 2003; Horowitz, 1992); identification of the influence of sellers’ characteristics on prices and time on the market (Carrillo, 2011; Gan, 2013; Knight, 2002; Piazzesi and Schneider, 2009; Springer, 1996). Setting the price for real estate is an important decision in a process of sale because asking price affects the number of interested buyers (Arnold, 1999). The decision about asking price determines the success of the sale, in particular time and price of the sale. On the one hand, setting a low asking price will attract many buyers, but the sale price may be low (Horowitz, 1992). On the other hand, a high asking price may attract buyers who are willing to pay more, but the probability of receiving a higher bid may be much lower (Yavas and Yang, 1995; Merlo et al., 2015). Although asking price is a key factor affecting the probability of sale, there are other factors that may influence it. For instance, the probability of sale may depend on the distribution of buyers’ offers, seller’s reserve price, and time on the market, i.e. duration of the sale (Thanos and White, 2014; Yavas and Yang, 1995). Some of the studies consider that sample of houses that are sold more frequently than others is not random (Gatzlaff and Haurin, 1997; Hwang and Quigley, 2004; Jud and Seaks, 1994). These papers indicate that the probability of sale is not the same across houses with different characteristics. In particular, the probability of a sale for small houses is, on average, the highest. Consequently, when evaluating real estate prices it is necessary to use the correction for non-random selection and attrition of observations. Some of the papers related to the research of housing market are devoted to the study of sellers’ behavior in terms of the choice of reserve and asking prices (Anglin et al., 2003; Horowitz, 1992). The main conclusion obtained in these studies is that seller’s reserve and asking price have a significant impact on sale price and duration of the sale. However, these studies are based on the assumption that the optimal price is the same for all sellers. In other words, they do not consider the heterogeneity of sellers, which can have a considerable effect on sellers’ strategic decisions. The aforementioned thesis is confirmed in later papers. The issue of sellers’ heterogeneity and its impact on market parameters was investigated using Texas data on broker sales (Springer, 1996). The behavior of sellers was defined according to various characteristics and comments listed in the MLS (Multiple Listing System). Evaluation of the system of equations, which includes two linear hedonic functions for the sale price and the duration of the sale, revealed that sellers’ motivation has a significant impact on sale prices. In particular, sellers with the highest desire to sell, on average, sell a property cheaper. The conclusion is very straightforward: the desire to sell an apartment quickly forces sellers to sacri- fice their profit. In addition, empirical results show that the reduction of the asking price allows selling an apartment quicker. However, this study has an important drawback: cross-sectional data do not allow to consider changes in market conditions and sellers’ motivation. Moreover, duration of the sale is an endogenous variable along with the sale price, because the model does not take into account asking price, which affects both the time on the market and the sale price. For this reason, obtained results can not be considered as consistent. The issue of the influence of sellers’ characteristics on their behavior was addressed in many papers using different indicators of sellers’ heterogeneity. Gan (2013) and Genesove and Mayer (2001) studied the relationship between sellers’ attitude to risk and their strategies. Carrillo (2011) considers the attitude to risk and bargaining power as measures of sellers’ heterogeneity. Knight (2002) argues that sellers’ motivation is determined by the markup, different comments in the advertisement, and whether a house is vacant. Optimism about housing market conditions and state of economy as a whole can be also regarded as a motivation indicator (Piazzesi and Schneider, 2009). Thus, measures of heterogeneity can be different, but all of them have a great impact on sale prices of property. It is difficult to evaluate motivation by the use of quantitative data, therefore survey is often conducted to get necessary data (Glower et al., 1998; Piazzesi and Schneider, 2009). Glower et al. (1998) revealed the following indicators of sellers’ motivation: the desired number of days before removal, scheduled date of removal, relocation because of a job change, completed purchase of a new house. According to the results, these measures of a heterogeneity influence sale price and time on the market of the property, but not the markup. However, the study takes into consideration only FSBO sales. In Piazzesi and Schneider (2009) sellers’ behavior is explained from the point of view of how they are optimistic about the economic situation and state of the housing market. For instance, how they assess the conditions of receiving a loan, current prices, future price dynamics, etc. The results indicate that even a small fraction of people, who estimate current market conditions as favorable, can have a considerable effect on the average prices of real estate
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کلمات کلیدی:
Real estate economics - Wikipedia https://en.wikipedia.org/wiki/Real_estate_economics Jump to Overview of real estate markets - The main participants in real estate markets are: Owner/user: ... Heterogeneity. Every unit of ... Transaction costs for the seller typically range between 1.5% and 6% of the purchase price. In some ... Heterogeneous housing markets: structural implications for pricing ... www.emeraldinsight.com/doi/abs/10.1108/IJHMA-01-2013-0003 by T A. Borgersen - 2014 - Cited by 4 - Related articles The purpose of this paper is to compare the structure of risk and the structure of pricing in housing markets where the interaction between segments is taken into ... [PDF]Heterogeneity in house price dynamics - Dnb https://www.dnb.nl/en/.../Working%20Paper%20No.%20564_tcm47-361876.pdf by G Galati - 2017 - Cited by 2 - Related articles Jul 26, 2017 - We study the extent to which house price dynamics differ across market segments and possible drivers of this heterogeneity. We construct a ...
