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- Title
DURATION OF MARKETING TIME OF RESIDENTIAL HOUSING WITH DISSIMILAR BUYER SEARCH EFFORT.
- Authors
Culp, Robert P.; Retzlaff, Todd M.
- Abstract
Previous research concludes that time on market increases for homes with atypical features. We show this result may not hold if there are two populations of buyers- buyers who value a home for its typical features and buyers who highly value the home for some unique attribute. It is theorized that those who value the unique attribute will expend greater search effort and therefore time on market for the home will be reduced. The market for homes with positive environmental attributes is theorized to consist of these two populations and empirical evidence from home sales is used to calculate Haurin's atypical index separated by physical and environmental attributes. The results show that unlike other atypical features, atypical positive environmental attributes reduce time on market.
- Subjects
RESIDENTIAL real estate; HOUSING market; REAL property sales &; prices; VALUATION of real property; HOUSE buying -- Costs; HOUSING development; HOUSE selling; HOME ownership
- Publication
Southern Business & Economic Journal, 2008, Vol 31, Issue 3/4, p19
- ISSN
0743-779X
- Publication type
Article