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- Title
The Tradeoff between Selling Single-Family Houses as Vacant or Lived-In: Evidence from the Bloomington-Normal Housing Market.
- Authors
Adanri, Adebayo A.; Kang, Han B.
- Abstract
A widely held view in the residential brokerage industry is that vacant homes have longer marketing times and sell at a price discount compared to non-vacant single-family homes. The purpose of the current study is to explore whether this widely held view is true for the Bloomington-Normal, Illinois, market area. The study uses data from the local multiple listing service, and the analysis employs a hedonic regression model. Findings from the study show that vacant homes have longer marketing times than non-vacant homes, but occupancy status has no significant effects on home sale prices, which is a departure from the generally held view that vacant homes sell at a discount.
- Subjects
BLOOMINGTON (Ill.); NORMAL (Ill.); HOUSING market; HOUSE selling; HOME prices; HOME sales; DISCOUNT prices
- Publication
Appraisal Journal, 2019, Vol 87, Issue 4, p248
- ISSN
0003-7087
- Publication type
Article