NDLI: Quality & Time-on-the-Market in Residential Markets

Content Provider	Springer Nature Link
Author	Chen, Jun Rutherford, Ronald C.
Copyright Year	2010
Abstract	We empirically examine Taylor’s (1999) theoretical prediction that longer time on the market is associated with a perception of lower quality. Our most robust result is from an ordered-logit model that provides evidence that an increase in marketing time is negatively related to property quality. Results from a time on the market duration model indicate that higher quality properties take less time to market and lower quality properties take longer to market relative to a typical property in the sample. We also estimate a probit model that indicates higher quality properties are more likely to sell and lower quality properties are less likely to sell. The empirical results from the models support Taylor’s theoretical model predictions that buyers perceive a longer time on the market as a signal of poor quality or the presence of a defect and thus, properties that remain on the market longer have a lower probability of selling.
Starting Page	414
Ending Page	428
Page Count	15
File Format	PDF
ISSN	08955638
Journal	The Journal of Real Estate Finance and Economics
Volume Number	44
Issue Number	3
e-ISSN	1573045X
Language	English
Publisher	Springer US
Publisher Date	2010-02-23
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Quality Time-on-the-market Residential brokerage Regional/Spatial Science Finance/Investment/Banking
Content Type	Text
Resource Type	Article
Subject	Finance Urban Studies Accounting Economics and Econometrics

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