For sale by owner: When to use a broker and how to price the house
dc.contributor.author | Salant, Stephen W. | en_US |
dc.date.accessioned | 2006-09-11T19:23:57Z | |
dc.date.available | 2006-09-11T19:23:57Z | |
dc.date.issued | 1991-06 | en_US |
dc.identifier.citation | Salant, Stephen W.; (1991). "For sale by owner: When to use a broker and how to price the house." The Journal of Real Estate Finance and Economics 4(2): 157-173. <http://hdl.handle.net/2027.42/47793> | en_US |
dc.identifier.issn | 0895-5638 | en_US |
dc.identifier.issn | 1573-045X | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/47793 | |
dc.description.abstract | By using a broker, the owner of a house can speed up his search for buyers but must pay a percentage of the sale price as a commission. Nonstationarities inherent in the housing market may make it optimal to market a house “by-owner” at the outset and to retain a broker only if the house remains on the market later in the selling season. This article investigates the optimal sequence of asking prices within the by-owner phase, within the broker phase, and at the transition between the two phases. The asking price declines within each phase but may jump up at the transition to cover part of the commission. The model implicity determines the demand for broker services as a function of the commission rate. When estimated, it may be useful in investigations of price fixing among brokers. | en_US |
dc.format.extent | 924952 bytes | |
dc.format.extent | 3115 bytes | |
dc.format.mimetype | application/pdf | |
dc.format.mimetype | text/plain | |
dc.language.iso | en_US | |
dc.publisher | Kluwer Academic Publishers; Springer Science+Business Media | en_US |
dc.subject.other | Economics / Management Science | en_US |
dc.subject.other | Regional Science | en_US |
dc.subject.other | Finance /Banking | en_US |
dc.subject.other | Dynamic Programming | en_US |
dc.subject.other | Housing Market | en_US |
dc.subject.other | Real Estate Broker | en_US |
dc.subject.other | Search Theory | en_US |
dc.title | For sale by owner: When to use a broker and how to price the house | en_US |
dc.type | Article | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.description.peerreviewed | Peer Reviewed | en_US |
dc.contributor.affiliationum | Department of Economics, University of Michigan, 48109, Ann Arbor, MI, USA | en_US |
dc.contributor.affiliationumcampus | Ann Arbor | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/47793/1/11146_2004_Article_BF00173122.pdf | en_US |
dc.identifier.doi | http://dx.doi.org/10.1007/BF00173122 | en_US |
dc.identifier.source | The Journal of Real Estate Finance and Economics | en_US |
dc.owningcollname | Interdisciplinary and Peer-Reviewed |
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