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dc.contributor.authorSalant, Stephen W.en_US
dc.date.accessioned2006-09-11T19:23:57Z
dc.date.available2006-09-11T19:23:57Z
dc.date.issued1991-06en_US
dc.identifier.citationSalant, 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.issn0895-5638en_US
dc.identifier.issn1573-045Xen_US
dc.identifier.urihttps://hdl.handle.net/2027.42/47793
dc.description.abstractBy 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.extent924952 bytes
dc.format.extent3115 bytes
dc.format.mimetypeapplication/pdf
dc.format.mimetypetext/plain
dc.language.isoen_US
dc.publisherKluwer Academic Publishers; Springer Science+Business Mediaen_US
dc.subject.otherEconomics / Management Scienceen_US
dc.subject.otherRegional Scienceen_US
dc.subject.otherFinance /Bankingen_US
dc.subject.otherDynamic Programmingen_US
dc.subject.otherHousing Marketen_US
dc.subject.otherReal Estate Brokeren_US
dc.subject.otherSearch Theoryen_US
dc.titleFor sale by owner: When to use a broker and how to price the houseen_US
dc.typeArticleen_US
dc.subject.hlbsecondlevelEconomicsen_US
dc.subject.hlbtoplevelBusinessen_US
dc.description.peerreviewedPeer Revieweden_US
dc.contributor.affiliationumDepartment of Economics, University of Michigan, 48109, Ann Arbor, MI, USAen_US
dc.contributor.affiliationumcampusAnn Arboren_US
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/47793/1/11146_2004_Article_BF00173122.pdfen_US
dc.identifier.doihttp://dx.doi.org/10.1007/BF00173122en_US
dc.identifier.sourceThe Journal of Real Estate Finance and Economicsen_US
dc.owningcollnameInterdisciplinary and Peer-Reviewed


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