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Time on the Market: The Impact of Residential Brokerage.

UNCG Author/Contributor (non-UNCG co-authors, if there are any, appear on document)
Daniel T. Winkler, Professor (Creator)
Gustav D. Jud, Retired (Contributor)
Terry G. Seaks, Professor of Economics, Emeritus (Contributor)
Institution
The University of North Carolina at Greensboro (UNCG )
Web Site: http://library.uncg.edu/

Abstract: This paper examines the impact of brokers, brokerage firms and marketing strategy on time on the market (TOM) in the residential housing market. Using a duration model methodology, the study finds duration dependence to be positive, suggesting that the probability of sale increases with TOM. Pricing-related marketing strategies are found to strongly influence TOM, but individual agent and firm characteristics are not statistically significant. These results are consistent with an efficient market within a multiple listing service—no group of agents or firms appears to possess special advantages enabling them to sell homes more quickly than their rivals.

Additional Information

Publication
Journal of Real Estate Research, vol. 12, no. 3, 1996, pp. 447-458
Language: English
Date: 1996
Keywords
Time on the market (TOM), Residential housing market, Brokers, Brokerage firms, Marketing strategy