Buyer Search Duration in the Residential Real Estate Market: The Role of the Real Estate Agent

Edward A. Baryla and Leonard V. Zumpano ()
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Edward A. Baryla: Department of Economics, Finance and Legal Studies College of Commerce and Business Administration University of Alabama PO Box 870224 Tascaloosa, Alabama 35487, http://www.cba.ua.edu/econ_fin.html
Leonard V. Zumpano: Department of Economics, Finance and Legal Studies College of Commerce and Business Administration University of Alabama PO Box 870224 Tascaloosa, Alabama 35487, http://www.cba.ua.edu/econ_fin.html

Journal of Real Estate Research, 1995, vol. 10, issue 1, pages 1-14

Abstract: This study examines buyer search duration using a national database consisting of transactions conducted with and without the assistance of real estate brokers. The results of this study indicates that information asymmetries are present in the residential real estate market. First-time buyers and out-of-town buyers search longer than more experienced and local, more knowledgeable homebuyers. On the other hand, buyers relocated by their employers spend less time looking for a home. More importantly, real estate brokers are able to reduce buyer search time for all classes of buyers, whether first-time, experienced, or an out-of-time buyer.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1995
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