Time on the Market: The Impact of Residential Brokerage

G. Donald Jud (), Terry G. Seaks and Daniel T. Winkler ()
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G. Donald Jud: Bryan School of Business and Economics University of North Carolina at Greensboro Greensboro, North Carolina 27412, http://www.uncg.edu/bae/
Terry G. Seaks: Bryan School of Business and Economics University of North Carolina at Greensboro Greensboro, North Carolina 27412, http://www.uncg.edu/bae/
Daniel T. Winkler: Bryan School of Business and Economics University of North Carolina at Greensboro Greensboro, North Carolina 27412, http://www.uncg.edu/bae/

Journal of Real Estate Research, 1996, vol. 12, issue 3, pages 447-458

Abstract: IThis 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 serviceÐÐno group of agents or firms appears to possess special advantages enabling them to sell homes more quickly than their rivals.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1996
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