Repair Expenses, Selling Contracts, and House Prices

John Ross Knight, Thomas Miceli () and C. F. Sirmans ()
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C. F. Sirmans: University of Connecticut Storrs, CT 06269, http://www.uconn.edu/

Journal of Real Estate Research, 2000, vol. 20, issue 3, pages 323-336

Abstract: This paper examines the impact of repair expenses on the selling price of a house. Using data from settlement statements, we investigate the frequency and extent to which performance of major repairs is part of the sales contract. We find that most homes are restored to a "normally maintained" state each time the home changes hands, and that the cost of bringing the home to this condition is included as part of house selling price. This implies it may be unnecessary to measure maintenance levels when using transaction data to study components of house price or to construct house price indexes.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2000
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