Can Real Estate Brokers Affect Home Prices Under Extreme Market Conditions?

Steven Stelk () and Leonard V. Zumpano ()
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Steven Stelk: The University of Southern Mississippi
Leonard V. Zumpano: The University of Alabama

International Real Estate Review, 2017, vol. 20, issue 1, 51-73

Abstract: This study investigates the impact of the brokerage market on home prices in both a seller's market (2006) and a buyer's market (2009). In both years, homes sold with brokerage assistance realized higher prices when compared with homes sold without the aid of a broker, even after controlling for selection bias in the seller¡¦s choice to use a broker. This is the first study that uses a national dataset from extreme boom and bust markets that has documented evidence of price segmentation in the residential real estate market. The findings may be the result of the market conditions in 2006 and 2009.

Keywords: Residential real estate market; intermediation; broker¡¦s effect on price; different market conditions (search for similar items in EconPapers)
JEL-codes: L85 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (3)

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