The U.S. Housing Market and the Dynamic Pricing of Housing Duration

Owen Tidwell, Andres Jauregui, Philip Seagraves and Paul Gallimore

Journal of Housing Research, 2016, vol. 25, issue 1, 1-16

Abstract: In this study, we take a spatial approach to examine whether the ‘length-of-ownership effect’ asserting that duration of ownership will increase an owner's valuation of an item is dominated by the economic effects of constrained consumption when transaction costs are high. Two spatial procedures are employed to examine the impact housing duration has on house prices across levels of household mortgage participation. We confirm that the duration of ownership is reflected in the sales price, and that seller financial constraints tend to temporarily elevate reservation prices. We find evidence of a financially-constrained seller price premium over less constrained sellers.

Date: 2016
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DOI: 10.1080/10835547.2016.12092109

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