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2025-04-17 02:11 本頁(yè)面
【正文】 titute segmented markets which would permit the maintenance of housing price differentials. This study uses crosssection data from a nationwide survey of recent home buyers and sellers conducted by the Research Division of the National Association of Realtors. This database includes both brokerassisted sales and sales by owners, allowing an assessment of the impact of the real estate broker on selling price, and by implication, the value of the marketing services which brokers provide to sellers. Our results indicate that indeed buyers who use brokers do pay more for their homes than those who do not buy through a broker. But our results also imply that it is not because these buyers have used a broker. Rather, this group of buyers would have paid a higher price regardless of the means by which the purchase was consummated. These buyers have higher ines, are more likely to be from out of town, are more likely to have employer assistance in the purchaseall factors that lead them to pay more for a house, but also to make them more likely to use a broker in purchasing their home. When the decision to use a broker is accounted for, these buyers do not wind up paying more for their homes, and there is some evidence that they actually 3 pay less than a parable buyer who buys without an agent39。s assistance. The layout of this study is as follows. The relevant literature is reviewed in section section 3, the data, variable selection, and model are described. section 4 presents the empirical results, and the last section contains the conclusions of the study. Literature review A broad range of research has focused on the determinants of housing prices. These include traditional estimates of housing demand, hedonic modeling of housing prices, the determinants of the tradeoff between price and time on the market, and models of the search process. Other literature has examined the role of real estate brokers and has focused on the impact of brokers on buyer search, or has examined the welfare and/or moralhazard implications of broker intermediation. Few studies have tried to measure the direct effects of real estate brokers on the housing market, and fewer still on home selling prices. The work that has been produced to date has often generated conflicting results. In part, these disparate results may reflect data availability problems, as virtually all of these earlier studies have been based on local data, and samples tended to be small, making generalizations difficult. In one of the first empirical studies of broker choice, Janssen and Jobson (1980) find that real estate agents do have an impact on price. Using data from the Canadian housing market, Janssen and Jobson39。s results indicate that with real estate firms of parable size, brokers who list parable properties for higher prices than peting brokers tend to realize significantly higher selling prices. The higher selling prices tend to be associated with transactions involving executive transfers and brokerarranged secondary financing. These results may, in turn, indicate that brokers obtain higher prices when dealing with buyers who are both less knowledgeable about local market conditions and less sensitive to price. Yavas and Colwell (1994) suggest that selling price may also be, at least to some degree, a function
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