房地產(chǎn)相關外文翻譯--通過房地產(chǎn)經(jīng)紀人決定買房子-外文文獻-預覽頁
【正文】 important insights into the efficiency of the residential housing market as well as the effectiveness of brokers as market intermediaries. Specifically, this study examines the effects of a real estate broker by hypothesizing a twostage process. In the first step, a buyer decides whether to engage the services of a broker to assist with the search. Empirically, this decision is modeled as a probit equation,where the choice to use a broker is a function of such variables as the cause of the move (., changes in the household, or workrelated moves), the ine, age, experience, and market knowledge of the buyer, and other buyer characteristics. The second step is the purchase. Here selling prices are modeled as a function of house characteristics, buyer characteristics, and whether the sale was brokerassisted. This approach should provide information about the determinants of housing prices. In particular， this model should allow us to determine whether the brokerassisted buyers and buyers forsalebyowner properties constitute 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。換言之，這些購買者通過經(jīng)紀人擁有了一個很好的的購房途徑。經(jīng)紀人經(jīng)常會記錄買家的信息并協(xié)助買家辦理按揭融資和財產(chǎn)保險服務。然而，要確定這是否適用于整個住宅市場是不可能的，因為研究這一點要依靠當?shù)氐臄?shù)據(jù)資料。 如果購房者是在經(jīng)紀人的協(xié)助下搜尋房子的，那么價格會是怎么樣呢？本文嘗試從經(jīng)紀人選擇的發(fā)展經(jīng)驗檢驗模式來回答這些問題。根據(jù)經(jīng)驗，這個是由普羅比模型方程決定的， 而收入，年齡，經(jīng)驗和對買方市場的認識，以及其他買主的特點都將作為變量引起函數(shù)的移動（即改變在家庭或工作有關方面的移動），從而影響買方是否選擇使用代理。尤其，這個模型可以讓我們確定買家是否可以接受代理協(xié)助房屋與業(yè)主自行出售房屋之間的差價。但我們的結(jié)果也同樣表明，支付更多的費用并不是單單因為使用了經(jīng)紀人。 本 文 的布局如下 ： 第 2 部分 回顧有關文獻 ， 第 3 部分對 數(shù)據(jù) 、 變量選擇和模型進行描述 ， 第 4 部分用 實 例 證 明 結(jié)果，最后一 部分記 載 本文 的結(jié)論。在某種程度上，這些不同的結(jié)果可能反映了數(shù)據(jù)的可用性問題，因為幾乎所有的這些早期研究都以本地數(shù)據(jù)為依據(jù)，并且所抽取的樣本的數(shù)量又往往很少，因此很難一概而論來衡量房地產(chǎn)經(jīng)紀人對住房市場的直接影響。這些結(jié)果可能反過來說明對于那些不了解當?shù)厥袌鲂畔⒉⑶覍r格缺乏敏感的買家，經(jīng)紀人能賣出高價格。但在之后的研究中，喬德和弗瑞（ 1986）使用了不同的數(shù)據(jù)后發(fā)現(xiàn)經(jīng)紀人能將房子賣到更高的價格。根據(jù) 巴吞魯日的市場 數(shù)據(jù) ， 恩布爾和 錫爾曼斯 把第一次購房的買房者出示的價格和有著大量的信息量并且有廣闊的購買市場的外鎮(zhèn)買房者出示的價格進行了比較。這項研究表明住宅房地產(chǎn)市場的信息是不對稱的，而且買方代理中介確實會影響房屋的搜尋工作。在排除不完整或錯誤的問卷調(diào)查，共計 2495 觀測數(shù)據(jù)庫，所有這些都發(fā)生在 1986 年。 其中之一 是偏見存在，并且在考慮到這些購房者的自我選擇，使用一個代理集團 的 房價仍較高（由代理的變量系數(shù)表示）。在第一階段，采用概率方程來模擬決定選擇一個房地產(chǎn)經(jīng)紀人。如果收入較高的購房者有較高的機會成本， 則 我們可以預料，他們會選擇通過房地產(chǎn)經(jīng)紀人 來 購買。 巴雷拉 .《 房地產(chǎn) 金融和經(jīng)濟 》，學術(shù)出版社 .1996： 13:169181.
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