房地產(chǎn)相關(guān)外文翻譯--通過房地產(chǎn)經(jīng)紀人決定買房子-外文文獻-文庫吧資料
2025-05-22 02:11本頁面
【正文】 roker. In other words, these buyers are consuming a bundled good. One dimension of this good is lower search time, and thus lower search costs, associated with buying through a broker. Recent research (Baryla and Zumpano, 1995) suggests that choosing a broker improves the marginal efficiency of search, making it more likely that a buyer will find a satisfactory match earlier in the search process. Buying through a broker also increases the supply of houses available to buyers, and provides buyers with information on the quality of different houses and the neighborhoods in which they are located. Brokers frequently help buyers identify sources of mortgage financing and property insurance, as well as assist buyers in recording the title. All of these services suggest that brokers provide value added to buyers (in addition to providing a service to sellers), something that these buyers would be willing to pay , this bundle of services and the house that is purchased would, intuitively, be priced higher than homes purchased without the assistance of a broker. Several studies (Janssen and Jobson, 1980。 Jud and Frew, 1986) observe that buyers pay more for homes listed with brokers. It is not possible, however, to determine whether this applies to the entire residential housing market, since research to this point has relied on local data. Higher prices indicate a willingness by buyers to pay more for brokerlisted houses than those sold directly by owners. Alternatively, petition from forsalebyowner properties may prevent sellers from passing on mission costs to buyers in the form of higher , at issue is whether 2 brokerassisted sales result in higher prices. If search duration is affected by broker assistance, what about price? This study attempts to answer these questions by developing an empirically testable model of broker the process, this study should provide 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 pric
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