The Impact of Pricing on Time-on-Market in High-Rise Multiple-Unit Residential Developments

Autor:	Wei-Fan Li
Rok vydání:	2004
Předmět:	Finance Financial economics business.industry Real estate Competitor analysis Secondary market Time on market Economics Price on application Multi unit Listing (finance) business General Economics Econometrics and Finance High rise
Zdroj:	Pacific Rim Property Research Journal. 10:305-327
ISSN:	2201-6716 1444-5921
DOI:	10.1080/14445921.2004.11104165
Popis:	Previous studies on the price and time trade-off in real estate focused primarily on the real estate traded in the secondary market. This relation, however, depends rather critically on seller motivations. This study examines the price and time trade-off for new residential developments where developer motivations differ substantially from individual seller motivations. In addition, by using the information in listing and selling prices, we seek to evaluate how the two measures of overpricing affect the speed at which new developments are sold. Using high-rise multiple-unit condominium data from Singapore, our empirical analysis shows that the overpricing strategy does not pay off, but leads to longer time on the market (TOM). Furthermore, the factors about competitor behaviour have significant influence on TOM through their impact on listing price. It also shows that buyers are more price-sensitive when there are some competitors in the same area and period.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::90c94645d5545d01f6da760693d5a0c6 https://doi.org/10.1080/14445921.2004.11104165 Zobrazit plný text záznamu