A spatiotemporal solution for the simultaneous sale price and time-on-the-market problem

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dc.contributor.authorDubé, Jean-
dc.contributor.authorLegros, Diègo-
dc.coverage.spatialMontréal, Région de (Québec)fr_CA
dc.description.abstractThere exists an important methodological challenge when dealing with sale price and time-on-the-market variables because both variables are simultaneously determined and related to the motivation of the sellers and buyers. Exploiting the fact that transactions occur over space and time, we propose a two-stage approach based on instrumental variables (IV) built from information collected from previous transactions. The unidirectional temporal property and the fact that other transactions are exogenous from the perspective of a single buyer or seller are exploited to evaluate the effect of the sale price on time-on-the-market, and the effect of time-on-the-market on the sale price. Based on 29,471 transactions occurring in the suburban neighborhood of Montréal (1992-2000), the results suggest that, everything else being equal, houses staying longer on the market provide negative information to the market, which results in a lower final sale price, while the final sale price is negatively related to time-on-the-market, indicating that houses of better quality (better amenities) stay less time on the market.fr_CA
dc.publisherAmerican Real Estate and Urban Economics Associationfr_CA
dc.titleA spatiotemporal solution for the simultaneous sale price and time-on-the-market problemfr_CA
dc.typeCOAR1_1::Texte::Périodique::Revue::Contribution à un journal::Article::Article de recherche-
dcterms.bibliographicCitationReal Estate Economics, (2015)fr_CA
dc.audienceProfesseurs (Enseignement supérieur)fr_CA
dc.subject.rvmPrix -- Fixationfr_CA
dc.subject.rvmImmobilier résidentielfr_CA
dc.subject.rvmImmobilier -- Aspect économiquefr_CA
dc.subject.rvmImmeubles -- Ventefr_CA
rioxxterms.versionVersion of Recordfr_CA
Collection:Articles publiés dans des revues avec comité de lecture

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