International Real Estate Review | Zendy

Steven Stelk | Zendy; Leonard V. Zumpano | Zendy

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International Real Estate Review

Author(s) -

Steven Stelk,

Leonard V. Zumpano

Publication year - 2017

Publication title -

journal of the asian real estate society

Language(s) - English

Resource type - Journals

ISSN - 1029-6131

DOI - 10.53383/100235

Subject(s) - real estate , boom , bust , market segmentation , business , residential real estate , home market , finance , capitalization rate , real estate investment trust , commerce , financial economics , monetary economics , economics , marketing , market economy , environmental engineering , engineering

This study investigates the impact of the brokerage market on home prices in both a seller's market (2006) and a buyer's market (2009). In both years, homes sold with brokerage assistance realized higher prices when compared with homes sold without the aid of a broker, even after controlling for selection bias in the seller¡¦s choice to use a broker. This is the first study that uses a national dataset from extreme boom and bust markets that has documented evidence of price segmentation in the residential real estate market. The findings may be the result of the market conditions in 2006 and 2009.

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