Evidence of Information Asymmetries in the Market for Residential Condominiums |
| |
| Authors: | Ronald C Rutherford Thomas M Springer Abdullah Yavas |
| |
| Institution: | (1) University of Texas-San Antonio, San Antonio, TX 78249, USA;(2) Clemson University, Clemson, SC 29634, USA;(3) Smeal College of Business, The Pennsylvania State University, University Park, PA 16802, USA |
| |
| Abstract: | Previous research (Rutherford et al. 2005; Levitt and Syverson 2005) identify and quantify agency problems in the brokerage of single-family houses. Real estate agents are found to receive
a premium when selling their own houses in comparison to similar client-owned houses. Given the homogeneity of the condominium
market in comparison to the single-family house market, we use a large sample of condominium transactions to examine if agency
problems exist in the condominium market. Controlling for sample selection and endogeneity bias of the data, we find evidence
for a similar price premium for agent-owned condominiums. In contrast to the results for single-family houses in the same
geographic market, we find that agent-owned condominiums must stay on the market longer to receive a higher price.
|
| |
| Keywords: | Real estate agents Condominium market Single-family house market |
| 本文献已被 SpringerLink 等数据库收录！ |
|
