Time on the Market: The Impact of Residential Brokerage
- 1 January 1996
- journal article
- research article
- Published by Taylor & Francis Ltd in Journal of Real Estate Research
- Vol. 12 (2), 447-458
- https://doi.org/10.1080/10835547.1996.12090852
Abstract
This paper examines the impact of brokers, brokerage firms and marketing strategy on time on the market (TOM) in the residential housing market. Using a duration model methodology, the study finds duration dependence to be positive, suggesting that the probability of sale increases with TOM. Pricing-related marketing strategies are found to strongly influence TOM, but individual agent and firm characteristics are not statistically significant. These results are consistent with an efficient market within a multiple listing service—no group of agents or firms appears to possess special advantages enabling them to sell homes more quickly than their rivals.Keywords
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