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The Effects of Demand Specification and Search Patience on the Buyer Search Process in China's Resale Housing Market: An Experimental Study

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Listed:
  • Yang Zhang

    (Tsinghua University)

  • Hong Zhang

    (Tsinghua University)

  • Michael J. Seiler

    (The College of William & Mary)

Abstract

Through the implementation of an experimental design, this study examines the effect of buyer demand specification and search patience on the home buying process. We find that there are no significant effects of demand specification on the behavior of brokers and the search results. When the search patience of a buyer is higher, the earnings of the buyer are greater, matching degree is higher, search duration is longer, number of broker recommendations is greater, and attribute competition is fiercer.

Suggested Citation

  • Yang Zhang & Hong Zhang & Michael J. Seiler, 2014. "The Effects of Demand Specification and Search Patience on the Buyer Search Process in China's Resale Housing Market: An Experimental Study," International Real Estate Review, Global Social Science Institute, vol. 17(3), pages 275-299.
    • Handle: RePEc:ire:issued:v:17:n:03:2014:p:275-299
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    References listed on IDEAS

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    More about this item

    Keywords

    Demand Specification; Search Patience; Experimental Methods; Resale Housing Market;
    All these keywords.

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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