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An Adorable Housing Paper: The Informational Content of Agent Remarks

Author

Listed:
  • Sean Brunson

    (UNC-Charlotte)

  • Richard J. Buttimer Jr.

    (UNC-Charlotte)

  • Steve Swidler

    (Lafayette College)

Abstract

This paper considers the information content of Multiple Listing Service (MLS) descriptions and employs a significantly larger data set than previous studies. The analysis first catalogs the most frequently used terms by real estate agents in MLS descriptions. Using hedonic modeling, we estimate the effect of this qualitative information on transaction price and days on the market. Finally, we extend earlier empirical work by utilizing our larger MLS data set to forecast the probability that a house will sell after it is listed. This last contribution further sheds light on the role of qualitative information to infer property condition or circumstances that surround the sale of the property.

Suggested Citation

  • Sean Brunson & Richard J. Buttimer Jr. & Steve Swidler, 2019. "An Adorable Housing Paper: The Informational Content of Agent Remarks," International Real Estate Review, Global Social Science Institute, vol. 22(3), pages 333-357.
    • Handle: RePEc:ire:issued:v:22:n:03:2019:p:333-357
    as

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    References listed on IDEAS

    as
    1. Sandra E. Black, 1999. "Do Better Schools Matter? Parental Valuation of Elementary Education," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 114(2), pages 577-599.
    2. Elliot Anenberg & Edward Kung, 2014. "Estimates of the Size and Source of Price Declines Due to Nearby Foreclosures," American Economic Review, American Economic Association, vol. 104(8), pages 2527-2551, August.
    3. John Y. Campbell & Stefano Giglio & Parag Pathak, 2011. "Forced Sales and House Prices," American Economic Review, American Economic Association, vol. 101(5), pages 2108-2131, August.
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    More about this item

    Keywords

    Textual Analysis; Agent Remarks; MLS; Hedonic Pricing;
    All these keywords.

    JEL classification:

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

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