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Time on the Market: The Impact of Residential Brokerage

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IThis 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 serviceà à no group of agents or firms appears to possess special advantages enabling them to sell homes more quickly than their rivals.

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  • G. Donald Jud & Terry G. Seaks & Daniel T. Winkler, 1996. "Time on the Market: The Impact of Residential Brokerage," Journal of Real Estate Research, American Real Estate Society, vol. 12(3), pages 447-458.
    • Handle: RePEc:jre:issued:v:12:n:3:1996:p:447-458
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    JEL classification:

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

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